5 Stevens G (2004), ‘Recent Issues for the Conduct of Monetary Policy’, Address to the Australian Business  Economists and the Economic Society (NSW Branch), Sydney, 17 February. 6 See Laubach T and J Williams (2016), ‘Measuring the Natural Rate of Interest Redux’, Finance and Economics  Discussion Series 2016–011. Washington: Board of Governors of the Federal Reserve System, <dx.doi.org/10.17016/FEDS.2016.011>.
7 Note that is an ex post measure of the real cash rate as I am using actual inflation rather than expected inflation. 8 The Treasury has very similar estimates in the Commonwealth Budget. 9 The Bank has noted on many occasions over the past decade that it has taken account of this widening in  spreads in the setting of monetary policy.