. one factor influencing our choice of which topics to cover in the first phase was our assessment of what issues the market was looking for clarity on sooner rather than later. we have attempted to provide greater clarity on issues such as information sharing and order handling in the document released today. alongside drafting the code, we have also been devoting considerable time and effort to thinking about how to ensure widespread adoption of the global code by market participants. clearly, that has been an issue with the various existing codes that have been in place in a number of markets over many years. it is evident that they were ignored on occasion, wilfully or otherwise. as i said earlier, we are working with the industry to produce a principles - based code of conduct rather than a set of prescriptive regulatory standards. it will not impose legal or regulatory obligations on market participants, nor will it supplant existing regulatory standards or expectations. but we do expect the principles in the code to be understood and adopted across the entire fx market. so we are setting out today our overall approach to adherence to the code and we intend to work closely with market participants in the coming year to facilitate the development of market - based mechanisms which demonstrably embed the global code within firms ’ culture and practices. these mechanisms need to be sensitive to existing law and regulation and to the diverse nature of fx markets globally. hence a ‘ one size fits all ’ approach to adherence would not be appropriate. we need to strike the right balance between respecting the existing diversity across different markets, and establishing globally consistent and effective adherence mechanisms. the success of the global code in promoting integrity and restoring confidence in the wholesale fx market lies in the hands of its participants. that is why the global fxcs have issued today a joint statement of support making clear their intention for the global code to become an integral part of the wholesale fx market. furthermore the bis central banks are today signalling their commitment by announcing that they themselves will follow the code, and that they expect that their counterparties will do so too. bis central bankers ’ speeches

22 / 08 / 2018 low inflation | speeches | rba speech low inflation guy debelle [ * ] deputy governor address at the economic society of australia ( qld ) business lunch brisbane – 22 august 2018 the inflation rate is currently just over 2 per cent ( graph 1 ). this is consistent with the inflation target for the reserve bank agreed between the governor and the treasurer. however, that follows a period where inflation has been a little below target for a number of quarters. while inflation has averaged 2½ per cent since the inflation target was introduced, over the past three years it has averaged 1. 8 per cent ( table 1 ). http : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 08 - 22. html 1 / 23 22 / 08 / 2018 low inflation | speeches | rba graph 1 how broad based has the recent decline in inflation been? in 2016, only around one - quarter of the cpi basket had an inflation rate of above 2. 5 per cent. [ 1 ] in the june quarter this had risen but only to 40 per cent. to look at it another way, in recent quarters around 80 per cent of the basket had an inflation rate below its inflation - targeting average ( graph 2 ). http : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 08 - 22. html 2 / 23 22 / 08 / 2018 low inflation | speeches | rba graph 2 there are a number of macroeconomic forces at work that have contributed to these outcomes, but today i am going to focus on some of the individual price developments that underpin the aggregate inflation outcome. [ 2 ] i will examine pricing dynamics at a more disaggregated level and how these dynamics have changed in recent years. an understanding of these changing dynamics and what might be behind them is useful in assessing the outlook for inflation. important drivers of recent lower outcomes include competition in the retail sector, historically low increases in rents, low wages growth and slower growth in some administered prices. http : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 08 - 22. html 3 / 23 22 / 08 / 2018 low inflation | speeches | rba table 1 : inflation by component ( a ) effective weight average since 1993 average since 2015 1. 2 −0. 1 0. 1 2. 4 3. 2 2.