speeches different phillips curve coefficients. 7 overall, a steepening phillips curve provides confidence that the continued closing of the output gap will gradually lead inflation to return to our medium - term objective. yet, this return remains conditional on a very substantial degree of monetary accommodation. it is against this background that the governing council will decide over the autumn period on a re - calibration of its instruments, with a view to safeguarding the monetary policy impulse that is still necessary to secure a sustained adjustment in the path of inflation, in a way that is consistent with our monetary policy aim. other policies notwithstanding the strength of the ongoing recovery, supply - side policies as well as institutional reforms are required in order to firmly secure a self - sustainable recovery and a better functioning euro area. country level policies should be aimed at increasing productivity and facilitating innovation and business investment. turning to europe and european reforms, the most relevant ones concern the completion of banking union, meaningful progress in the capital markets union and the creation of an additional budgetary stabilisation function for the euro area. both the five presidents report on “ completing europe ’ s economic and monetary union ” ( 2015 ) and the recent eu commission paper on the “ deepening of the economic and monetary union ” ( 2017 ), provide sufficient guidance on the way to proceed towards a stronger monetary union. 1 notes : the impact of credit easing is estimated on the basis of an event - study methodology which focuses on the announcement effects of the june - september package ; see the eb article “ the transmission of the ecb ’ s recent non - standard monetary policy measures ” ( issue 7 / 2015 ). the impact of the dfr cut rests on the announcement effects of the september 2014 dfr cut. app encompasses the effects of january 2015, december 2015, march 2016, and december 2016 measures. the january 2015 app impact is estimated on the basis of two event - studies exercises by considering a broad set of events that, starting from september 2014, have affected market expectations about the programme ; see altavilla, carboni, and motto ( 2015 ) “ asset purchase programmes and financial markets : lessons from the euro area ” ecb wp no 1864, and de santis ( 2015 ), “ impact of the asset purchase programme on euro area government bond yields using market news ”, ecb wp no. 1939. the quantification of the impact of the december 2015 policy package on asset prices rests on a broad - based assessment comprising event studies and model

has risen by around 3¼ per cent per year. https : / / www. rba. gov. au / speeches / 2018 / sp - ag - 2018 - 08 - 23. html 3 / 7 23 / 08 / 2018 the reserve bank's government banking business | speeches | rba table : transactions and employment average annual growth since 2004 / 05 ( % ) rba's transactional banking volumes 3. 2 banking sector payment volumes 5. 3 real gdp 2. 8 rba banking staff 0. 1 banking and finance sector employment total employment source : rba, abs another factor is the bank's preparedness to contract and partner with third parties to provide specific payment services. in most instances, the bank has done this to take advantage of a vendor's broader customer base. in other words, we have tapped economies of scale where, because of our customers'relatively low transaction volumes, it would not have been cost effective for us to provide a service using only our own resources. in these instances, too, our customers have generally preferred to deal with the reserve bank as a single provider of a bundle of payment services sourced from different providers rather than deal separately with each provider. payment card acquiring services, for which costs are typically quite large, are an example of this. of course, a key factor, which, incidentally, has also underpinned our productivity, has been the application of payments technologies. to give just a few examples : online gateways have allowed the bank to offer a virtual shopfront for receiving payments to the government without the cost of a physical branch network ; increased network connectivity has meant that we can lodge the government's overseas pension payments directly into automated clearing houses in other countries rather than issue foreign currency cheques or money orders ; and greater processing capacity and system resilience means that we can now process certain government payments with a tolerance of no more than 20 minutes of system downtime per year. not surprisingly, we now invest more in technology. the share of information technology in the total cost of the bank's transactional banking business is now around 50 per cent compared with 25 per cent around 15 years ago. of course, developments in payments technology are ongoing. i would like to focus on three in particular because of their near - term potential for business banking customers : the new payments platform, known simply as npp ; open banking ; and digital identity, which is still on the drawing board. all have benefits for business banking customers