philip lowe : remarks at jackson hole symposium speech by mr philip lowe, governor of the reserve bank of australia, at " challenges for monetary policy ", a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming, 25 august 2019. * * * i would like to thank the kansas city fed for the invitation to participate in this panel. it is a great honour to be able to contribute to the discussion. given the theme of the symposium, i would like to focus on three broad challenges facing monetary policy globally. it is quite possible that you will find my perspective idiosyncratic, but it is shaped by coming from a country that has : had a long period of uninterrupted growth not needed to engage in quantitative easing prospered as a small open economy with a floating exchange rate and an open capital account bipartisan political support for the monetary policy framework a central bank with a triple mandate ( not a dual mandate ), namely price stability, full employment and the economic prosperity of the people of australia. my perspective is also shaped by coming from a central bank that is feeling the full weight of some powerful global forces that are shaping monetary policy everywhere. so, with those qualifiers, the three global challenges that i would like to talk about are : 1. the difficulty of navigating when the ‘ stars ’ are shifting 2. dealing with elevated expectations that monetary policy can deliver economic prosperity 3. the challenge of communicating effectively with the broader public, not just financial markets. navigating when the ‘ stars ’ are shifting over recent times there have been very large shifts in estimates of full employment ( u star ) and the equilibrium real interest rate ( r star ). these shifts have occurred not just in one or two countries, but they have occurred almost everywhere. the fact that the experience is so common across countries strongly suggests there are some global factors at work. it is worth noting that these shifts in the stars were not predicted – they have come as a surprise. however, once it became clear that the stars were shifting, the economics profession has become very good at developing explanations for why this has happened. even so, the reality is that our understanding is still far from complete about what constitutes full employment in our economies and how the equilibrium interest rate is going to move in the future. i would, though, like to highlight two of the likely explanations for why the stars have moved. the first is major changes around the world in the appetite to save and to

gane simbe : financial inclusion in the solomon islands speech by mr gane simbe, deputy governor of the central bank of solomon islands, on the occasion of the anz gomoney launch, honiara, 12 september 2013. * * * thank you for the opportunity to take part in this event to mark the official announcement of the launch of anz gomoney or mobile money banking service in solomon islands, which will go live on monday 16th september, 2013. it is a historical event because it is the first mobile phone banking service to be officially launched publicly in solomon islands. on behalf of the central bank i congratulate anz on reaching this milestone. and while i have this opportunity, i as the chair for the pacific islands working group on financial inclusion, also extend the working group ’ s congratulations to anz, for the successful launch of anz gomoney in two countries, which are members of the pacific islands working group as well. let me take a few minutes to make three observations why we at the central bank of solomon islands are excited about the launching of this service ; and what we believe, means to the people of solomon islands, especially those in the rural areas. firstly, we see the launch of anz gomoney, as part of the progressive achievements towards the financial inclusion policy that the central bank and governments present and past ; would like to see, being realized in the solomon islands. cbsi applauds anz ’ s active commitment to bring financial services to the people. anz has used many different models of financial services delivery to the rural populations : brick and mortar branches ; use of mobile banking trucks to reach the rural communities and installation of solar powered atms to help customers ’ access financial services. but the operational cost of these models has been prohibitive and cannot be sustained. however, in recent years anz has been active in financial literacy and is also member of the financial inclusion taskforce in solomon islands. we are excited that with 80 per cent of population now having access to mobile phone networks services in the country, anz has taken this opportunity offered by the mobile phone network infrastructure to introduce anz gomoney using the branchless banking model. anz ’ s appointed merchants and agents throughout the country will now be part of the financial delivery system in solomon islands. then secondly, we are interested in the launch of this banking service because of cost savings the anz gomoney will give to anz ’