However, we can take some comfort from the fact that despite these powerful forces, the Australian economy started 2012 in relatively good shape. Growth has been around trend and inflation is consistent with the target, and there are reasonable prospects for this to continue. We also have much more flexibility to deal with unfolding events than almost any other developed economy.
I wish each of you success as you navigate your own way through 2012. BIS central bankers’ speeches  7