and social problem. in summary then, in the absence of a crystal ball, these are four of the fixed points that i have returned to during my time as governor : the importance of strong credible frameworks for economic policy ; the benefits of monetary and fiscal policy coordination ; the necessity of lifting productivity growth ; and the need to pay attention to developments in credit and asset markets. in addition to these points, there are many other points that have been attributed to me, including : a promise that interest rates would not go up until 2024 ; everybody needs to get a flatmate ; people need to work more hours to make ends meet ; and young adults should stay at home because of the rental crisis. yet, i did not make these points. nor did i choose justin timberlake's can't stop the feeling to accompany me as i walked a recent podium. my experience here highlights the difficulties of communicating in the social media and digital age. despite these difficulties, i have always felt a responsibility to explain complex ideas, and the trade - offs and uncertainties we face. i know that some of my explanations have missed the mark. but the media has a responsibility too. my view is 6 / 7 bis - central bankers'speeches that we will get better outcomes if the public square is filled with facts and nuanced and informed debate, rather than vitriol, personal attacks and clickbait. as a society, we have got work to do here. i would like to close by wishing michele and her team all the best. when glenn stevens was completing his term as governor he presented me with a gift – his glass half full ( or strictly speaking, his coffee mug half full ). with glenn's permission, i would like to regift this to the next governor. michele, i do so in the hope that as you navigate the uncertainties ahead, you will remember that that glass is indeed half full and that we have a lot to be fortunate about here in australia. finally, thank you for listening and for your support of the anika foundation. i look forward to answering your questions for one final time. 7 / 7 bis - central bankers'speeches

funding and equity raisings. these trends have reflected several factors, not least of which has been a shift towards greater financial conservatism by households and businesses. household saving rates have increased, and there has been widespread de - leveraging by businesses. i expect this audience will be interested in the likely environment for lending by banks in the future. the trends i ’ ve just described can be seen ( at least in part ) as responses to the lessons drawn from the crisis – by households and businesses – regarding the dangers of excessive debt. another factor is that the funding environment for banks has been more difficult than it was before the crisis, and this has raised the net cost of financial intermediation. to some extent, these effects might be expected to fade as economic expansion proceeds and confidence in global credit markets improves. nonetheless, when we think about what the post - crisis environment might look like further ahead, it seems unlikely that we ’ ll be going back to the days of consistent double - digit growth in lending that we saw in the pre - crisis years. that growth was driven in part by factors that can ’ t be repeated – the deregulation of the financial system in the 1980s, and the transition to low inflation in the 1990s. there was also a world - wide trend towards greater appetite for risk and leverage. in the post - crisis environment, borrowers and investors are more cautious than they were, both at home and abroad. that ’ s likely to mean less demand for leverage and more reliance on equity funding, even when the economy itself is growing strongly. if those trends continue, i think it will be good for financial stability, but it will also mean that our lending institutions have to get used to lower rates of expansion than were typical in the pre - crisis years. bis central bankers ’ speeches