Let me illustrate this by focusing on the repricing in bond markets that started around the end of September last year. By that time, the ten-year OIS rate had reached a low point of slightly below zero. Since then – and looking through the occasional ups and downs – it has risen by about 65 basis points.
Overall, the survey pointed out that the Government managed the revenue windfalls of the 2000s better than in the 1990s. But we have to be mindful that some of the windfall revenue are kept in trust accounts with commercial banks and Bank of PNG. Whether these funds will be effectively spent for the intended purposes remains to be seen.