Moreover, I have not talked at all here about changes in the outward flows of capital. While these flows are also large, over the period in question here, changes in their size have not been so noteworthy.
So in terms of the effect on the Australian dollar, of the three major changes in capital flows we have seen over the past six years, two of them: the capital inflow to the resource sector to fund investment along with the increased purchases of government debt, have been putting upward pressure on the currency.