The report also estimates that the closure of the cheque clearing could lead to cost savings for the UK (for financial institutions and corporates) up to £ billion per annum by 2018.Studies by Humphrey, Willesson, Bergandahl & Lindblom (2003)2 found that migration away from paper-based payment methods was one of the key factor that contributed towards reduction in bank operating costs (a 24 per cent reduction, accounting for $ across Europe from 1987–1999.
Notwithstanding these uncertainties, I expect that further increases in interest rates will be necessary over the months ahead. The Board is not on a pre-set path and will be guided by the evidence and data as it takes the necessary steps to achieve the medium-term inflation target and support full employment in Australia. Thank you for listening. I am happy to answer your questions.