My remarks will be in three parts. First, I will focus on recent cyclical developments in non-mining investment, including the recent lift in investment. Second, I will discuss some structural changes in the nature of investment in the Australian economy, including the increasing importance of investment in technology and knowledge-based capital.
Moreover, it appears to me that there are growing uncertainties regarding prospects for the removal of supply-side constraints, as they depend on the future course of COVID-19. For now, I maintain the view that these supply-side constraints are temporary; that said, I will carefully monitor future developments. B. Prices 1. Price developments abroad Let me now turn to prices.