That this has occurred while we have had the peak of the resources investment boom is all the more remarkable. This has been guided by the flexible inflation targeting framework we have had in place for 20 years now. This framework has prompted appropriate and timely action when needed. It has seen a substantial easing in monetary policy since late 2011.
It could be an instrument for funding shared automatic stabilisers within a common fiscal capacity. As I have said, it is possible to design mechanisms that enable a safe asset to be introduced with the necessary safeguards against the risk of opportunistic behaviour.