in the market. it is worth noting the code is principles - based rather than rules - based. this is to encourage market participants to think about their practices and how their activities comply with the principles, rather than working narrowly to a set of rules. the code ’ s application is also designed to be proportional to the fx business that a participant is involved in. clearly, there are some principles that aren ’ t directly relevant to the buy - side. most obvious are those principles that deal with handling client orders or client mark ups. ultimately, the code ’ s principles are there to give market participants confidence in how the market is operating. there are numerous ways the code can promote confidence. it can help to improve price competition as liquidity providers ’ pricing practices become more transparent to clients. market participants can also be more confident that good practices around information handling will result in a more level playing field for all. 1 / 2 bis central bankers'speeches so i encourage those of you who have yet to familiarise yourselves with the code to do so. and then consider adopting it. it is a useful tool in many ways, not just to enhance your own practices but, for those on the buy side to gauge what you should expect from your brokers in terms of their execution, the type of market colour they provide and their market practices more generally. finally, i should mention the work of the australian foreign exchange committee ( afxc ). this committee contributes to maintaining the code and promoting it within the local market. our membership comprises a diverse range of market participants, including those from both the sell - side and buy - side, and also those that provide infrastructure to the market, such as the platforms. so if you are interested to know more about the code, you could contact any one of the members and ask about their own experiences with the code. 2 / 2 bis central bankers'speeches

building in response to the faster population growth. indeed, it took the better part of a decade for this adjustment to take place ( graph 4 ). this slow adjustment is one of the factors that contributed to the large increases in housing prices in some of our cities over recent times. the adjustment, though, has now taken place, with growth in the number of dwellings exceeding growth in the population over the past four years. https : / / www. rba. gov. au / speeches / 2018 / sp - gov - 2018 - 08 - 08. html 4 / 18 8 / 8 / 2018 demographic change and recent monetary policy | speeches | rba graph 4 i have spoken about these adjustments on previous occasions. rather than cover this material again, i would like to focus on something that receives less attention, but is no less important – that is, how the changes in our population dynamics have affected some of australia's key demographic indicators. of particular importance is the fact that, on average, new migrants to australia are younger than the resident population. workers coming to australia tend to be relatively young and so too, obviously, are most students. the median age of new migrants is between 20 and 25, which is more than 10 years younger than the median age of the resident population. over the past five years, over 80 per cent of net overseas migration has been accounted for by people under the age of 35 ( graph 5 ). https : / / www. rba. gov. au / speeches / 2018 / sp - gov - 2018 - 08 - 08. html 5 / 18 8 / 8 / 2018 demographic change and recent monetary policy | speeches | rba graph 5 this inflow of younger people through immigration has significantly reduced the rate of population ageing in australia. the median age of australians is currently 37. back in 2002, australia was expected to age quite quickly, with the median age projected to increase significantly to over 45 by 2040 ( graph 6 ). but after a decade of increased immigration of younger people, the latest estimate is that the median age in 2040 will be around only 40 years. this is a big change in a relatively short period of time, and reminds us that demographic trends are not set in stone. https : / / www. rba. gov. au / speeches / 2018 / sp - gov - 2018 - 08 - 08. html 6 / 18 8 / 8 / 2018 demographic change and recent monetary policy | speeches | rba graph 6