Similarly, our inflation experience shadowed that of the OECD-area, although we were  BIS Review 44/2005  1  later than most in bringing it down after the initial surge in the seventies; our good inflation record only dates from the early 1990s.
I think it is true to say that if you wished to forecast the path of the Australian economy, and you were able to have foreknowledge of only one economic variable, the one you would choose would be the path of the world economy.