By contrast, the labour market outcomes have been better than we earlier expected. When we met six months ago, we were not anticipating the unemployment rate to reach 5 per cent until 2020, but it has already been around that level for some months. The number of jobs created has also exceeded our earlier expectations.
And if we are reliant on foreign savings, we must, by definition, continue to run a current account deficit. That is a simple accounting identity. I note with interest the estimates of some commentators who suggest that the forestry industry alone will require substantial volumes of foreign investment over the next few years. They may be correct in their estimates of investment needs.