Thank you for the invitation to speak to the Economic Society of Australia. It is very good to be back here in Brisbane today. I would like to begin by providing an update on recent developments in the global and Australian economies. I will then discuss how our thinking on the appropriate stance of monetary policy has evolved over recent times. The Global Picture Up until around the middle of last year, the global economy was growing quite briskly (Graph 1). Then, over the second half of the year, growth slowed and this lower pace continued into 2019. There are a few factors that help explain this slowing in the ... (full story)