This will be my last appearance, and I have to say I will miss this regular half-yearly event – perhaps I should come and sit in the bleachers at future meetings. I have always thought that it is a very good principle for the central bank to have to report regularly to Parliament, and to be subject to questioning by members.
The practice has, I believe, been a valuable form of communication and has contributed to improving monetary policy in Australia. Since this is my last appearance, I would like to seek the Chairman's indulgence to start by covering some medium-term considerations before proceeding on to the current economic situation. As you are aware, Australia's current economic expansion is now in its fifteenth year.