At some point in the future, interest rates will increase from these record lows. The RBA has been working with APRA to require banks to factor appropriate buffers for higher interest rates into their calculations when deciding how to much to lend. It is important that both banks and households pay attention to these buffers.
To date, the ability to present such nuances associated with the conduct of monetary policy has been exclusively human. Finally, it may also happen that policy objectives are not achieved, due to unforeseeable crises – so-called black swans. Central banks during "black swan" episodes must behave differently than in normal times – and rightly so.