Yet, once again, the economy has proven to be resilient. Despite the disruption caused by Omicron in January, we still expect positive growth in GDP in the March quarter, with spending and hours worked already recovering. Reflecting this resilience, the outlook for the Australian economy has improved since we last met.
The international scenario  The international scenario still shows sound economic growth, with commodity prices at a record high and substantial liquidity. Expansion is nowadays more balanced due to lower US growth, that was offset by a more favorable trend in the euro area, Japan and the emerging countries.