to better inflation nowcasting : websites of retailers and retail chains, websites disclosing or comparing product prices, as well as government websites with information on administered prices. this enables us to cover directly from the web around 90 % of the cpi basket. we calculate the cpi in line with the methodology of the statistical office. the whole process of inflation nowcasting based on web scraping is automated, i. e. both data scraping and processing are automated, which enables us to monitor inflation on a weekly or even daily basis. unlike most comparable international practice, our methodology is based not only on prices for online shopping, but on all relevant information on prices. namely, most other inflation nowcasting methods, described in the relevant papers, mainly give a partial inflation estimate ( nowcasting only individual cpi components, primarily food ), while our model provides for a comprehensive inflation nowcast in real time. i am proud to always point out that we were among the first in the world to introduce the instant payment system, as the most perfect payment method that currently exists. recently, we recorded a record number of transactions performed in one day – as many as 360, 741 transactions. the system provides for the execution of transactions via standard channels, but also for a fast and easy payment of bills by scanning the nbs ips qr code, transfer of funds to the payee registered for the service by selecting his / her mobile phone number from the contact list, payment at physical points of sale by scanning / generating the ips qr code, as well as at online points of sale by deep link technology. we have also made available on the nbs ips system website the generator and validator of nbs ips qr codes. instant payments at points of sale have significant advantages for merchants compared to card payments because of lower costs compared to paying with cards of international card systems, as well as because the merchant has the funds available on its account in a few seconds. and that is the goal when we talk about the development of technology and fintech – creating additional value with the most modern service at lower costs. seneca says : " if a man knows not to which port he sails, no wind is favourable ". translated onto the financial sector – there can be no success without recognising market needs and without a clear goal we wish to achieve. at the same time, like any innovation, new concepts of financial services provision also carry risks related to cyber security, data

monetary policy, where there have been a number of significant developments since we last met, including the discontinuation of the yield target, the cessation of the bond purchase program and a change in the outlook for interest rates. the yield target for the april 2024 bond was discontinued in early november. up until that point the target had played an important role in anchoring the yield curve and keeping funding and borrowing costs low in australia. in early october, the yield on the target bond was sitting at close to zero per cent. but then, a flow of stronger - than - expected data, both here and abroad, resulted in a shift in the distribution of possible future outcomes for the cash rate. in particular, these data implied that there was a reasonable probability of an increase in the cash rate before 2024. this assessment was reached by both the rba and financial market participants and it was reflected in market prices. in these circumstances, the board judged that there were more costs than benefits in seeking to continue to anchor the yield on the april 2024 bond at 10 basis points. the removal of the target was associated with volatility in the bond market. the rba is conducting a review of the whole experience with the yield target and the results will be published later this year. in terms of the bond purchase program, the final purchases were made yesterday. all up, across the various programs, the rba has purchased $ 350 billion of bonds issued by the australian government and by the states and territories. these purchases have lowered funding costs, supported asset prices and led to a lower exchange rate than otherwise. as a result, more people have jobs and inflation is closer to target. the stock of bonds purchased will also continue to support accommodative financial conditions in australia. the decision to end the bond purchase program followed a review of the three considerations we have used from the outset : ( i ) the actions of other central banks ; ( ii ) the functioning of our bond market ; and ( iii ) the actual and expected progress towards our goals. all three considerations pointed to the same conclusion – to end the program. of these three considerations, the most important was that faster - than - expected progress has been made towards our goals of full employment and inflation consistent with the target. the final development has been the change in expectations about the future path of interest rates. since the onset of the pandemic, the board has said that it will not increase the cash rate until