A similar picture is also evident in the available surveys for the services sector. While it is too early to be confident that this trend will continue, these timely surveys suggest that 2012 started a little better than many had expected. BIS central bankers’ speeches  3  The Australian economy I would now like to turn to developments in Australia.
At the moment, the economy is being influenced by a large number of factors. These include the sovereign debt problems in Europe, the changes in household spending patterns, and the softness in the housing market. But this morning I would like to focus on the two factors that are perhaps having the most profound effects.