This is because I think the good performance of the Australian economy is not just a recent event, but something that has been unfolding over the past decade. In other words, the recognition may be recent, but the underlying story has been around for a lot longer.
Growth in 2017–18 was fast, boosted by world trade and somewhat artificially by the US fiscal stimulus, and we knew this was not sustainable. What we’re seeing now is that the slowdown may be broader and longer-lasting than originally forecast.