ContextSpeech (virtually) by Michele Bullock, Governor of the Reserve Bank of Australia, at the 13th Biennial Irving Fisher Committee on Central Bank Statistics (IFC) Conference, 20 August 2026.
Why it mattersA look at the statistics behind policy: data gaps, notably on climate, and how AI can help central banks analyse information.
- Central banks face a difficult technological and geopolitical environment.
- Data gaps remain, notably on climate-related risks.
- Statistics alone, without judgement, can mislead policy.
- Strengthen governance of central bank data.
- Use AI to improve data discovery, analysis and risk monitoring.
- Share experience across central banks to build common approaches.
Read the speech summary
1. Why statistics matter
Opening remotely the thirteenth biennial gathering of the central bank statisticians' network named after Irving Fisher, Michele Bullock recalled that Fisher believed good economics starts with good measurement, yet warned that facts alone are not enough and need to be paired with economic theory and sound judgement. In an uncertain geopolitical setting, policymakers need faster insight and more granular data, while AI creates both opportunities and new challenges.
2. The committee's role and work
For nearly thirty years the network has been a forum for statistical cooperation among central banks. Its mandate was updated in 2025 to cover data governance, technology and AI as well as official statistics, since central banks are both major producers of official figures and heavy users of data, facing shared questions about quality, privacy, security and responsible AI. Recent work covers microdata, data science and AI (including a membership poll on how far central banks have adopted AI), data governance, and closing climate-related data gaps.
3. A new strategy: data for the future
A three-year strategy sets three priorities. First, modernise central bank statistics by combining traditional methods with new sources, strengthening rather than replacing official figures. Second, AI and data innovation, the top priority in the member survey, with emphasis on practical, replicable use cases. Third, data governance, so that data can be trusted and AI used with guardrails. The Central Bank Data Collaboration Group now sits under the committee, and members are invited to join small working groups.
4. Conference themes
The programme follows three themes: AI and advanced analytics; novel, granular data such as payments, firm-level, market and satellite information; and trust in data that is reliable and fit for purpose. She closed with Fisher's point that policy without adequate facts risks avoidable mistakes.