The combination of our views on the growth of trend labour input and trend labour productivity led to our projection for potential output growth of 2.8 per cent this year and 2008, and 2.7 per cent in 2009. This compares with the 3 per cent assumption for annual growth of potential output that the Bank had been using earlier this decade.
That's a quick look at how the Bank sees developments in trend labour input and trend productivity. We'll continue to work on these important issues, and will have more to say about them in coming months.