*  *  *  Ladies and gentlemen, Economic situation and outlook In autumn 2008, the world entered the worst financial crisis and the most severe economic downturn since the end of the Second World War. Since spring 2009, financial market conditions have improved. Economic growth has resumed in most countries, albeit very moderately in many advanced economies.
It is also pleasing to see that the Panel recommended that the Treasury Secretary remain on the Board. The establishment of these two boards will require changes to the Reserve Bank Act, which is a matter for the Australian Government and Parliament. You would have already heard that the Treasurer intends to proceed with these changes.