The adjustment of relative wages has helped, and this adjustment has occurred without igniting the type of economy-wide wages blowout that contributed to the derailment of previous mining booms. BIS central bankers’ speeches  5  Graph 8  One reason that things have worked out this way is that the industrial relations system is more flexible than it was two decades ago.
There is no doubt that we need to support increased investment in our main statistical agency and also improve upon its capacity. Ladies and Gentlemen, acknowledging this is a first step in solving this endemic problem. Information is invaluable not only for policy making but for the benefit of the financial markets.