We give advice on what we see fit, given the macroeconomic situation and our advice is to err on the side of caution when it comes to the fiscal balance. I’m not going to give advice on the composition of the budget. That is certainly for the Irish Government to decide.
While Australia’s terms of trade increased further over this period, the relative strength of Australia’s economy, as evidenced by relative unemployment rates, was also consistent with an appreciation of the Australian dollar. However, growth in Australia began to slow from early 2012.