##cent are green, 13 percent are social, and 12 percent are sustainability - labelled bonds. these numbers are noticeably higher than the amount outstanding a year ago, totaling us $ 915 billion. yet, the size of the sustainability bond market still proves to be small relative to conventional comparators, which has a total outstanding size of us $ 127. 6 trillion. meanwhile, in terms of issuers of sustainability bonds, financials account for 41 percent, followed by non - financial corporates with 29 percent, and the official sector including supranational with 21 1 / 2 bis central bankers'speeches percent share. this profile suggests that the sustainable debt market is still dominated by nonsovereign government institutions. thus, the challenge now is how to further promote wider participation from various sectors of the economy to facilitate the transition to a sustainable environment. as a response to this challenge, a great deal of policy and regulatory initiatives, on a national, regional, and global scale, are already underway. these measures have been adopted to promote sustainability awareness across the different sectors of the economy. omfif, under its sustainable policy institute, has been tracking these developments. these initiatives show the growing recognition of sustainability principles in one ’ s strategy and processes. the objective of these initiatives is to strengthen resiliency against any kind of risk, be it financial or non - financial, and contribute to the long - term well - being of the economy. 2 / 2 bis central bankers'speeches

global downturn was unprecedented, so was the speed and strength of the policy response. six months ago the possibility of concerted global policy action delivering a surprise on the upside for global growth was noted by some, but it seemed perhaps rather theoretical at that point. it is a bit easier to imagine now. the forecasts outlined in the recent statement on monetary policy give our best assessment of the most likely outcomes for australia, contingent on these and other factors. considerable uncertainty inevitably surrounds these numbers. nonetheless if things continue to look like they will turn out in that fashion, there will come a time when the exceptional monetary stimulus in place at present will no longer be needed. it will then be appropriate for the board to do what it has done on past such occasions, namely to start adjusting interest rates back towards normal levels. the timing and pace of those adjustments, if and when they come, will be a matter of careful consideration, taking into account all the relevant factors, including what might be happening with market interest rates. mr chairman, last time we met, i said that there were reasonable grounds to think that the australian economy would come through this very difficult episode as well placed as any to benefit from renewed expansion. that remains my view. the economy appears to be weathering a very large storm pretty well, and the community ’ s confidence about the future has improved commensurately. no doubt the future will pose its own challenges, but we are well placed to meet them. my colleagues and i now look forward to your questions.