Statement on Monetary Policy  Before I do, let me briefly summarise our current thinking on the global and domestic economies. The global economy has been picking up since mid 2016, and seems to have improved further over the course of 2017.
As we came into the new year, we and other forecasters continued to upgrade our views of the outlook for the global economy. In Australia, our forecasts for growth are essentially unchanged from the ones we published in November. We still expect growth to pick up to around 3¼ per cent over 2018 and 2019.