This in turn has increased demand for steel and related commodity prices, with profound effects on the world economy, especially Australia. Perhaps the best example here, though, is the demographic shift that is the ageing of the population.
This is something the Bank has talked about publicly in recent years, and it has been a priority of the Japanese Presidency this year in the G20. Today I'd like to highlight the implications of population ageing for labour force participation. It is often assumed that population ageing will reduce participation, because more people will be elderly and retired.