In today’s economy, a lack of balance implies growth that has relied too heavily on increases in household spending – in particular, the purchase of houses, with a resultant rapid increase in household debt. Future growth, if it is to last, needs to draw more support from business fixed investment and exports.
It is available via the Bank for International Settlements (BIS) website or on the Australian Foreign Exchange Committee (AFXC) website. Today I will reiterate the motivation for the work we are doing on the Code, why you all should be interested in it, and then update you on where we are at with the process and outline the way forward.