It is a pleasure to participate again in the Australian Industry Group’s Annual Economics Forum. This is the fourth time I have participated in this Forum, having spoken in 2010, 2011, 2012 and now 2013. Over this period, the Australian economy has undergone very significant adjustment.
My central message today is that, overall, this adjustment has proceeded pretty well, particularly in light of the extraordinary developments that have occurred in the global economy over these years. This message is not meant to downplay the disruptive and sometimes painful effects of the changes that are taking place.