BIS Review 111/2008  3  •  a period of pretty low long-term interest rates globally, which encouraged borrowing around the world, though this was a bigger factor in the United States than here.
As we search for the reforms that will make a difference, we need to be aware that the drivers of growth in our economy are changing. Natural resources remain our main export earner, but Australians are increasingly employed in service industries. Right across the spectrum, competitive advantage is increasingly built on technology and management capability.