Graph 10  General Government Gross Debt 2019, per cent of GDP Japan Italy United States France Canada United Kingdom India Germany Malaysia China Australia South Korea Sweden Indonesia New Zealand 0  50  100  150  200  %  Source: IMF  No doubt, there will be a point in the future when attention will need to return to the task of rebuilding our fiscal buffers to deal with the next downturn.
This task will be easier when the additional government spending is temporary in nature. In any case, the best way to rebuild these buffers is through economic growth. This means that structural reforms that drive that growth need to remain on our national agenda. I would now like to turn to monetary policy, which has played an important supporting role.