While some of this change is really a US dollar story rather than an Australian dollar story, our currency has declined somewhat against other currencies and on a tradeweighted basis.
As we delve deeper into the questions raised by the developments of recent years, the interplay between structural productivity growth and equity premiums, so evident during the past business cycle, is bound to play a prominent role. We need particularly to determine whether the periodic emergence of market bubbles, which have occurred so often in the past, is inevitable going forward.