labour market | speeches | rba endnotes [ * ] thanks to blair chapman and natasha cassidy for their extensive help with this. the standard error is not large relative to the level of employment, but it is for the monthly change. see evans e, a moore and d rees ( 2018 ), ‘ the cyclical behaviour of labour force participation ’, rba september. the australian labour account balances information on jobs sourced from businesses and households ; as such, it provides estimates of the number of jobs, people, hours worked and labour income in each industry. conceptually the labour account is designed to be consistent with the national accounts data. in a welcome development, the abs is also starting to release datasets that match administrative data and abs survey data such as business longitudinal analysis data environment ( blade ). these datasets should enhance our analysis of the labour market. for a more comprehensive discussion of labour market outcomes for the young, see dhillon z and n cassidy ( 2018 ), ‘ labour market outcomes for younger people, rba, june. see ellis l ( 2018 ), ‘ on lags ’, sir leslie melville memorial lecture, australian national university, canberra, 17 august. a recent speech by my colleague alex heath looked at the increase in labour market flexibility over recent decades, and the impact this might have on our understanding of spare capacity. see heath a ( 2018 ), ‘ the evolving labour market ’, business educators australasia 2018 biennial conference, canberra, 5 october. see edwards k and l gustafsson ( 2013 ), ‘ indicators of labour demand pdf ’, rba janet yellen once referred to the beveridge curve as the ‘ neglected stepsister of macroeconomics ’. i recall sitting in lectures by olivier blanchard and peter diamond as they developed their work on the beveridge curve and job matching. they noted that, although the beveridge curve ‘ has very much played second fiddle ’ to the phillips curve, it conceptually comes first and contains essential information about the functioning of the labour market and the shocks that affect it. bulletin, bulletin bulletin, september, pp 1 – 11. © reserve bank of australia, 2001 – 2018. all rights reserved. https : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 10 - 17. html 13 / 13

gfxc ’ s working groups, which were instrumental in developing the new material. the recommendations of the working groups were reviewed by the gfxc ’ s member committees and published for public feedback. after careful consideration of the feedback, the gfxc released the updated code last month. some key changes to the code in total, 11 of the code ’ s 55 principles have been amended. i won ’ t go through all of the changes today. there is a summary on the gfxc ’ s website that steps through these. 2 what i would emphasise is that the driver for many of the changes is the need for greater disclosure and transparency in an increasingly complex market. 1 / 4 bis central bankers'speeches one area where the market has grown more complex is the methods of execution. use of execution algorithms by fx market participants has increased significantly. the gfxc ’ s view is that the market would benefit from more detailed disclosures about these algos, as well as greater uniformity in the disclosures. this echoes recent findings by the bank of international settlements ( bis ) markets committee that high - level and non - standard disclosures were making it difficult for algo users to compare different providers and make informed decisions. 3 some sophisticated clients may be able to overcome this problem, but it has not been conducive to market efficiency. consequently, the code has been updated to provide more guidance on the minimum set of information that algo providers should be disclosing. in addition, the gfxc is encouraging providers to make their disclosures in a standardised format. accordingly, the gfxc has developed an algo due diligence template that market participants may use, as appropriate. this is available on the gfxc ’ s website. as the use of algos increases, it is important that market participants are able to evaluate their performance. but the barriers to conducting meaningful analysis on algos can be high. for this reason, the gfxc believes that transaction cost analysis ( tca ) would benefit from greater harmonisation of data reporting. at the session on tca later this morning, i ’ m sure there will be some discussion of those challenges and how they might be overcome. the gfxc ’ s view is that standardised information could be particularly helpful for less sophisticated clients or those with limited resources. recognising this, the gfxc has also published a