safe. apra has, however, noted a trend to riskier lending practices, and over the past couple of years has been seeking to temper these through its supervisory activities. there are also broader concerns with the macroeconomic risks associated with excessive speculative activity, since this activity can amplify the property price cycle and increase risks to households. our discussions with apra and other agencies on these matters are ongoing, and there will be more to say about them in due course. for now, my colleague and i will be happy to take any questions that you might have. bis central bankers ’ speeches

, tokenised bank deposits and stablecoins. our most immediate priority is to launch a new research project with the digital finance cooperative research centre ( dfcrc ), known as project acacia. our focus here is on opportunities to uplift the efficiency, transparency and resilience of wholesale markets through tokenised money, assets and new settlement infrastructure. we recently published a consultation paper seeking industry feedback and inviting expressions of interest to collaborate with the rba and the dfcrc as part of this project. 16 i encourage anyone who is interested to reach out to our project team. in addition to project acacia, we have a number of other cbdc initiatives in line over the next year. we are currently exploring options for engaging with the public to better understand their needs, preferences and concerns relating to cbdc. we are also planning to convene industry and academic forums to provide more systematic engagement with external experts on retail and wholesale cbdc issues. in short, we have an ambitious agenda on the future of money. but all our efforts are directed to ensuring that our future monetary arrangements are fit for purpose in the digital age. r e s e r v e b a n k o f au s t r a l i a the future of cash while cash use has declined in recent decades, it remains an important means of payment for many folks in our community ( graph 6 ). a significant number of australians still primarily rely on cash to participate in the economy, including our more vulnerable members of society. cash remains an important store of value, particularly during periods of economic uncertainty. and in serving as a backup means of payment when electronic payment methods are unavailable, including during system outages or natural disasters, cash helps to promote a more resilient payment system overall. for these reasons, the government and the rba remain committed to supporting access to cash. graph 6 however, as cash use has declined, the cost of moving it around the country has increased. a significant effort to put cash - in - transit services on a more solid financial footing is now underway across industry. but there is still considerable work to be done to develop a sustainable long - term model for cash distribution. the challenge now for industry is to deliver more efficient cash distribution services, while meeting the public interest in ensuring cash remains an affordable and viable means of payment for australians. conclusion let me wrap up. australians expect their payments to be convenient, reliable and represent value for money. at the rba, we share these