Some of you have already met her, and I am sure that she will be a great first Bundesbank representative to South Africa. By stepping up the cooperation between the Bundesbank and the South African Reserve Bank, we will be able to jointly shape the future landscape for independent central banks.
The shape and timing of that recovery depends not only on when restrictions are lifted, but also on the confidence that Australians have about their own health and their finances. With the national health outcomes better than earlier feared, it is possible that the economic downturn will not be severe as earlier thought. Much depends on how quickly confidence can be restored.