Even applying significant discounts to stated investment intentions, as the Reserve Bank staff have done in their forecasts, there is likely to be a further significant rise in business investment over the next few years, from a level that is already reasonably high as a share of GDP.
On all the indications available, we are living through an event that occurs maybe once or twice in a century. So a very important question for us is: how do we handle all this? We obviously have to be wary of overheating. The Bank has given its views on this point before and I will say no more about that tonight.