While the Policy Targets Agreement could be changed by agreement between Governor and any new Treasurer, there should be no presumption that that will occur. Consistency and continuity are attractive in monetary policy as elsewhere, and I shall certainly not be promoting a change.
It is perhaps worth noting that other central banks with a price stability objective and a quantitative inflation target all have targets that fall within the 0 to 3 per cent range – and to the best of my knowledge, there are none that fall outside it. But, to repeat, it is for Parliament to decide in the final analysis.