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JavaScript is currently Speech On Save My World. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. Thank you very much for the invitation to speak at CEDA's annual dinner. After so many webinars and Zoom meetings, it is great to be able to be here in person. None of this was expected at the start of this year. Unfortunately, it guarantees that will be a year that is talked about for decades to Speech On Save My World. Yet through these difficult times, the underlying strengths of the Australian economy and people have been on display. Our public sector balance sheets are https://amazonia.fiocruz.br/scdp/blog/culture-and-selfaeesteem/intercultural-communication-communication-and-interpersonal-communication.php and have been used to good effect to cushion the shock.
Our financial institutions have also helped people and businesses manage their mortgages and their debts. And Australians across the country have reacted sensibly and worked together to contain the virus. Notwithstanding this, a year like the one we are living through will inevitably leave some marks on our economy and on economic policy, including on monetary policy.
Tonight I would like to talk about some of these. The first is that it has brought an end to Australia's nearly three decade-long run link a recession. This was an impressive record and it is one that will not easily be broken by us or by others.
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We are Speech On Save My World, though, having to adjust to a new reality. These are fast growth rates, but because of the size of the fall in the first half of this year it will take until the end of for us to reach the level of output at the end of last year. This downturn has taken a heavy toll on our labour market. One consequence of this higher unemployment is that wage and price pressures are likely to remain subdued.
The recent data have been better than expected and the easing of restrictions has lifted spirits. Further good news on a vaccine and rapid testing would also help. There is a lot of stimulus in the system, balance sheets are generally in good shape and governments are providing substantial incentives for firms to invest and employ people.
So if we do get further good news on the health front, we could have a rapid rebound. At the same time, it is still possible that we experience further outbreaks. And the hoped-for medical advances may be delayed and could face production and distribution challenges slowing their rollout. This means that there are downside scenarios too. So there is still considerable uncertainty about the outlook. It does, though, seem highly probable that one of the marks the pandemic will leave is an extended period of higher link than we have become used to.
Addressing this is an important national priority. This will be the Speech On Save My World rate of increase sincewhen many Australians left our shores to fight in the First World War. The fast population growth of recent decades has been a major factor shaping our https://amazonia.fiocruz.br/scdp/blog/story-in-italian/ethical-issues-of-the-american-marketing-association.php. It has underpinned our relatively fast growth in GDP compared with other advanced economies.
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It also slowed the ageing of the population, given that the new arrivals have been fairly young. The large number of students coming to Australia has also boosted our education sector. And the effects of fast population growth have also been felt in our housing market and in Wolrd on some of our infrastructure.
So the effects have been widespread. Looking to the future, it remains hard to predict when the borders will open again and when they do, what Speech On Save My World rate of new arrivals will be. If population growth is to be noticeably slower in a post-COVID world, the trajectory Speech our economy will look different too. It is a complex picture here, with the market simultaneously adjusting to: a recession; lower population growth; record low interest rates; substantial government incentives to support residential construction; and changes to the way that people work, shop and live.]
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