Members noted that this was the final meeting for Glenn Stevens AC. On the occasion of his final meeting after 10 years as Governor and Chair of the Board, members warmly congratulated Glenn Stevens for his outstanding service to the Bank and to the nation. Prior to being appointed Governor in 2006, Mr Stevens had served as Deputy Governor for almost five years and had presented to the Board regularly as Assistant Governor (Economic) between 1997 and 2001. The Governor-designate, Philip Lowe, paid tribute to Mr Stevens' exceptional contribution to the deliberations of the Board over this long period. On behalf of all members, he expressed