This is the text and audio of a speech by Dr. Martin Parkinson, Secretary to the Treasury.
Dr. Parkinson addressed The Sydney Institute. The speech was originally published on the Treasury website.
Whilst technical to some extent, the speech is readable and informative. It traces economic developments over the past year and advances some thoughts on the coming decade.
- Listen to Dr. Parkinson’s speech and answers to questions (58m)
- Download the accompanying Powerpoint slides displayed throughout the speech
A Year in Retrospect, A Decade in Prospect
I would like to acknowledge the assistance of Leigh Soding in preparing this address.
Thank you for the opportunity to be here with you tonight.
With 2011 rapidly coming to an end, I thought I might take stock of what has happened over the year, both globally and domestically, and muse a little about what lies in store for the year, and years, ahead.
A year in retrospect
2011 has been a tumultuous year.
Were I to have been standing here this time last year, I would have said something like:
The Australian economy is in a strong position … real GDP is now growing at around its trend rate … The global economy has recovered from recession faster than expected, but at different speeds across regions … Financial market conditions have improved since the sharp increase in market volatility and stress experienced in mid-2010 when the European sovereign debt crisis reached its peak.
In fact, a barrage of events, either unanticipated or occurring more rapidly than expected, has battered both the global and Australian economies. [Read more...]