Glenn Stevens: Economic prospects in 2008 – an Antipodean view Address by Mr Glenn Stevens, Governor of the Reserve Bank of Australia, to Australian Business, London, 18 January 2008. *  *  *  It is a pleasure to be here in London to speak with you today.
A more distinct upward momentum in private consumption is likely to emerge as the adverse effects from temporary factors -- such as last year's weather conditions (a long spell of rainy weather in early summer as well as the unseasonably warm winter weather) and consumers' reluctance to buy before the introduction of new products -- fade and wages resume their upward trend reflecting improved labor market conditions.