So we can forecast the effect of the low and middle-income tax offset on household disposable income, or the childcare subsidy changes on inflation, but we can't predict dam collapses and cyclones in advance. Second, tracking the lumps, bumps and other temporary special factors doesn't always feel a whole lot like the economics we learned at university.
The Bundesbank is giving top priority this year to the Year 2000 problem and took steps at an early stage to ensure the Year 2000 compliance of its in-house procedures and systems. For example, for some years now we have been paying attention to Year 2000 compliance not only in the design of new procedures but also when modifying and updating existing ones.