In closing, let me to summarize the key messages of my presentation: First, the global economy began its recovery path in 2021, but this was subdued in large part by the emergence of new COVID-19 variants and the uneven vaccination rollout across and within economies.
Clearly, the simple form of this argument has a few logical gaps. However, there does seem to be something at work here - perhaps due to differing appetites for Australian bonds on behalf of local compared with foreign investors - because there has been a reversal in recent years of the former high levels of capital inflow into Australian bonds.