too much longer, the effects on economic growth are likely to be significant. for this reason, the risks to the global economy remain tilted to the downside. the combination of these persistent downside risks and continuing low rates of inflation has led investors around the world to expect interest rate reductions by all the world ’ s major central banks. in europe and japan, official interest rates are already negative but investors are expecting the central banks to go further into negative territory. and in the united states, investors are expecting a substantial reduction in interest rates over the period ahead. this is quite a different world from the one we were facing earlier in the year. what all this means for us here in australia is yet to be determined. we need to remember that the central scenario for both the global and australian economies is still for reasonable growth, low unemployment and low and stable inflation. as i discussed a few moments ago, there are a number of developments that are providing support to the australian economy. so we will be closely monitoring how things evolve over coming months. given the circumstances, the board is prepared to adjust interest rates again if needed to get us closer to full employment and achieve the inflation target in a way that supports the collective welfare of all australians, including those who call the northern territory home. thank you once again for joining us this evening and for listening. related information minutes of the june 1968 reserve bank board meeting historical photographs of the reserve bank ’ s presence in darwin 4 / 4 bis central bankers'speeches

costs. taking this further, it may be possible, in time, for government to dispense with agencies'transactions accounts and the associated daily sweep, allowing agencies to draw their daily spending requirements directly from the government's core accounts at the reserve bank. this could offer savings by avoiding fees currently applied on existing transaction accounts as well as increase administrative efficiency. finally, the ability to send more complete remittance information with a payment could reduce costs for australian businesses making payments to the government by including remittance information within the payment message rather than sending the information via a separate channel. it could also reduce the amount of back office work required by government agencies in trying to align payments with relevant information. open banking the government announced in may that it accepted the recommendations of a review into the design, operating model and regulatory framework for open banking in australia, and will implement them in stages over the next few years. [ 3 ] like npp, open banking represents a significant advance in banking arrangements, giving consumers of banking and financial services the right to access and https : / / www. rba. gov. au / speeches / 2018 / sp - ag - 2018 - 08 - 23. html 5 / 7 23 / 08 / 2018 the reserve bank's government banking business | speeches | rba share their banking data with third parties, including other payment service providers. the changes will increase competition for services. the reserve bank, as a banking service provider, will be participating in the open banking arrangements and is already considering ways by which our customers, along with third parties, can access their own banking data, consistent with the recommendations in the review. it is, of course, a decision for government agencies as to how they will utilise open banking. as with any new service offering, the reserve bank is consulting its customers with regard to the potential advantages for their business. at the very least, government agencies may use open access arrangements to centralise the collection of their banking data, particularly where they hold accounts at more than one financial institution. this would help to streamline the flow of their banking data to their financial management systems and provide better reporting for analytical purposes. whatever the case, the reserve bank, as a service provider, intends to play a role as a holder of data that government agencies can access from services currently provided by the reserve bank and as a receiver of data from commercial providers of banking services to government agencies. this would reduce reporting and analysis costs for the government as well