Of course, businesses have also become much leaner and more adaptable as they have responded to increased competitive pressure. The key piece of evidence for this is the higher growth of multi-factor productivity in Australia in this expansion compared with previous ones.
* * *  1 Introduction Ladies and gentlemen, Mr Maleki, Mr Bott, Thank you for your warm welcome, and thank you for giving me the opportunity to deliver a keynote speech at today’s conference. The EURO football tournament kicked off recently, but things are rather different this year.