But we have the good fortune to be seeing this financial consolidation happening at a time when our incomes are being increased by other factors. Locally, attention has been focused on the devastation caused by extreme weather across several states, most particularly Queensland. The human cost cannot be quantified in dollars.
Bearing these views in mind I will now explain how I see the relationship between monetary policy and structural reform. At the start I would like to say that the monetary easing policy currently being pursued by the Bank will, because of effects I have previously explained in detail, also give considerable support to structural reform.