Rather than trying to achieve that larger fall in inflation by pushing it down more quickly, the Board’s strategy is to seek a gradual fall, but over a longer period. This carries less risk of a sharp slump in economic activity, though it does require a longer period of restraint on demand.
As you are well aware, the Bank’s professional staff members embark on a career at the Reserve Bank after obtaining formal qualifications from a university or other tertiary institution. Many of our staff members are encouraged to develop further skills and continue with postgraduate studies by utilising the bursary scheme of the Bank which is available to all our staff members.