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Glenn Stevens: Economic conditions and prospects (Central Bank ...

Source: www.bis.org
Topic: Economic Conditions

Sort Desciption: Glenn Stevens: Economic conditions and prospects. Address by Mr Glenn Stevens Governor of the Reserve Bank of Australia to the QUT Business ...

Content Inside: Glenn Stevens: Economic conditions and prospects Address by Mr Glenn Stevens Governor of the Reserve Bank of Australia to the QUT Business Leaders Forum Brisbane 14 June 2007. Vanessa Rayner provided research assistance for this address. * * * The last time I gave a speech in Brisbane was three years ago in June 2004. The key themes of that address were a world economy growing faster than average rising oil prices narrow pricing for risk in global financial markets an Australian economy enjoying a long expansion and a Queensland economy growing faster than the national average. You might be forgiven for saying that not much has changed in the interim. The global economy has continued to grow faster than its long-run average oil prices have risen a lot further compensation for risk in financial markets remains remarkably skinny Australias economic expansion has continued and Queensland is still experiencing stronger economic conditions than the average for Australia. But the fact that all those things are still occurring is quite remarkable. The Australian economy is on the cusp of the seventeenth year of the expansion which began in the second half of 1991. There is at the moment moreover a high degree of confidence about the future with share prices near record highs property markets firming again and borrowing proceeding apace. I shall begin with some remarks about the global economy and then talk about Australias recent performance. I will make some observations about how the Reserve Bank Board responsible for monetary policy is seeking to manage the risks which we judge the economy faces. The global economy The most recent outlook released by the IMF in April forecast global GDP growth in 2007 measured on a purchasing-power-parity basis at just under 5 per cent. This is down a little from about 5 per cent in 2006 but that was the fastest growth for over thirty years. The projected 2007 outcome is still well above the long-run average growth rate o ...

glenn stevens qut

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