All of these factors are reflected in the pick-up in investment in the non-mining sector we have seen over the past four years. Turning to consumption, we have had more validation of our outlook with recent data revisions. We had been concerned that our forecast may have been a little optimistic, but are now more confident in it.
In statistical terms, the weight on the modal forecast has risen. But uncertainties remain around the outlook for consumption, which I will discuss shortly. It is worth noting that domestic demand growth has outstripped growth in GDP, running at around 3¼ per cent. This gives us confidence in our forecast of GDP growth a little above trend over the next couple of years.