Governor of Reserve Bank delivered Ian Little Lecture

Mr Glenn Stevens, Governor of the Reserve Bank of Australia, emphasised the importance of balancing the need for co-operation with the benefits of competition in complex payment networks at the Ian Little Memorial lecture "Public Policy and the Payments System." The lecture was attended by former guest speakers The Honorable John Brumby, Premier of Victoria and Dr Ken Henry, Secretary to the Treasury, Commonwealth of Australia.

“Co‑operation is required in order to ensure that the benefits of an extensive, and reasonably standardised, network can be enjoyed by the public, raising economic welfare. Competition is vital in the long run to make sure that costs are minimised and the incentive to respond to changing consumer preferences maximised,” he said.

Mr Stevens said policy has to recognise and fulfil its role in dealing with the externalities inherent in the set of decisions made by private market participants, while also respecting and maintaining the competitive dynamic.

The lecture on Wednesday 25 March 2009 was held in memory of the late Ian Little, who graduated from Monash with an honours degree in economics in 1977 and went on to become the Secretary to the Victorian Treasury before his untimely death in June 2006 at age 50.

The annual Ian Little Memorial Lecture commemorates his life and acknowledges the significant contribution that he made to economic thinking, public policy development, public sector management and economics education.

The event was organised by the Faculty of Business Economics and funded by Monash University and the Victorian Government. It aims to advance public policy by exploring the relationship between economic thinking and key public policy debates.