Glenn Stevens: Recent economic and financial developments in Australia Opening statement by Mr Glenn Stevens, Governor of the Reserve Bank of Australia, to the Senate Economics References Committee, Sydney, 28 September 2009. *  *  *  Thank you Mr Chairman. I have just a few opening remarks.
Economic conditions in Australia were generally quite subdued in the second half of 2008 and the first part of 2009. Output was sluggish, hours worked in the economy declined, unemployment rose and inflation started to abate. By the standards of past recessions, however, this was a mild downturn.