And in India, the burden of red-tape remains a major issue and ways need to be found to improve the country’s infrastructure if the economy’s potential is to be unlocked. It would be unrealistic to assume that the growth paths in these countries will be without bumps, perhaps large ones. And these bumps will have an impact upon Australia.
Nor can we assume that commodity prices will remain at their current elevated levels. New sources of supply are being discovered and developed, and there is always the possibility of new technologies reducing the demand for Australia’s main resource exports. There is very little we can do about these external risks.