me also comment on a few other outstanding matters. first is the vexed question of the approval of managers. i must confess we have been a little taken aback by some of the reaction to this proposal, which seems to question our motives for seeking such a power. all i can say is that we have no ulterior motives. we simply feel that if individuals are to fill important positions in banks then steps should be taken to ensure that they are fit and proper for the position. clearly it is the banks ’ responsibility to select individuals and satisfy themselves as to their credentials, and you can be assured that we have absolutely no desire to second - guess these decisions. however, it is a fact that we may, on occasion, have access to information on an individual which the bank does not have. we would see ourselves, therefore, as acting as very much a second line of defence – and only in exceptional cases. a number of banks see the logic in this and support our proposals. others remain less enthusiastic. but we are consulting the industry further on this and i hope that something that is acceptable to all can be arrived at. 11. next is the issue of the review of the code of banking practice, in relation to which it is suggested in david ’ s letter that some people are unhappy about the stance taken by the hkma. on this, i am afraid, i have rather less sympathy than on other issues with those who raise concerns. i do not believe that any of the changes promoted in the working group, such as in relation to credit cards and also to fees and charges, are unreasonable. indeed, most banks seem to have accepted the rationale for changes such as the $ 500 card loss limit, which brings hong kong into line with international practice. i believe that the banks must appreciate that issues relating to terms and conditions and other aspects of customer service are a legitimate matter of public interest and concern. in the past, it is true, the hkma has not been as closely involved in consumer matters. this, however, is something that is changing, not because we particularly desire it but because it seems to be what the public expect. we plan, therefore, to review our involvement in this area so as to determine exactly what our role should be. 12. finally, there have been concerns expressed that the hkma ’ s supervision has become more intrusive and that requests for information are sometimes excessive. this is certainly something we are aware of, however i should point

does show how quickly things can change in a pandemic. policy and forecasts the statement on monetary policy contains more detail on the outlook and other issues that i have not covered today. it represents the culmination of our analysis of the economy and financial markets over the past few months, and is the product of the hard work of many bank staff. in my talk today i have focused on the bank's outlook rather than all the other material presented in the or the details of the fiscal and monetary policy response. these have been discussed in statement detail elsewhere. i would nonetheless like to conclude with a few brief remarks on how both fiscal and monetary policy have shaped our view of the economic outlook. the covid - 19 pandemic has been the most profound shock to the economy and society in many decades. all arms of public policy need to pull together to combat the spread of the virus and support the economy through the recovery. monetary and fiscal policy are key parts of the response. the package of measures introduced by the reserve bank board in mid march are intended to support the australian economy by keeping funding costs low and credit available. the board's assessment is that so far these measures are working as intended. funding costs for banks, firms and households are all very low. credit remains available and other policies have meant that borrowers in difficulty have been able to defer their repayments if needed. likewise the transfers to households and businesses coming from fiscal policy have supported incomes during this difficult period and provide a platform for the recovery. the jobkeeper program and various support for businesses have also ensured that employment relationships have been preserved to date and viable businesses can tide themselves over the period of disruption. on tuesday, the board affirmed its commitment to do what it can to support jobs, incomes and businesses in australia. it will maintain this accommodative approach for as long as this support is required, to help build the bridge to the recovery. endnotes [ * ] my thanks to the many colleagues in economic group involved in putting these forecasts together, as well as colleagues from financial markets group and communications division who also contribute to the. monetary policy statement on the materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the copyright and disclaimer notice. © reserve bank of australia, 2001 – 2020. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodian