That is confirmed by surveys of market participants too. But there is further progress to be made. The process for creating the Code was global, coordinated between central banks and the private sector. I was the Chair of the group that produced the Code, with the great assistance of David Puth who led the market participants.
So using the cash rate target as a summary statistic was a reasonable way to think about the stance of policy, and the transmission mechanism to financial prices was clear. However, this all became more complex after 19 March this year, when the Reserve Bank introduced a new package of policy measures.