The growth in the employees’ income has been rising gradually owing to the increase in bonus payments and the moderate recovery in employment growth, reflecting the improvement in the labor market conditions. This shows that the recovery in the business sector has spread to the household sector.
We should also take some comfort that our system retains buffers against future shocks. Strengthening these buffers makes sense in the uncertain world in which we live. Thank you. 1 Fraser  J (2016) ‘Australia’s Economic and Fiscal Outlook’, available <www.treasury.gov.au/PublicationsAndMedia/Newsroom/Speeches/2016/AGFIF-Tokyo>, Address to Australian Government Fixed Income Forum, Tokyo, 21 October. 11 / 11  at the  BIS central bankers' speeches