While resource shipments are still very large, and farm produce retains an important place in Australia's trade, flows of manufactures and services are more prominent these days. Capital flows are also increasingly important, and those coming to Australia from Japan are large at present, as Japanese retail investors seek higher yields by investing abroad.
Both countries have been, and remain, active at the official level in seeking to improve the economic and financial structures underpinning the region. So there is good reason to gather and discuss issues of mutual interest. The organisers of today's proceedings have invited me to think about the Australian economy over the next three years or so.