Of course events far from western Sydney can affect all of us here, through various channels. In view of the developments in recent weeks in Europe, it seems sensible to devote some time to what has occurred, and to what it may mean for Europe itself, for the global economy and of course for Australia.
I should stress at the outset though that any assessment is very much preliminary at this stage. To begin, let me sketch some background on the global economy. We estimate that world GDP grew by around 1 per cent, or perhaps a little more, in the March quarter of this year.