14 I think a good case can be made for the view that the strong productivity growth of the post1995 era will persist for some time. The rate of technology growth appears to be proceeding apace, and further diffusion of already existing technologies and applications to more firms and industries should continue to boost productivity.
Let me make a few more general remarks about the Australian financial system in the current environment. I’ve already made the point that Australian banks came through the crisis in good shape. Bank profits did decline during the downturn but they have since recovered, largely as a result of declining loan loss charges.