be released on 18 october. we are proud to have a prominent west australian on this note – edith cowan – as well as the aboriginal writer and inventor david unaipon. the redesigned $ 50 note celebrates the fact that edith cowan was the very first female member of an australian parliament. the microtext on the note will include an extract from her first speech to the western australian parliament. when the note is released, those of you with great eyesight might be able to read this microtext without a microscope. but for those who will struggle to read it, i would like to quote a little from the text. in 1921 edith cowan said : i stand here to - day in the unique position of being the first woman in an australian parliament … if men and women can work for the same state side by side and represent all the different sections of the community … i cannot doubt that we should do very much better work in the community than was ever done before. nearly one hundred years on, this sentiment is just as relevant as it was back in 1921. we are proud to have this text on the new $ 50 note and to recognise edith cowan's achievement. the note will also have a seating plan of today's western australian legislative assembly. it will also recognise edith cowan's lifelong advocacy of women. western australia's official bird emblem – the iconic black swan – will also appear on the note a number of times. if the note is tilted you will be able to see the colour of the swan change and its wings move. so i am sure that people here in western australia will feel a great affinity for the note and enjoy spending it. once again, thank you for joining us and please enjoy the evening. 4 / 4 bis central bankers'speeches

such risks in future, while steps taken to moderate the flows of total social financing seem, so far, to have had some success. in the meantime, a broader set of other recent reforms represent further incremental steps towards greater financial market liberalisation : the removal of restrictions on most lending rates and some liabilities, with those on deposit rates expected to follow ; the recent widening bis central bankers ’ speeches of the renminbi ’ s trading band, as part of the central bank ’ s commitment to let markets play a greater role in the economy ; and the introduction of the shanghai free trade zone with some associated easing of capital account restrictions. these are all welcome moves and are in china ’ s long - run interests. around the asian region generally, at this stage, our sense is that economic growth is continuing at about its trend pace. all countries will be watching closely both developments in china and the impacts on capital flows and risk - pricing as the fed tapers and other major central banks implement their own chosen policies. turning to the australian economy, i continue to find a fascinating divergence between the views of foreign observers, especially in asia, many of whom say to me “ australia is doing very well ” and the tone of the commentary at home, which is typically a lot more pessimistic. my reading of the actual data is that they suggest that the economy has been doing a bit better than much of our domestic commentary over the past couple of years would have you believe, but not quite as well as many foreign investors seem to have thought. australia certainly weathered the financial crisis well, and with a real gdp some 13 per cent larger than it was at the beginning of 2009, compares well with many other advanced countries. it is the case, though, that growth while positive, has been running at a pace a bit below its trend pace for about 18 months now. the rate of unemployment has increased by something like a percentage point over the same period. most people are familiar with the fact that there have been very strong conditions in the natural resources sector. the biggest positive terms of trade shock in at least a century drove a mining investment boom of truly epic proportions, and that added a major impetus to demand in the economy. but the terms of trade peaked about two and a half years ago ; the capital spending by the resources sector has also now peaked and is expected to decline significantly over the next couple of years. in the rest of the economy, households have spent most of the