So, overall, monetary policy is continuing to play an important role in supporting demand in the Australian economy. At its February meeting, the Reserve Bank Board decided that it was appropriate to provide some additional support.
This was not because things had turned for the worse, but rather because of the lack of compelling signs that economic growth was picking up as was earlier expected. No doubt, the factors that I have talked about today go some way to explaining why this has turned out to be the case.