We also emphasized that the pace of interest rate increases will depend on the Bank’s continuing assessment of the prospects for factors that affect pressures on capacity and, hence, on inflation. Paul and I have just returned from last weekend’s meeting of the G-20 in Berlin.
We are making progress, but there is more to be done, with investment in human capital central to building comparative advantage. This next graph shows the distribution across regions in the share of the population with an advanced qualification, defined here as a Certificate III or higher (Graph 12). There has been a marked shift to the right in the distribution.