The Review concluded that Australia's current monetary policy framework is fit for purpose. The core elements of that framework are a central bank with operational independence and a flexible inflation target centred on 2–3 per cent. In my view, and that of the Review Panel, these arrangements have served the country well.
This is an important step as we focus on embedding a more intensive supervisory approach on the firms we regulate. Our drive is to be cost effective and fit for purpose in all we do. In doing so we continue to work with a range of stakeholders, in particular through the Council of Financial Regulators (CoFR), on issues related to financial stability and inclusion.