So this is a better position than we found ourselves in this time last year. There are, of course, still some clouds on the horizon. One that dominated discussion at the G20 meetings was a possible retreat from an open rules-based international trading system. If this were to occur it would, clearly, be bad for Australia and the world economy.
The positive aspect, though, of these discussions is that they have generated a renewed focus in some countries, including in most emerging market economies, on the importance of the open international trading system. We have a lot riding on this being the outcome. The improvement in the global environment is helping us here in Australia.