Glenn Stevens AC
Former Governor of the Reserve Bank of Australia
The HILDA survey is an important resource for the Reserve Bank.
Glenn Stevens assumed office as the 7th Governor of the Reserve Bank of Australia in September 2006. He talks here about the significance of the Living In Australia data towards Reserve Bank policy decisions.
"Findings from the HILDA Survey are used as an input into much of the detailed analysis of economic developments undertaken at the Reserve bank, including on issues related to financial stability and the transmission of monetary policy". Mr Stevens says that understanding differences across households is important for policy makers of all types. He adds, "obtaining data from one year to the next from the same set of households provides invaluable insights into household behaviour on a wide range of critical questions."
The Reserve Bank of Australia uses the HILDA data to inform on the Bank's key roles of stabilising the Australian currency; maintaining full employment; and the economic prosperity and welfare of the people of Australia. These challenging tasks are made easier by using HILDA's longitudinal data, informing key work such as:
- Examining the debt that households have entered in to and their ability to repay that debt;
- Estimating the effect of the superannuation guarantee on household saving, work which was later referenced in the Henry Tax Review.
To those involved in the Living In Australia study you can be sure that your life circumstances contribute to a greater understanding of Australia and impact decisions for all Australians.
Glenn Stevens
Governor of the Reserve Bank of Australia