• Says the RBA needs to be alert if AUD pushed “too far”
  • AUD “unusual” current forces need to be watched closely
  • “It is possible for exchange rates to overshoot”
  • RBA has room to maneuver if strong AUD hurts employment and inflation benign
  • Current level of AUD is containing inflation
  • Rates appropriate, growth close to trend

A little jawboning never hurt.