That matter has been dealt with in a good article in the Bank’s quarterly Bulletin not long ago. The key point is that we clearly experienced a conjunction of inflationary pressures, including quite strong increases in housing prices, in the mid-1990s, whereas Australia had a rather different experience.
If inflationary pressures in the two countries converge, I have no doubt that in due course we will find that monetary conditions in the two countries will converge also. Indeed, that seems to have happened to a considerable extent in recent months.