Thank you for the invitation to address the Economic Society of Australia, here in Queensland. This is the fourth time that I have had the honour to do so, and it is a great pleasure to be back in Brisbane. Just a few months ago, the Australian Government released the findings of the independent review into the Reserve Bank. Since then, the Reserve Bank Board and staff have been working through the recommendations and their implications. Today, I would like to talk about where we are up to in that process and some of the changes we will be making. I will then finish with some remarks about last week’s monetary policy ... (full story)

Reserve Bank of Australia Governor Lowe: • Possible some further tightening will be required to return inflation to target. • Remains to be determined whether monetary policy has more work to do. • Complex picture on inflation, significant uncertainties regarding outlook. • At the August meeting, the board will have updated economic forecasts and new data. • There has been a "significant and rapid" tightening of monetary policy. • Very conscious monetary policy operates with lag, full effects yet to be felt. • Economic growth to be subdued over next couple of years, will take time for inflation to return to target. • ... (full story)