Thank you for the invitation to visit Adelaide. As you know the Reserve Bank Board met here yesterday and decided to leave the cash rate unchanged. The statement issued after the meeting gave the reasoning for the decision, in the usual concise fashion. Today I will give some broader remarks about the global and domestic economies and financial conditions. The global economy has continued its expansion this year. Estimates for global growth are running at about 3¼–3½ per cent. This is a bit better than the 2013 outcome and close to, albeit a little below, the three-decade average, which is 3.6 per cent. We are now in ... (full story)