Headlines from Stevens' prepared speech earlier are here

  • Favours the current 2 to 3% inflation target band
  • Cautions on lowering the target
  • Globally difficult to implement negative rates without hurting banks' earnings
  • Chance of negative rates in Australia are low
  • Says he expected mortgage rates would not fall by full 25bps last week
  • Very unlikely Australia would be so desperate to consider helicopter money

More:

  • Business hasn't responded to low rates with investment
  • Monetary policy doesn't really affect business investment (What?)
  • Monetary policy works via households, not businesses (hmmmm)
  • Inflation is going to be pretty low for a while

.... Q&A finished now