Looking ahead, we should be able to look forward to somewhat better outcomes than over the recent past. We could expect that the drag on our national income from falling commodity prices will eventually lessen. And if current trends in employment continue, we could look forward to some further increase in the share of the population in paid employment.
Both of these would be positive for real income growth. Australia's fundamentals also remain sound. We have a tremendous base of natural resources, a talented, diverse and growing workforce, a stable political and legal system, a highly regarded university system, and we are well placed to benefit from the increasing demand for services from Asia.