is generally accepted by the payment recipients. one example could be mobile payments. if the launch of new mobile payment services continues, perhaps i as consumer will need to have a couple of different payment applications in my mobile phone to be sure of being able to pay in different shops. similarly, the retailer will then need to subscribe to several different payment services. last year, an inquiry on the use of cash in sweden was published, and earlier this autumn the commission of inquiry presented its report entitled cash management in sweden. this inquiry has resulted in a number of proposals and i will discuss two of them here. the first is that it is proposed that the riksbank has overall responsibility for cash management in sweden. the second is that the counting services of cash - in - transit companies should become subject to licence and come under financial supervision. it is recommended that the riksbank become the supervisory authority for these operations. the riksbank welcomes the work of the inquiry as we consider it important that cash management in sweden functions smoothly. we have taken part in the work of the inquiry and will now analyse the proposals put forward and respond to the submission sent out for comments. cash changeover positive but entails practical challenges it is not only the banks ’ services that need to become more user - friendly, cost - effective and certain over time, our banknotes and coins also need to develop in the same way. when the new banknotes and coins are introduced, starting next year, the size and weight of the banknotes and some of the coins will decline and two new denominations will be introduced ; the 2 - krona coin and the 200 - krona banknote. the banknotes and coins will thus become much more user - friendly and will be cheaper to handle. safety is also increased through the new security features. i believe that we all agree these improvements are positive for all parties concerned. however, as with electronic payments, the introduction of the new banknotes and coins will give rise to some practical problems and friction during a transitional period. bis central bankers ’ speeches firstly, there is a huge amount of banknotes that are to be replaced ; 300 million banknotes are to be withdrawn and around as many are to be put into circulation. for coins the figure is 500 million to be distributed in both directions. secondly, sweden has one of the world ’ s most automated cash systems. this means that all appropriate equipment in sweden must be adapted to be able to handle the new banknotes

then after the boom, the flow of immigrants slowed considerably. it is also clear that, over recent years, more people have been moving from western australia to other states than vice versa. this is in stark contrast to the boom years. the overall conclusion here is that the movement of people has helped even things out across the economy. 9 / 16 bis central bankers'speeches the other possible explanation for the reduced dispersion in unemployment rates is that many of the economic shocks we experience nowadays are less regionally concentrated – with the mining investment boom being an obvious exception! – perhaps because of less variation in the structure of regional economies. it is difficult to test this idea rigorously, especially the nature of the shocks. but we can look at the variation across the country in the industries in which people work and the type of jobs they have. my colleagues at the rba have done this using census data for the more than 300 separate geographical areas in australia. 3 using these data, they have constructed indices of how different the various regions are in terms of the industries that people work in and the occupations that they have. i will spare you the technical details of these calculations. 4 my colleagues have also calculated how these indices have moved through time and they have conducted the exercise both including and excluding the regions with a heavy concentration in mining. the results are shown in this next graph ( graph 10 ). 10 / 16 bis central bankers'speeches the main conclusion from this work is that, on average, regions are becoming more similar. over time, the industries we are working in, and our occupations, are becoming more alike across australia, not more different. there are, of course, still large differences across regions, but they are smaller than they once were. one important reason for this is the increasing relative importance of service industries, and the decline in the relative importance of manufacturing. both of these are national phenomena. using the data from the 300 - plus individual regions, it is clear that the variation across the country in the share of the workforce employed in the manufacturing industry has declined since the early 2000s ( graph 11 ). in 2016, the distribution is more tightly clustered around a lower average than it was in 2001. it is also clear from the census data that those regions that had a relatively high share of workers employed in manufacturing in 2001 have tended to have faster growth in services employment than have other regions. so we are becoming more alike. 11 / 16 bis central bankers'speeches none of this is