The Global Economy I will start with the global economy, because what happens overseas has a major bearing on what happens in Australia. My main point here is that while some of the downside risks have increased, the central scenario for the world economy still looks to be supportive of growth in Australia.
We have also authorised the disclosure of our extensive explanation on proportionality that we submitted to the Court of Justice as well as excerpts from minutes of Governing Council meetings. The German authorities have assessed the PSPP as proportionate before the Constitutional Court. With the new documentation, they are in a position to further corroborate their initial finding if necessary.