about - asic / news - centre / find - a - media - release / 2019 - releases / 19208mr - asic - updates - guidance - on - climate - change - related - disclosure / > i have talked about this issue previously : debelle g ( 2019 ), ‘ progress on benchmark reform ’, keynote at isda's 34th annual general meeting, hong kong, 11 april ; debelle g ( 2018 ), ‘ interest rate benchmark reform ’ speech at isda forum, hong kong, 15 may ; debelle g ( 2017 ), ‘ interest rate benchmarks ’, speech at finsia signature event : the regulators, sydney, 8 september ; debelle g ( 2016 ), ‘ interest rate benchmarks ’, speech at kanganews debt capital markets summit 2016, sydney 22 february ; debelle g ( 2015 ), ‘ benchmarks ’, speech at bloomberg summit, sydney, 18 november. see rba, apra, asic ( 2019 ), ‘ regulators urge financial institutions to plan for libor transition, joint media release, 9 may. available at < https : / / www. rba. gov. au / media - releases / 2019 / mr - 19 - 12. html >. see isda ( 2018 ), ‘ isda publishes final results of benchmark fallbacks consultation ’, press release, 20 december. available at < https : / / www. isda. org / 2018 / 12 / 20 / isda - publishes - final - results - of - benchmark - fallback - consultation / > and isda ( 2019 ), ‘ isda publishes preliminary results of supplemental benchmark fallbacks consultation ’, press release, 30 july. available at < https : / / www. isda. org / 2019 / 07 / 30 / isda - publishes - preliminary - results - ofsupplemental - benchmark - fallbacks - consultation / >. bulletin, © reserve bank of australia, 2001 – 2019. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging. https : / / www. rba. gov. au / speeches / 2019 / sp - dg - 2019 - 08 - 15. html 10 / 10

the challenges are not limited to monetary policy. there is the question of how resource allocation in the australian economy should evolve in response to the increases in the prices of minerals in recent years, if these turn out to be persistent. monetary policy has only a modest role to play there – other policies will be much more important, and they will be tested. there is also the question of how all that adjustment will dovetail with policies towards climate change, which are in the formative stages at present. those charged with constructing such policies are dealing with hitherto unimagined degrees of uncertainty and the challenges seem to be of an order of magnitude bigger than the ones faced by monetary policy. it is also important to keep in perspective the very real problems that beset our society in other respects, including adolescent depression and the terrible cost it can extract on young lives, on families and on all of us. good macroeconomic policies can, we trust, make some difference at the margin by creating a stable environment in which others can carry out the important work to understand and address these real problems. but their work needs to be resourced, which is what the anika foundation is all about. so, once again, thank you for coming here today. thank you to macquarie bank and the abe for your support of this function, and thank you for your support of the anika foundation.