ESA Business Lunch 2015
The Economic Society of Australia, in association with Morgans, hosted the 2015 Business Lunch featuring the Governor of the Reserve Bank of Australia, Glenn Stevens, on 10 June.
During his speech in Brisbane, Mr Stevens left the door open to further official interest rate cuts but said the Reserve Bank was wary of the effect.
He said: "The Reserve Bank will remain attuned to what it can do, consistent with the various elements of its mandate – including price stability, full employment and financial stability.
"We remain open to the possibility of further policy easing, if that is, on balance, beneficial for sustainable growth.
The temptation, of course, is to presume outcomes can be fine-tuned by policy settings and that we can simply dial up more or less demand in short order to avoid deviations from some ideal path. Reality is inevitably more messy than that and has not always been kind to such fine-tuning notions."
Mr Stevens went on to say "the bigger point is that monetary policy alone can't deliver everything we need and expecting too much from it can lead, in time, to much bigger problems". To read the full speech, visit the RBA's website.
During question time following his speech, Mr Stevens also spoke about Sydney's "crazy" property prices. You can watch the entire presentation below:
Glenn Stevens, Governor of the Reserve Bank of Australia, at the ESA Business Lunch:
Morgans Chief Economist Michael Knox interviewing Glenn Stevens:
Glenn Stevens meeting attendees:
Brian Sheahan, Morgans Managing Director, gave a vote of thanks to close the event: