While the amount of capital investment that has carried these technologies into use has been, of course, affected by the costs of capital and labor, and by consumer demand, the rates of return offered by this new equipment have been largely rooted in the relative state of technology.
For its part, the RBA will maintain its expansionary settings until progress is being made towards full employment and we are confident that inflation will be sustainably within the 2–3 per cent target band. I look forward to answering your questions. The Governor was invited to make a brief opening statement to the Committee of no more than two minutes.