In particular, there has been a noticeable increase in the stock of work to be done in the construction of hotel and related accommodation (Graph 10). The RBA’s liaison with tourism-related businesses suggests that further increases in investment in this area are likely in coming years. Conditions have also improved in a number of other sectors that are sensitive to the exchange rate.
It needs contributions from education, from the development finance institutions, from the private sector, and from many other players. Our emphasis on growth as a team sport, however, does not crowd out our concern for the specific growth problem we can address, which is weak demand. Right now, demand has been badly damaged by the coronavirus lockdowns.