global downturn was unprecedented, so was the speed and strength of the policy response. six months ago the possibility of concerted global policy action delivering a surprise on the upside for global growth was noted by some, but it seemed perhaps rather theoretical at that point. it is a bit easier to imagine now. the forecasts outlined in the recent statement on monetary policy give our best assessment of the most likely outcomes for australia, contingent on these and other factors. considerable uncertainty inevitably surrounds these numbers. nonetheless if things continue to look like they will turn out in that fashion, there will come a time when the exceptional monetary stimulus in place at present will no longer be needed. it will then be appropriate for the board to do what it has done on past such occasions, namely to start adjusting interest rates back towards normal levels. the timing and pace of those adjustments, if and when they come, will be a matter of careful consideration, taking into account all the relevant factors, including what might be happening with market interest rates. mr chairman, last time we met, i said that there were reasonable grounds to think that the australian economy would come through this very difficult episode as well placed as any to benefit from renewed expansion. that remains my view. the economy appears to be weathering a very large storm pretty well, and the community ’ s confidence about the future has improved commensurately. no doubt the future will pose its own challenges, but we are well placed to meet them. my colleagues and i now look forward to your questions.

ben s bernanke : fostering financial literacy speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the national bankers association foundation financial literacy summit reception, washington dc, 13 april 2010. the original speech, which contains various links to the documents mentioned, can be found on the us federal reserve system ’ s website. * * * it is a distinct pleasure to visit with the national bankers association foundation this evening. i am very pleased to be among your honorees. the foundation does important work, including helping consumers make wise financial choices, connecting the “ unbanked ” with mainstream providers of financial services, and providing assistance and support to minority bankers and entrepreneurs. april is financial literacy month, and so it is fitting that you are hosting this event. i note that you also plan to hold a financial literacy summit later this year on the howard university campus. the summit will bring scholars, bankers, community activists, and others together to brainstorm strategies for educating consumers of financial products. many american families are struggling in the aftermath of the financial crisis, which reinforces the need for reliable and useful information to facilitate good financial choices. helping people better understand how to borrow and save wisely and how to build personal wealth is one of the best things we can do to improve the well - being of families and communities. the foundation is making great contributions to this effort, for example, through your online library of personal finance educational materials. 1 the federal reserve very much shares your abiding interest in helping consumers successfully navigate the financial marketplace. our approach is two - pronged. first, we work actively to foster financial and economic education. second, recognizing that basic financial knowledge is not sufficient to keep people safe from fraud and deceptive practices, we are committed to developing and enforcing strong rules to protect consumers. on the financial education front, examples of the federal reserve ’ s many resources available to the public are an online credit card calculator that helps consumers estimate how long it will take to pay off a credit card bill under different payment scenarios, 2 concise brochures – in both english and spanish – offering consumer tips on such topics as avoiding mortgage foreclosure scams and protecting their checking accounts, 3 and interactive websites that provide consumers with what they need to know about new protections for credit card accounts and overdraft protection programs that recently took effect. 4 see nba foundation, inc., “ financial literacy ”, webpage