On Thursday, outgoing governor Philip Lowe will deliver his last speech as head of the Reserve Bank at the Ivy ballroom in Sydney. His first was to a room full of traders and fund managers at Sydney’s Sheraton Hotel, seven years ago.

“I am the first governor of the RBA to have taken office where the concern of the day is more that inflation might turn out to be a bit too low rather than a bit too high,” he told the audience at Citi’s annual investment gathering on October 18, 2016.