The fact that we have not only not increased the Official Cash Rate despite our currently low exchange rate but have actually felt able to reduce it in recent months largely reflects our assessment of the global economy, and our assessment that, for reasons not yet fully understood, the exchange rate is not providing the stimulus to export and import-competing industries that has been true in the past.
Hence we have introduced a new structure in which our Departments have been reduced from 23 to 17, with the aim of improving the efficiency of our service delivery. The activities of Project EAGLES are continuing and have entered the third and final phase which involves such activities as implementing the IT programme, reform of the budget and procurement processes and staff realignment.