As a result, even with the expansionary monetary policy settings, aggregate global growth has been average over this time, but not better than average, which would be desirable given the large loss of output in 2008/09. As I’m sure you all know, Australia did not suffer from the same decline in output that many other advanced economies underwent.
The level of GDP in Australia is 27 per cent higher than it was in 2007. In comparison, in the US, it is 13 per cent; in the UK, 10 per cent; while in the euro area, the pre-crisis level of GDP was only regained in 2015.