On the contrary: overall, it suggests that the Reserve Bank has done its job well. As an aside, I don’t propose to comment in detail here on why we have had to have policy rather tighter in New Zealand in recent years than has been necessary in Australia.
In the case of Switzerland, the services exports are mostly asset management, Ireland’s are mostly back office services, and in the UK it is mostly financial intermediation. The value added of financial intermediation in Israel was 5.1% of GDP in 2013, slightly less than the 5.4% average in OECD countries.