Thank you for the invitation to speak in Brisbane once again. The last time I spoke with this group, in July 2013, the economy was estimated to be growing at about 2½ per cent.[1] Underlying inflation was 2¼–2½ per cent, consistent with the target of 2–3 per cent. Two years on, the economy is growing at just shy of 2½ per cent and underlying inflation is around 2¼–2½ per cent, consistent with the target. In some respects, then, it might seem that not much has changed. In fact a number of important developments have occurred during that period, some as anticipated and some not. Overall, the fact that not much has ... (full story)