The Government and the Reserve Bank marked Philip Lowe's first day as RBA governor by issuing a reaffirmation of the conduct of monetary policy, which included confirmation of the two to three per cent inflation target.In recent months some commentators have called for the scrapping of the inflation target, saying it is inappropriate in a period of historically low inflation.The Statement on the Conduct of Monetary Policy says: "Both the Reserve Bank and the Government agree that a flexible medium-term inflation target is the appropriate framework for achieving medium-term price stability. They agree that an appropriate goal is to keep consumer price inflation between two and three per cent, on average, over time."The statement is the seventh such agreement since 1996 and is usually reviewed after a federal election.It says the Government recognises and will continue to respect the Reserve Bank's independence, as provided by the Reserve Bank Act.The goals of monetary policy are to contribute to the stability of the currency, the maintenance of full employment and the economic prosperity and welfare of the people of Australia.