In fact, that was “spot on” for the four quarters to the September quarter of 2001, but by the December quarter inflation had risen to 3.1 per cent, and by the March quarter 2002 it was 2.9 per cent. So, on average, we slightly underestimated the rise in inflation. For the year ahead, i.e.
2002/03, we are forecasting the economy to continue growing at 3½ to 4 per cent as it completes the eleventh year of its expansion and enters the twelfth.