We decided to leave the cash rate at 2 per cent. The reasoning was given with the decision, and so I don't propose to discuss that. Instead I want to reflect on the nature of the adjustments going on in the economy, and in which Western Australia is very important. It is four years since the Board last met here.
So, with the boom in the prices of energy and non-energy commodities since 2003, we have seen a marked Type One appreciation of our currency. But this is not the whole story. Another factor driving the Canadian dollar higher since 2003 has been a broad-based weakening of the U.S. dollar.