Spending declines when they are in force, but the recovery is rapid. Timely data on spending suggest that the snap-back after the shorter lockdowns imposed in parts of Australia this year has been almost immediate. The big question for the outlook is whether the recovery is simply a snap-back to prior patterns of activity, or whether there is some make-up from the lost growth.
We likewise remain focused on our purpose and steadfast in pursuing continuity, preserving our credibility, and in staying committed to undertake bold reforms and continued improvements in carrying out our mandates of price stability, financial stability, and efficient payments and settlements system.