On inflation targeting Lowe says "our overall...>

RBA: On inflation targeting Lowe says "our overall assessment is that

Australia's monpol framework has served the country well over the past 3

decades. The flexibility that has always been part of our regime has helped

underpin a strong & stable econ & has helped Australia deal with some very large

economic shocks. We are not inflation nutters. Rather, we are seeking to deliver

low & stable inflation in a way that maximises the welfare of our society. Over

the nearly 30 years we have had the inflation tgt, inflation has averaged 2.4%,

very close to the midpoint. It has, however, been below this avg. over recent

years...It is important to note that we periodically review the formulation of

the current target & examine alternative monetary frameworks...We are also

monitoring closely the discussions that are taking place in the academic

community & in other central banks. In my view, the evidence does not support

the idea that a change to our inflation tgt would deliver better econ outcomes

than achieved by our current flexible inflation tgt. Some alternative frameworks

would also be more difficult to implement and/or be harder to explain to the

community. But it is important that we regularly examine the arguments."