Rather, I want to focus on why this change in perceptions about medium-term prospects has occurred and, in particular, the role that the development of Asia has played. At a general level, the importance of Asia to Australia is now well understood. Despite this, it remains the case that the financial news from the United States and Europe dominates our newspapers and our airwaves.
The revolution in machine tools with embedded new information technology over the last 20 years is a case in point. Another example could be what is happening to cell phone technology with multi-tasks, at lower prices. A great deal of work can now be accomplished on the cell phone even when people are travelling.