This might -- together with better information on private capital flows and cross-country position-taking -- provide a response to this new element of the current problems -- the role of large-scale capital flows. What relevance is it to Australia, and to this audience (Australian and overseas)? We acknowledge our stake in the outcome, with two-thirds of our exports going to East Asia (including Japan).
The projections submitted by Federal Open Market Committee (FOMC) participants in November showed that, notwithstanding forecasts of increased growth in 2011 and 2012, most participants expected the unemployment rate to be close to 8 percent two years from now. At this rate of improvement, it could take four to five more years for the job market to normalize fully.