The practice has, I believe, been a valuable form of communication and has contributed to improving monetary policy in Australia. Since this is my last appearance, I would like to seek the Chairman's indulgence to start by covering some medium-term considerations before proceeding on to the current economic situation. As you are aware, Australia's current economic expansion is now in its fifteenth year.
There is a general recognition that this is a good thing and, as a result, there has been a notable increase in the degree of optimism about Australia's economic performance. This is in marked contrast to the general pessimism that prevailed in the 1970s and 1980s and even later, when people were worried that we were falling behind other countries.