I would like to thank the CFA Societies Australia for the opportunity to speak this morning. December 2023 will mark the 40th anniversary of the decision to float the Australian dollar and remove restrictions on capital flows. This reform has been one of the greatest success stories of Australian macroeconomic policy and is a key pillar of our monetary policy framework. A floating exchange rate buffers the economy from external shocks and allows monetary policy to focus on the goal of domestic price stability. Capital controls were removed when the dollar was floated because they were no longer needed to maintain the ... (full story)