Warrnambool passes that test and is an important agricultural and tourist centre, so it is a fitting venue for this meeting. I would also like to thank the Mayor of Warrnambool, Councillor James Nicol, for his hospitality in hosting a civic reception for the Committee and the members of the Bank appearing before it.
I would like to start the substance of this statement by observing that in the six months between this Hearing and the previous one in May quite a lot has changed, and this has had an important influence on our judgment about what we have needed to do with monetary policy.