*  *  *  By now it must be universally agreed that low and stable inflation is a primary and essential goal for monetary policy, in large part because we believe it brings stability to financial systems and fosters sustainable economic growth over the longer run. In pursuit of this goal, central banks can report some success.
Instead, I would like to move into my talk by starting with the observation that the Australian economy has now gained international recognition for its stability, whereas in previous decades it was noted more for its booms and busts.