Some lift in consumption growth is also expected, although a return to consumption growth faster than income growth for an extended period is unlikely. It would also be unwelcome given the relatively high levels of existing household debt. So this means that a pick-up in non-mining investment is an important part of the story in the return of the Australian economy to trend growth.
Conclusion The outlook for 2023 will continue to be characterised by high uncertainty. The Central Bank will continue to focus on maintaining monetary and financial stability and ensuring the financial system works for consumers and the wider economy. Vas, Colm and I are happy to take your questions.