1  For those of you who are interested, I have set out my views on this in an earlier address.
See http://www.rba.gov.au/PublicationsAndResearch/Bulletin/bu_jul08/com_prices_macro_pol_aus_perspectiv e.html  2  BIS Review 111/2008  This, as my predecessor Ian Macfarlane remarked a few years ago, means that once the reserves of spare capacity are pretty much used up, we should expect to be accustomed to growth rates for GDP starting with a 2 or a 3.