But we already have a higher proportion of our population in the labour force than nearly all other OECD economies and we work longer hours than most people in the OECD. The good news is that there’s strong international demand for our commodity exports.
Despite falling over the past 15 months, our terms of trade, or the ratio of export prices to import prices, remain 20 percent higher than the average for the 1990s. This improvement  BIS central bankers’ speeches  1  partly reflects the expansion of the global middle income class over the past two decades, led by China, and the rising demand for protein.