From: Subject: RBA: Speech-Economic Opportunities and Risks over the Coming Decades Date: Thu, 13 Nov 2003 19:46:22 +1100 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_0000_01C3AA1E.D0FE8DB0"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1165 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.rba.gov.au/Speeches/sp_gov_131103.html RBA: Speech-Economic Opportunities and Risks over the = Coming Decades
3D"RBA
 

About the = RBA

Statistics

Speeches

Publications=20 & Research

Media = Releases

Monetary=20 Policy

Financial=20 System Stability

Payments=20 System

Financial = Services

Currency = Notes

Education

Employment=20 Opportunities


 

 

  
3D"Reserve  
   Search =95 Site Map = =95 Glossary&nbs= p;=95 Links =95 <= A=20 title=3DFAQ accessKey=3D5=20 = href=3D"http://www.rba.gov.au/FAQ/index.html">FAQ =95 Contact=20 Us 
3D""=20
 

Economic Opportunities and Risks over the Coming = Decades

I.J. Macfarlane
Governor

Talk to 2003 Melbourne Institute Economic and Social = Outlook=20 Conference Dinner
Melbourne - 13 November 2003

 3D"Click =

In keeping with the theme of this year's conference, I have = chosen a=20 subject which has a long-run focus. No doubt this will disappoint = some who=20 were hoping that I would deal with the 'here and now' of = Australian=20 monetary policy. But I should point out that within the last week = or so we=20 have put out both a press release and a detailed quarterly report = on=20 monetary policy and in a few weeks time I will appear before a=20 Parliamentary Committee for three hours of grilling on the same = subject. I=20 think we keep the public well informed on the evolution of our = thinking on=20 monetary policy, and therefore do not feel the need to deal with = it every=20 time I speak in public.

My talk tonight will bear a family resemblance to the talk I = gave 18=20 months ago at the first of these conferences jointly organised by = the=20 Melbourne Institute and The Australian newspaper. As in = that=20 talk, my approach will be to start with the world and work back to = Australia's place in it. I should say at the outset that I have = always=20 been an optimist when I consider Australia's place in the world. = That is,=20 I think that the opportunities before us outnumber the risks and I = think=20 that Australia is in a much better position than nearly all of the = other=20 countries I could name. It does not mean that success will fall in = our lap=20 =96 we will still have to make a lot of hard decisions, many of = which will=20 not be particularly popular, but this will be nothing new.

Optimism is not the normal Australian position when viewing our = place=20 in the world. There has been an abiding gloominess amongst most = observers=20 who were pre-occupied with the view that we as a country were = slipping=20 down the international rankings, and that this would continue. = This=20 pessimism was particularly rife in the 1980s, re-emerged briefly = during=20 the 'tech boom', but fortunately there is less of it now. The fact = that we=20 have had more than a decade of good economic performance, = notwithstanding=20 a difficult international environment at times, has helped build=20 confidence in our ability to make our way in the world.

Let me say a few words about international rankings. There are = several=20 organisations that publish rankings of countries according to = income or=20 GDP per capita. That is, they rank countries from the richest down = to the=20 poorest. In the past, I have been critical of these rankings = because there=20 are so many statistical assumptions that are involved in their=20 construction that the results are very approximate, and therefore = cannot=20 form the basis of policy interpretation or aspiration. To = illustrate this,=20 Table 1 shows the rankings for the year 2000 as calculated by = three=20 separate organisations =96 the World Bank, the OECD (Organisation = for=20 Economic Co-operation and Development) and Penn World Tables = (University=20 of Pennsylvania). As you can see, there is a good deal of = similarity=20 between the three rankings, but Australia's position is variously = recorded=20 as seventh, tenth and twelfth out of 22 countries.=20
Table 1
GDP per capita rankings - OECD countries, 2000=20
  Penn World=20 Tables     World=20 Bank     OECD  
1 United States United States United States
2 Norway Switzerland Norway
3 Canada Norway Switzerland
4 Denmark Iceland Denmark
5 Switzerland Belgium Iceland
6 Ireland Denmark Ireland
7 Australia Canada Canada
8 Iceland Japan Netherlands
9 Japan Austria Austria
10 Netherlands Netherlands Australia
11 Belgium Ireland Belgium
12 Austria Australia Japan
13 Sweden Germany Germany
14 Finland Finland Finland
15 United Kingdom France Italy
16 Germany Sweden Sweden
17 France United Kingdom United Kingdom
18 Italy Italy France
19 New Zealand Spain New Zealand
20 Spain New Zealand Spain
21 Portugal Portugal Portugal
22 Greece Greece Greece
PPP = weights
Sources: Penn=20 World Tables; World Bank; OECD

Notwithstanding these reservations, it should be pointed out = that the=20 period when Australia was slipping down the rankings appears to = have ended=20 (Table 2). Using the Penn World Tables, Australia has moved up = from tenth=20 in 1990 to seventh in 2000, while the World Bank numbers show it = moving up=20 from sixteenth in 1990 to ninth in 2002. I do not wish to make = much of=20 this, given my reservations about these rankings, but at least it = should=20 put a stop to stories about how we are falling behind.

Table 2
GDP per capita rankings - Penn World = Tables
  1960     1980 1990   2000
1 Switzerland United States United States United States
2 United States Switzerland Switzerland Norway
3 New Zealand Canada Canada Canada
4 Denmark Norway Japan Denmark
5 Australia Iceland Denmark Switzerland
6 Sweden Denmark Iceland Ireland
7 Canada Sweden Sweden Australia
8 United Kingdom Australia Norway Iceland
9 Netherlands Netherlands Finland Japan
10 Norway France Australia Netherlands
11 France Belgium France Belgium
12 Belgium Austria Belgium Austria
13 Finland Germany Austria Sweden
14 Iceland Japan Netherlands Finland
15 Austria Finland Germany United Kingdom
16 Italy Italy Italy Germany
17 Ireland United Kingdom United Kingdom France
18 Spain New Zealand New Zealand Italy
19 Japan Greece Ireland New Zealand
20 Greece Spain Spain Spain
21 Portugal Ireland Portugal Portugal
22   Portugal Greece Greece
Table 2 (continued)
GDP per capita rankings - World=20 Bank
  1980 1990   2002
1 Switzerland Switzerland Norway
2 United States United States United States
3 Norway Norway Ireland
4 Iceland Iceland Denmark
5 Denmark Denmark Iceland
6 Canada Canada Canada
7 Austria Japan Austria
8 Germany Austria Switzerland
9 Belgium Germany Australia
10 Netherlands Belgium Netherlands
11 France France Belgium
12 Australia Netherlands Germany
13 Sweden Italy France
14 Italy Sweden Finland
15 Japan Finland United Kingdom
16 Finland Australia Japan
17 United Kingdom United Kingdom Italy
18 New Zealand New Zealand Sweden
19 Greece Spain Spain
20 Spain Ireland New Zealand
21 Ireland Greece Greece
22 Portugal Portugal Portugal

As I said earlier, I think we are well placed for another good=20 performance over the coming decade for two broad reasons.

First, our geographic position. When we look at the major = regions of=20 the world over the past four decades, we note from the right-hand = panels=20 of Diagram 1 that both Continental Europe and Japan show a = distinct=20 downward trend in their growth rates as we move forward from = decade to=20 decade. For the English-speaking countries, this has not been the = case;=20 even though they have not regained the growth rates of the 1960s, = the=20 three decades after that show, if anything, a slight upward trend. = The=20 thing that stands out about East Asia is just how fast growth has = been in=20 each decade (greater than 6 per cent per annum), and again there = is no=20 sign of a downward trend.

Graph 1
  
3D"Graph
  
Click to view larger
  

Over any measure, say, 20 years, 10 years or even five years, = Asia is=20 the fastest growing region in the world, despite what we can now = see was a=20 relatively brief setback during the Asian crisis. And there is no = reason=20 to believe that it will not continue. In fact, there is reason to = believe=20 that it will become more pronounced. Over the past few decades, a = number=20 of smallish Asian countries learned how to grow quickly, and now = we are=20 seeing the two truly huge countries =96 China followed by India = =96 achieve=20 the same sort of consistent high growth rates.

Graph 2
  
3D"Graph
  
Click to view larger
  


Graph 3
  
3D"Graph
  
Click to view larger
  

A lot of countries are terrified by this, as they see China and = India=20 threatening their own industries. Other countries see themselves = in a=20 position to benefit from this growth, and Australia surely has to = be one=20 of them. The potential benefit comes from the fact that China and = India=20 will not only be large exporters, but will be large importers as = well. For=20 example, over the past year, Chinese imports rose by 40 per = cent.

The countries that are threatened have one or both of the = following=20 characteristics:=20

  • they have large manufacturing sectors, often propped up with = various=20 protective devices; and=20
  • they have relatively rigid regulations which make it = difficult to=20 shift resources (mainly labour) from the declining sectors into = the=20 potential growth sectors.

Large parts of the world's manufacturing industry are being = effectively=20 transferred to China, so in other countries new jobs will have to = be found=20 for the people so displaced. The test these countries face is = whether they=20 can rise to the occasion or whether they will simply try and prop = up=20 yesterday's industries. (As an aside, I am relieved that we are = not having=20 to face the coming challenge with the sort of heavily protected=20 manufacturing sector and centralised wage system that we had a = couple of=20 decades ago. I am sure we would have failed the test.)

My second cause for optimism is related to the first. For most = of the=20 20th century, as the new post-colonial countries were opened up, = there was=20 a massive expansion in the supply of resource-based products like = the ones=20 we have traditionally produced and exported. In resource-based, I = include=20 both agricultural products and minerals and metals. The prices of = these=20 products trended downwards relative to the prices of the things = that we=20 tended to import like manufactures and services. In economic = parlance, the=20 terms of trade moved against us decade by decade, and this held = back the=20 growth in our real incomes (Graph 4). Incidentally, this was the = principal=20 reason why we slipped down the international league table of = income per=20 head.

I think this long trend has at last turned =96 by my estimate, = since=20 about the middle of the 1980s. Now the massive expansion in = capacity=20 around the world is in manufacturing (mainly Asian manufacturing) = and the=20 greatest downward pressure on pricing is occurring there. Thus, = our export=20 prices are now doing better than our import prices, and our terms = of trade=20 has risen on average over the past 15 years (Graph 5). The mirror = image of=20 this is to be found in China's terms of trade which has fallen by = 30 per=20 cent between 1978 and 2001.

Graph 4
  
3D"Graph
  
Click to view larger
  

Graph 5
  
3D"Graph
  
Click to view larger
  

A lot of people would object to this line of reasoning as they = would=20 say that I seem to be accepting that we will remain a quarry and a = farm.=20 That is not true. I thoroughly applaud our success in broadening = our=20 export base into elaborately transformed manufactures and = services, and=20 will have more to say about this later. But with the best will in = the=20 world, most of our exports will still be resource-based in a = decade's time=20 and probably two decades' time. It has taken 20 years for the=20 resource-based share of exports to fall from 70 per cent to 60 per = cent,=20 so you can see that change is relatively gradual in this area. We = should=20 assume that over the next decade or so we will still be a major = exporter=20 of resource-based products, but we should take comfort from the = fact that=20 this will not be the disadvantage that it once was.

What are our advantages and disadvantages?

Apart from being in the right place and producing the right = output,=20 what are our advantages compared with other countries?

First, we should compare ourselves with other developed = countries with=20 a similar level of income per head; these are mainly European. = Compared=20 with this group, I think we have two big advantages =96 = flexibility and=20 demographics. Certainly, our institutional framework in goods, = labour and=20 financial markets means we can adjust to change better than = virtually all=20 of the European competitors, even if we are only on a par with the = British=20 and Canadians, and less flexible than the United States. On = demographics,=20 our population is aging less quickly than virtually any other = developed=20 country, thanks to our high level of immigration. But even though = we are=20 better off than others, we should not delude ourselves into = thinking that=20 we do not have some big challenges facing us brought about by an = aging=20 population, a subject to which I will return.

Second, if we compare ourselves with the countries of Asia, we = have=20 three clear advantages:

  • we have a better legal and regulatory infrastructure;=20
  • we have a less-polluted physical environment; and=20
  • a higher proportion of our labour force is skilled. =

Against this, we have less flexibility in the labour market and = a more=20 expensive social welfare system. While the latter makes for a = better and=20 fairer society, it has to be financed by relatively high taxes, a=20 combination of factors which means that our savings rate is low by = Asian=20 standards. This means that we will continue to rely on foreign = savings to=20 augment our own, and hence we need to remain an attractive place = for=20 foreigners to invest.

Against this background, what should we do to maximise our = advantages?=20 First, I think there will be a huge premium on flexibility. The = countries=20 that can adapt to the emergence of China and India and other parts = of Asia=20 will thrive, while those that go into defensive mode will = stagnate. I=20 think that the market by itself will probably do quite a good job = of=20 handling the challenge, although at times it may need assistance. = The main=20 risk is that there will be public pressure put on the Government = to=20 prevent the changes which may be painful in the short run, but = which will=20 be in our long-term interest.

Secondly, there will be a premium on moving up the skill = spectrum. This=20 can be seen most clearly in manufacturing where the = mass-production of=20 standard items will become dominated by the big Asian countries, = and we=20 must find other avenues which are opened up by the possession of = more=20 specialised skills. This is more complicated than it sounds. Some = people=20 think that China is only going to dominate low-tech things such as = textiles, clothing and footwear, basic utensils, consumer = electronics,=20 etc. But they could dominate a lot more than that; they could = dominate=20 anything that can be produced on a large scale, even if it is=20 technologically sophisticated, such as cars and semi-conductors. = What we=20 will need to be good at will be in producing things that are = specialised=20 rather than mass-produced, skill-intensive and which, in many = cases, may=20 be difficult to identify other than by trial and error. They will = include=20 both manufactured goods and specialised services for export, but = will also=20 involve using the best applied science available to increase = productivity=20 in our traditional resource-based industries and in those parts of = the=20 economy not involved in international trade such as construction = or=20 domestic transport.

There are no short cuts here. The thing we know is that = profitable=20 opportunities will only be found if we have a culture of inquiry = and=20 innovation. This in turn can only happen if we have a vigorous = educational=20 and scientific environment where excellence is valued and = rewarded.

An illustration of this is if we think back to the discussions = in 2000=20 at the height of the technology boom. There was a widely-held view = at that=20 time that the countries that would get ahead were those that = manufactured=20 IT and telecommunications equipment, and that if you did not do so = you=20 would fall behind. There was even the suggestion floated in this = country=20 that we should entice Intel to open a chip factory here. In fact, = all the=20 research that has now come to light shows that it is the = application of=20 the new technologies which leads to the big increases in = productivity, not=20 the manufacture. In fact, manufacturing often takes place in a = huge=20 foreign-owned factory, using orthodox mass production techniques, = with=20 very little spin-off to the rest of the economy.

My third theme is demographic. All around the developed world,=20 populations are aging and the growth of working-age populations is = slowing=20 or, in some cases, falling. More retired people are being = supported by=20 fewer working people. We should be looking ahead and encouraging = higher=20 labour force participation by older workers. The Intergenerational = Report=20 produced by the Government will be a very useful document on which = to base=20 thinking on policy options.

If we are not careful, there is a potential for conflict = between=20 generations. The young may resent the tax burden imposed on them = to pay=20 for pension and health expenditure on the old. This will = particularly be=20 the case if they see the old as owning most of the community's = assets.=20 Housing is the most obvious example, where people of my generation = have=20 benefited from 30 years of asset price inflation, while new = entrants to=20 the workforce struggle to buy their first home.

At the same time, people =96 retirees in particular =96 are = likely to be=20 feeling less secure as they may be disappointed with the rates of = return=20 they are receiving on their savings. It seems to me that the = community has=20 not yet come to terms with the fact that nominal rates of return = on=20 financial and real assets are likely to be much lower over the = coming=20 decade or so than over the previous two decades.

Returns were held up first by inflation (although, to some = extent, this=20 was illusory) and then by an asset price boom that lasted from = 1983 to=20 2000 =96 the final instalment of which reached bubble proportions = in many=20 countries. We are presently witnessing the unwinding of this = unsustainable=20 situation. A good illustration of the long swings in rates of = return is=20 illustrated below by the change over the past 130 years in real = equity=20 prices in the United States.
Graph 6
  
3D"Graph
  
Click to view larger
  

The potential for intergenerational conflict exists in all = countries,=20 and their future economic success depends in some sense on how = they handle=20 it. The countries that will do worst are those where the = population is=20 aging the fastest, and those where their governments have given = the most=20 generous promises. Again, we are looking mainly at Europe to find = this=20 combination of problems. But even in Australia, the conflict could = become=20 a problem and lead to all sorts of behavioural changes. At the = very least,=20 we should question the assumption that age and poverty are = positively=20 related and that concessions to alleviate the latter should be = directed at=20 the former.

In fact, I think we will have to go further and be pre-emptive = in=20 conditioning the public, particularly the grey-headed part, to = accept that=20 policy must be forward looking and directed to ensuring a vigorous = Australian economy and society 20 years hence. This will mean = giving=20 priority to tomorrow's working-age population, rather than = satisfying the=20 demands of yesterday's.

Last time I spoke at this forum, I ended by making a plea for = raising=20 the priority attached to improving the level of excellence in = tertiary=20 education. Although I am not an expert in this subject and was = merely=20 quoting others more expert than myself, I was surprised at the = favourable=20 public reaction my observations received. I can think of no better = way of=20 ending this speech than again stating my view that an improvement = in the=20 quality of tertiary education is probably the best investment we = can make=20 in our future.

 

 

Copyright | Disclaimer |=20 Judicial=20 Notice | Privacy=20 Statement | Online = Action=20 Plan | Accessibility=

=A9 Reserve Bank of Australia, 2001-2003. = All rights=20 reserved.

 

=
3D""
------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_images/topbar_home_logo.gif R0lGODlhlgBiAPcAAP////f39+/v7+bm5uPi4uHj4uDh497e3t7W1tXW3dbW1s/P1MzMzMXGzsXF xb/Bwb++zb6+xb29vbq7ubi5vLe1xbW1tbSzv7KxsK6vtK2traqotamnr6WjvaalrqWlpaSgtqCh n56eppybrZyas5mZmZeTtJOTo5ORr4+MrYyMmoyMjIyMk4iDpoeEp4SEhIOBkYODin6Bf3x8hHp3 pHp4kXt7e3p0nHd0nXV1inV5eHVylXR1eXNzc3JyhG9qlmxtcmtrhGtremtojGZmmWdkkGlmc2Nh gWJieGFclGRgdGBcelxZlF1bb1pac1hYe1ZTjVhUg1RUe1NTdVNRbU9LjElFikpKbElJdUtEgUtE eUI/g0JCa0RAcUA7fDs7aTw4eT84ajkzdTozbDMzZi8sezErcikoeSkpbCkpZSckdiMhcychaSIi aSEhZB8bbBsZcxkZYxoWahcUaxEPaxAQYwwKaggIaggIYwAAZv4BAgAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAEAAHoALAAAAACWAGIA AAj+APMIHEiwoMGDCBMqXMiwocOHECNKnEixosWLGDNq3Mixo8ePIEOKHEmypMmTKFOqXMmypcuX MGPKnEmzps2bOHPq3Mmzp8+TWlaseDHDBg8eQJIm5WFjRgyhLFiUKCFCxIcPHDJotUCha4QIDhwo UFDBys+WaJa8kGFDR4+3b23IeAF1aogQVzVgwGDBwoQJD8I6YMBgAdkka86+HCPELdwecukKtYv3 gwa9GP4CfhCY8IIGP+AojimHymMdc4WuoJxXb9+/EgIPJpzizGiaYYD00GHjBV2pJe623ut3QuzO DCpUuW2TDZC5kllbxlz8eFgGKEQzt/lGiOqpwYf+84XN+foPO9tx0gkCPPx0135jC3YAJb1OOkPs iq9e3kGELfbtZEcOlV1GXHz9RQBGgDzZAcN7fcUnwXwAMsjTGicY+BpggjHAhIU+ecEBX/xdRwOI P0GxYX8MXDAHij7dcQJ5yFWYERkwjlTGZrIxQAIdGqVBRY4i3dGCbLOZlREeTYRBZEFj4LERGBPO doF2GI2hQxxPEiQEFhvdMQJhDCjggkZx8KAEel0KpOUYGxVB2FjLYWSHEjIM2aZAdOgGZ0ZnNGDY AmpkdEVvf+55hxM9AJHoRReM1QCbFpHRWwxt7DlQF7r1YEZGJChwAAR3XNQGD3T5QOmezunA24L+ F6FwwAENlFqRHELQVcITmg50J2p0aRFrAQUkUChFchghwwoshNBFrwNhkZpQR9g6EQgEZFvfRMku u1oIbEArkBiSrVbCDolNBEG2BJgw0RvKTvYBDOIKNMcMk9mlAqwQbXEAuwuUEZFzc0ll2RH1CnRE e5V9UASWDZEwwAAFzIrCqgrZEQYPqZVwlQVeJJzHFuAVqNcIVQDJEBMGtGzAAQos8IO1CbXRBG+6 hqAXBXKI/IZ+05FowQhQqIwQEwcMkC3MCzDwwA1vJMSGaTh/O6IEKNAM7R01NEwdbBJsQMMWdNhx x9l0bEECuwQwzYADE1ggwhBizGHH3Wx00QT+XL19+0FmDCQhskBRtAafcVUOVgEJKaRAAgTERg6z Am9LYMFlH5TAwgxH8fBY3+Fl9sACnw6uxnCvSSDfbIaJyna2C1wAAgoojOBBBhpkXsJQbH2e89+A MdBA1IPDkeHhm11X2FizstsADWDQUfbddtCBRhQwRLWWDb77rYEFD5QJgtEi74C8dZ4ZNiuxHVhB /kF3mLFE73wv26xl4Bd2wA+DD5RFBitC0vJElbSyYGwhaFBC/eT1vfAt4AAJsJHpPFAi5THvAAUw AcQeYocr7MZbHmvgnAzQgHT1Lw8zMg6LynRBHFyECyDE34TUR4ALaE1kSVBhh1goKgMQISP+XZCK zjAwQ9cR4AYnHIgaKCDAAWKQfxqRQghGNIHBGJEA/EriCHY4Ftel4IYVwUMO/GLFf2WLAQccHA6U 17p/NWCDGJEDB8oYuQKAIIkEAQPrLkgAJXUkCwt44OugiMc8zGEDgbzgAEgARjuRoHlLO0DpCnkH F7TxXwkQGEi04LKWHeAC70siFC5YgAF8USQdUNqsDtCCRg4uUJA8gAQ/kgRPjiUKhSwICDrZAVdq ZA4PHAsDJpnLPOCgky4kSQuYtoGeFVMgVuikJkeShQM0rQbP9NW6amgSOTTNAbjMpkBckK1kksQO W5RAFp9ZhYqFzCRFcAAHQplLOAQSjiH+EcMDdiDOgdzBBBF4kUnYYIEs9HMgUADlSd7gAWKKUwwp oCdI3gADieZyDl7wZUfmoAWNHvSjIA2pSEdK0pKa9KQoTalKV8pSmkippRjBg0zrUIc4ZAqmEZHp TOvwhjagYQxdwIIUcNoQndI0Dm74aVCfcIQg5CB7RD2IUWvqhjSQ4QtYmMISnJq9E1DFMlHNg07x QFU3XJULVHACEoLgFOBMpzgPgKlR4xCHNKThC1y4glaR4AOnMCs830semVI6VaRaNa9pRYIQZuBX c+FFL8bZI/NKOteqXvUKiRVCXxtbsrzEZzCXzNYAQFrYquL1Ck5wghAWy9nOetYvsqGoIQEGIIDa CqCfM6WrVfGa2b7G4CkMM9n3EDQb5tG2tgFIbgCKmVvL5nUKSEACDxj7FHMFR7gHQpwFxzJb5Co3 uUls7l3zqlYhTPe3f5XOZYZbndVJdlbHTS4A5jtfkYmXt+Wlbr6ua7jsIg5Js5kTH71LX/pC675o zW9r+QuhDR0HwGQqTCL5GN8CG7hLCM6sfq2L3fEgzr0BTl8gW9fFf00MuRaeb0AAADs= ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_images/topbar_home_logo_bottom.gif R0lGODlhlgA2APcAAP////f39+/v7+bm5uPi4uHj4uDh497e3t7W1tXW3dbW1s/P1MzMzMXGzsXF xb/Bwb++zb6+xb29vbq7ubi5vLe1xbW1tbSzv7KxsK6vtK2traqotamnr6WjvaalrqWlpaSgtqCh n56eppybrZyas5mZmZeTtJOTo5ORr4+MrYyMmoyMjIyMk4iDpoeEp4SEhIOBkYODin6Bf3x8hHp3 pHp4kXt7e3p0nHd0nXV1inV5eHVylXR1eXNzc3JyhG9qlmxtcmtrhGtremtojGZmmWdkkGlmc2Nh gWJieGFclGRgdGBcelxZlF1bb1pac1hYe1ZTjVhUg1RUe1NTdVNRbU9LjElFikpKbElJdUtEgUtE eUI/g0JCa0RAcUA7fDs7aTw4eT84ajkzdTozbDMzZi8sezErcikoeSkpbCkpZSckdiMhcychaSIi aSEhZB8bbBsZcxkZYxoWahcUaxEPaxAQYwwKaggIaggIYwAAZv4BAgAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACwAAAAAlgA2AAAI/gDzCBxI sKDBgwgTKlzIEA+eOnXcpCHDhYoTJEJmzIixYkWJEiFCfPigoSQGDBYmTJDwoKWDlw4YyJy5oKZN BThxHthJYMAAAQICABhKFADDo0iTKi34sE6ciV+uXBRiIwZHjyBFkixpoatKCSxhxpwp0+bNnGh1 8vQJVGjRoUvjyl3q0KnEqFOUCPGxsePHkCNLauiacmVYmGTLmjWbtvHOAz1/Bn0Ld67lywSbSqRo cW9frIC3nvRq+IHYxIsZN16tFjLbyZQxy6b7MI4bMngxavT7d+RW0mAPv0Sduibr4zkfR25L2ejs 5wnrPuXsRAiPz3+1cvUK1jRi4qmR/otHq/y127fQ0w/UnCZ3xhm8QQbWcPKr8LFkiy8Yz5/8Wsnn FaXec7XdFtVF113VW2Cj2XcaeIv1J6F/rgHY3ICWSWdgZwmuwMKC29nnHX6KqTbhiWmVZ2FsGCql IWdLvMdbaPSh9NWIJIaH4o6O/ccciy02ZBdnusH3oXyicScchMbx6GSKPsKGXpDRDVmRbgoiGeJK OOYX4ZNgQlnhj1NSmRketuFGBZYzzqfkiF6aGOacyUUZIFFmClTXXVLJCBqDGIj4XYln0WlonWNK KSCVtbXXJw8cHaldfYY9SOh+h2ZK4XKK4omhQ2lyMQUSfLVJEqVgDcqAjpq22hqn/ndWlt5Dd62Z EUcgogonTV+66qsCKpK56Gyg3sZFdbt9qN1gKaU6HK+F/iptsJ3KelmjX6x5XZshOpujnNKGS22s zs1VLBl9VuXXpM1KoGqv4cb7qnkXygWqozHCh5WbNw4Kr7wAj1uvi061p22kWnK366rgAuywwEAe RStFU9wq6amFLcxwtA53DKydAy808bEZrRuYwv427HHHEJdZ5W196isfVyot/O/KOLc87EETS7Wt RyLR16zNKuO8ss6eGtQzEpD+KTSXz27cpNFUb0pvxHpGRJETTX90ckpET1312POu6PJDb2xdstck deUttJiSLffHiZI7EB1vmIEFy7J+nVwpfjfPXTXSQ91xR95YLOGDgiFwMNjfcAsuednCEgXHGVoc kQMMFzPLkmmRTz454QBUUUQNKmT1tbOhiz46yJSpcIIIW9VYM+iEuq476RlkQJiSURetu9ykPxBc cLsKPzzxsL8llqXKL8983c0lBp702JNuPavYD0+6fmJ3733zRXEvfvbkE3X++mLC2hz78NPtPmXx s096/evfj7/4+u+PPvX089//5vcWAQ7wagU04PL6p0DXMbCBrwNgAiEougdScG6kCwgAADs= ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_Images/white_thin_line.gif R0lGODlhAQAeAJEAAP//////zP4BAgAAACH5BAQUAP8ALAAAAAABAB4AAAIFhI+pawUAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_images/topbar_home_text.gif R0lGODlhuAEiAMQAAP////Dw9t/f7NDQ47+/2a+vz5+fxZCQvI+PvICAs39/snBwqW9vqWZmmVBQ lkBAjDAwgyAgeRAQcA8PbwAAZv4BAgAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAUU ABUALAAAAAC4ASIAAAX/ICWOZGmeaKqubOu+cCzPdG3feK7vfO//wKBwSCwaj8ikcslsOp/QqHRK rVqv2Kx2y+16v+CweEwum8/otHrNbrvf8Lh8Tq/b7/i8fs/v+/+AgYKDhIWGh4iJilIFAI6PkI4C BQ6LMRACkZoAAwYQljMMkAygSQ+bqAQSpS0EqJsNrC8NkAqyRqevmgQxErEnEQ/CD6s0v1MPLq66 kRFuwcKfNhHFL5mPAdU/0MLOJsQsvna5AMknDwOP0hTLzLYkEQYBmgIH3iIOzI8joq8CBuYoQJgH gNSJfJwmUIigz5EyR7xQ9CuIAsEjBCnIGUCBECM/SQpJSLgWwKCLCAeu/2ErEJAELX0tWSCEdMxE PwEhSzB0VElkApXYAJJQ0BDAOwi6JtUsMQFSTqbXTKaIcG3piJkDWJCLCe/ROwpE9X0VSPBVgRHk mKFtuFGERQARTRhwFLDoQ7gqro0lkQ6iCprnHI3NFVeEhL4DnrJIwKyANgppX3FVsewAQQEZ/aLY RwITswHewood0VDVQUiTRSxLXWJ1RWyPvz1iLcHriLAAh+l+0OBrBIIGHDyIAOEBg75fcw3Yvbst ZEfLdTtQ0IiuiJ0A7o2QMC8rabrMh+1NsaywCYLjn6NOEakniVyDNYsY6MiA4hVzITYg9sCBPOja KBeeMAqswwJSjkTAmP8jVolAGHsO8eVIAftFEAwD1cXVgHDD5JebML19V85uCvxn1Ant4IWCayyw WAJ3taywVQoHPHJMWOmd0I9U7wWQ04MtAGnCgmeJ4KFNDJLA2Q3lpbDAbCdUt1ORJzhCUAAGqhef ihS8RBEM/QQwWQR9FSbkDUfCCABmgXFpwpIUIOScTgJoVwKOEAKAgnImIGhiliO4SJl1SALwUgAy PmJAAow2mkABKvl4m2B3uWeCpWeqkOlaXCKYXQmZsCliDssEQMCpqJ4KyZwj7GSAmnZ+p0BfWL5H KacR5SdmLwQBul1VuOaAnTT5ldOmeUpGKEJYHp2jAp6bKfumtEYmuCD/q4ESuoKgI4TKTpKZFWXo ULfCc4KuCegWq4PyvSebmyRUN+cyYyG0F5wj+DpoQznml8yRVRo1Aa3rwGcrXBIsI4C+KryEbQkI UbnpuiuEFRd2yKqXsQhwhnkAh8O5AG3Aep7w5Jo6+YXdutyuqO0ILyXQpSSaFiWApWBJkqqqbaLy j3a5mLqzAOMFvfOpKrUUdDXLKPbI0QPkSJ64B5gAY0QrB2zLwFZ6YzCnAkTKcApv4RwwouwCIHSq Jb+gpqXFcrXpqK2WpUkALD1b7rRwQW0bucZSAHBrL08dOAmuZCMCsHs+woBuxe5qgmiboNCA3bBw ikrRDVkV1Xz18b2J/9Quw4uWAujdCa7ge8sqAtecrPJ12o9cI0Bs2xZOsuaVw+Clo48+QmWw0bY9 H1CbNDt568kywyqMou6kOOGH7xtTLs69tLF61U+gEo/LQqTA+OSLes74BaBaFtrqEU3++AZga7T6 ViKw7kts5geoV+8rgIDyrWjXkKxUAoI4qjrTS9ZX6BO72XEvAA7wHnRiUDYW0Cxt7nuf+VqAPFTY aW4co9Z8GFAiVAFFXyPjW6pIIpQS9IMAjkod9ViDuMLJq1E10h3tYuKpAMQqhTWgCqFA+K7CIMSH KahKbUxHAXzRoEnhOpyXNjetsTBwAPY6WK3IErpZdDEFESNeDWbivP8SENGJKZgAvVAAxOZ1Bkom 6CAkEqgaHZpAUNhJReN0JxrvAI50ZtRb4IhoRgFmKAUvDIvZmijCGUDRcnCkgBwhsUFG7oWBMkxb YbzUIBRMoFcpGIm2CBlAALAkPO0A2gSLVwIIUIwC/chRG+k2KbU9ZoqoWErLUPSyYr1iXTMyQV9O 9EcXcGcBuBPlpzTmgkx9knmvuxLKdoeDR36jLCHJBQAXt7oQjsdTe8uUaGjoQiuNqUwH214LPEUx ciivKY7w1aFa8yoUVKeTswyh8UTQl+F9CwD3wd8MSxkQGPmRBIM7WPXqFsmcwQV4wFtALQNggP0M YwHXiEsuBABRR1X/TZOXUgcbR1G8juJwbNkSl3OWcb8Lus4EU9wSshD4Srk8bQHDaECxEpNOGyT0 jlbShq4OIJ1ibcmUOM2pwlKQT0buUyA24tTDJNnNZSzKpCvVVlgalLVC2nEit6ulOwyTolT8yC4g NUF1BoA77EiKZMwgZx2LwlOoAmCqFCCIpaA5s3AKkAKwY+sLGIC5SNjHq+pcAXZoSI6xwO4VBHiK L33GsKaiMSxIpICUJLLKueoiLi6aRyVHUJ1tFmubhoGEaf451lYZQI4UKgEuX/GRNcWGHI45AWJQ AE5dyNUz+iBATaojtWUIVj147cucbhIbrNSUKbOKBEV9xdwZJOwRWLjbDjYMNIHoamIADeruMCEx AAbcJ14T4q1I+TYACCCIjgr9hTI/ezxHGOSFTLUSSn3gqwnoZr8qeK4SJnBeQ/g3GmD4bzOHAWAw LPIWEI6whCdM4QrzIQQAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_images/topbar_curve_bottom.gif R0lGODlhtwEpAPcAAP////f39/Dw9u/v7+bm5t/f7N7e3tbW1tDQ48zMzMXFxb+/2b29vbW1tq+v z7Cwsa2trqenqqSkp5+fxZycopmZmZCQvI+PvI+PmYyMloSEk4CAs39/snp6jXBwqXNziXNziG9v qWtrhGZmmWRkgmBgf1pafFBQllJSekxMeElJdkBAjEJCczo6cTc3bzMzbzAwgykpayAgeSEhahsb ZhkZaBAQcBAQZQ8PbwgIawcHYwAAZv4BAgAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACwAAAAAtwEpAAAI/gB3CBxI sKDBgwgTKlzIsKHDhxAjSpxIsaLFixgzatzIsaPHjyBDihxJsqTJkyhTqlzJsqVLkDpiypxJs6bN mzhz6tzJs6fPn0CDCu35sqjRowh/3ljKtGnTGlCh0phKtarVGVizat3KtavXr2DDih1LtqzZs2jN Il3LNuNOp0yjXuUaI8aLu3hfuHDBoq9fvypSCB4sGIXhw4ZNmCjBuLHjx5AjS55MubLly5gza97M +XLbz59zwpU7NWvdunldtGgBmHBiyCREyJ4tG8SH2x1y6+6gobfv378zCMdAvLjx48iTK1/OvLnz 59CjS59OHTro6yRxOiVNw7Tdu6oB/qs4vLhx7Nm3P+wGnuF4hffvKcifT1+C/fsSIujfzz8ChP8A PiDggAQWaOCBCCao4IIMNujggxBGKKGD2FU40U2jQeXdd6z1pcJ4KCjG2Hki4JZbcMXBVwF98t3H H4AQGNjAjDTWSCMDOOao4448KuDjj0AGKeSQRBZp5JFIJqnkkkw26WSTFkY5EIZPaYgVai+sxkJg KYQ44nkm/mbcivPht1+AA9p4I484MpnAm3DGKeecdB5g55145qnnnnz26eefgAYq6KCEFmrooFKu VVOVVmKp5YevkQCmbr21hwF8Zdp3ZowCqsnmkXTOeaieBpRq6qmopqrqqqy26uqr/rDGKuustNZq a6yJprRoXI3aFR4LXXp5HgiUamDppfVt2qmNOxYZ6puD3krAtNRWa+212Gar7bbcduvtt+CGK+64 5JaLba4e7bpUVFfGoBprXYo4KW/GEkcmBS6iWWOzQ4YKaKzmTjvAwAQXbPDBCCd8sAAMN+zwwxBH LPHEFFds8cUYZ6zxxhxLjC5F6t7Q615bxlvCsMRWau+KLvoX47469itqn6+Kq/DNA1AcwM489+zz z0AHLfTQRBdt9NFIJ6300kw3/fPHC9HEaw1X3sUaiIzJhltv9ibr8gMwtxlknXy2+i3OBUfs9NIA tO3223DHLffcdNdt99145633/t589+133lALJPW6VM9QV3hYSwoCsbxZem9+/i3bQMxjy1n2qt2i nbPDa/v89+eghy766KSXbvrfUQ4ucuG+wuul1idamunXa4r948x5Yr4t2pw3ffrvwAcv/PDED9/W TLxWzVdgik3KNbL45vcf2DPmWDmce+qe7c29K1389+CHL/745APwEvKEG+6u6yacF/ulLEP+cvW2 +2h57qnunnDD3pfv//8ADKAA9YYS9K3OcHrpSwoWExv1PK9MtKMfA4B0Pzzlb3v7YxjSBsjBDnrw gwEMiQE15KstvU4E7yMT5CRXPwXEiVSowiDC+Fc0ENrwhjjMofE0gj4Suqsv/iGKDeM00DV8Ra52 FMQe/kwlQ4PRkGg6jKIUp0hFv1Wkh1SzC7wWI4LFNS4+FNDP/Kx3OyXe6YLWupnRqsjGNrrxjW97 iEziciW+sCCIJWoc9KRHPTLaz4x2iuG1ZqjBocHxkIhM5BQTMsd11dGEJ8sjETHQIpetKYkJWGKp sKUwKCryk6AMJQin1EioHA6SsclNe1R4xMlNsIyZtOCpOIkwT4rylrjM5f90kD4tjqd9KOzAKuWj H+q5EpaxDOQs05gwQ+rymdCMJvjqssUG8gZ6xbzkH5OpzE0y82DOlKY4x0nO05VAkhlgJQS06UJo nXGZ1aql0MpJz3raE3TIfOIj/WApS2/GU55Au6dAB0pQvC3rle3kJjypBdCfFfShEI3o2/jZTQMM EpwBlahGN/rQflr0nwYLGkdHSlKC+lNgGHVoSVfKUnuitGAibalMZ1pOgmWUpjjNqTQ9p9Oe+vSn QA2qUIdK1KIa9ahITapSl8rUpjr1qT4NCAAAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_Images/buttons/printer_up.gif R0lGODlhZQAwAOYAAP//////9//4//v77/f39/f37/X16fHz6Of32u/v7+/v59302tj5zOrr5ubm 3uTk5OLj3cj1uuDg4t7f2d7e3tna1dfX19XW0bXuoczMzMvMxMrJxcXEv8TCxYruasPBxL+/vcK+ u72/tLy3tLa2tLS1r7Gwrq2tq6uspqmqpVnoLKWlo6Okn5mZmZGSjZOLiYyMioyLh4iHhYeIg4WF g4GCfX19e3x7d3tzc3NzcXNybWxxanBqbmZmZmBfWlxbWVpZVFJSUFdNTlBPS1BMS01JSElKRUlF RD08OkE4Ozs3NDMzMyQmISMlIiYlICEgHBwYFRoXEhgTEAAAmRENCg8LCAsGAwgEAf4BAgAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5 BAUUAFgALAAAAABlADAAAAf/gACCg4SFhoeIiYqLjI2Oj5CHBJOUlZaUkZmam4cZJiAtMS6jpKMy LCSpqSYJnK6vjAQnCQksFhS4ubgZKQW+vjscsMPEgwQkBAooDw8Szs8PFigDA79AwsXZrscFCinP 4M4XKL++QB/a6Zrc3uHOFA8XJ+UFP+jq+I7sKRTu4uTl7OUbuIhAiW78/Em40CsgCIIQJZFA2M/f OHo/sEXcCMBgtxUQFF5YgfEex4jHJqFowbJlSxclAgTscJJgAkolGjSAsIGDz58+NTRwQJSoDw4B CNRUl2GFDRw4euSYeuOGjatVs+bQwZWrjx00WLRaWuwCCxc8evTYsUOt27dw/92y7XEjxYgRF8jC AsGhAg1iARY0uKuXEwUSHTMAKcK4cREikCNLnlzkCI8IKhgIyDGhsCYQFwIEaPCEipTTqFOrXi2l ShIMHhAA6HHCcyYQFURDcCIliu/fwIMLj0IFCQEBBQLQth0JtyAFRpRIn069unXpS4CIFs2jNvNH HDJsAAGihPnz6NOrTx8ihIgMy7872gCD7Q6uU/Pr389fv/0bQZgg33w0gOAABAgmqOCCDDYIgQMT 6CDggIxsMAMH1RRgwIYcdujhhx8O4ICEFFZIAwcaHqDiiiy26OKLBow4YYmJbCADigq8qOOOLA4A QQ4z0niIjSjyaKSOBcgoZP+NF/qy3ZNQRimlTAf4SOKSQ9KggWgt4GDVVWCGKeaYT5EgmgM7eIdl ITZu4CYSVlAh55x01mmnnFfskEEGGvwwwpqGJFCDCQ0QMAQVUEDB2nDDUQHDaC4AMRaghFzwww86 INGEEC7A8MILMIQqaqigjhpqpEwMoUMQQFgwYAAbMYPgBRpwIMIGSlGq66689krjFFO8EmywhQEL rCHEIqvsso8Mq06yiyQLrSLTAlCtJs4WO4iz2RpLrLGEgMutIOBaW665x367bbjrltttuuQei660 7aprbbvMypvtvfT2S+66AJtb77/4/kvvvATfqzC/8e7br7cLOxzxwvh667BGvwYDPO3BGLOb8L4f T9xxxYVsPG7GBG+sccEei8yyxNBeq/DIGXdsb8A3fxszzg2HjPDOh0ir77ZDo+vzmjL7WkzSSjcd CAA7 ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/Speeches/_Images/131103_gov_graph1_small.gif R0lGODlhiwFQAaIAAP///6mu+gD///+eQP8A/0xMTAAAAP4BAiH5BAUUAAcALAAAAACLAVABAAP/ CLrc/jDKSau9OOvNu/9gKI5kaZ5oqq5s675wLKdGXTc3lVs7ZPcmwwI4KxqPyCTvZ2MQH89IFMBs nnZTpXbL7ZJ6VqpQN15Ky2L0CKv2ut/wuIOIBv6cwrCCuW/350N5ZXd/fYNVYml+coyNji1ZiYGE imFVgj6LhjmIkmmTd5eaj6SlphqRbGNWrJyHnjijlq6rtbWFn7inu7y9maCvuq54sTdRqsOBxInG mJ5go77S03LIwbDJuIjHh63Lhc3Mt8LR1ObnSnTX0OSGf9xz4+3i9M915ej5+jDQ67TuudjAioVH XkBVk5TN28ewYQxR3yp1o3RpYEE+uiQWTLgJ/xs+hyBDfsCoEBQxPYpSSiBpkRLAXO7YiZxJs6bN mzhz6tzJs6fPn0CDCh1KtKjRo0iTKl3KtKnTp0nUoIRKtWoJMEOsat06koqTrF/3cISZJ15ZsS/P 6jH2kqtbUnXAyl2VdVBGr9rQ4uUE9pbdt4AbxdVbdy4OwlC8/t2bGK9iuYEjuxmsmO9EW3ShNDlb iTAhuywli9ZCuQ1nqX0bP15sGC3o0bC9lFbtWG3mw5Jm1wb3DnLs3zKkHium7DZB42RPFm8LvPmb j0agO58e/flU6tiza9/Ovbv376ewaBZFvrz58+jTq1/Pvr379/Djy59Pv759iBzoLpIOHgP//v88 EIRYWJzhBuAXB15FoGONTcFfJxUgN6CCYc1g2gX//dcFhD8NVqBmlQHiX34rraAhCieGNsGJW7Ao kofQ8VVhgIAIlJktYj3Bikf33KaWRwyS42OOOJbVzVgZ+uLHazgSuZGSx1l0GHIPgvhYbjnWRaWW rqWWJWNY7oUamFeK2WWYr2VZZS9Lcrkbmr6Zsp+EX23pH0Zpgvkha0H+xedqXpI5pmF+elnol12x iWdheg35Ji9t0tnohSOKWOaNAP25o2sUbSbem3wOelqjZ4rZiosupqPaqKVilmpUiUkaYQZtIopp nXEySiahZx7ap4GsHuqrpahAaSmrgk64C6X/UmJI66pmMpanqHD2+mOy0Rqqq6PcbtvBq0jUemlf twYppwoPLsqpnpnGuWM/yqW5GFsCprWpmfMi9K2SJIXyZIhjQYquiRRCMg24xu6DsA9XXJcoDQ6f u9PCkw2c4BoXY0xDxiJQnKDHBnLsAcgAkpyryM+iPLLFKpPYsssovgyzzJXGTHPKNzu7cc468zzr zj7rEPTP/0ZIx9BCI11ihR+FqvTST9P26Iq+mQye1d9RS/SgUYfctbuREIdDAWSXbfbZaKet9tps t+3223DHLffcdNdt991456333nyrrXXSv37tteB/U40Y1t4h3l3hUHMtuLlfmxZ20cpGrTh3/1hf vp3m2mX++IyPe/555U+LPjrn2Zn+OerYqR766KSDwDp1s0/nOuGwQ67x6bnfHnnvLK8OPNDCw+57 17U7d7zlw9vMu/HBvw498dI/P9LR01sfsOGBa189qUQT+/34SWLvPe51xkhl3+y37/778Mcv//z0 15+2cLG3djLz2YMPuOPo896fGHa45hVPf2Rg1gEXyJyZjS+AVzDgAxHUvwnujoEQDIIEM1gwDP6O ehz8oPM8iLzohbCEIBQhCTu2QRVqsIInZCEMXdhBC/JvhDYEwAB2yMMe+vCHO8yaCWnIACAa0YhC TCEKIXDEJvYwiTiMoQ6d6EQoDg5w+yudBP+oWMXEWQlDCswhF5toxZKY4YoMEIAa18jGNrpRAGVs wBiPGMcPUS2MDnijHt8YxyLOEYh11B3DTNO2PRpyjfZLpCIV+UcgLvKRkLTbmGI0oGgc8pB9XEAj f1hGFWUCJZa85B4zqYBN+jCTSULjAkQ5Si9GwJRPdKX4whc7VuqRlFOE5QBwKbsJ2JKPsnyALoMY zBdG4JduxOUwd1nMGuYRmWxU5jB5+TAIQDOazfSjLqm5Mglcc43S3GY2L/iAb6qRKeaEI/eEOc1x yvCY5jxFOtXJgXRi0QHL5Oa+vBlPU8zTA/ZcJz7bubghprGfpfhnBwIKNXaKs6BKXCVCSaH/0HpO lIBMJCjmDCrRb8qToRsAKUYdCkt9OvCZHvWnSDOw0llqs6TuDEEoU5rQll7ApqCTo0Y3x1EF4DQO FQ3pRaWm04eSIp8Vi6hPh9qIoGrgp6RDKgekugGqcmF5S6WpRbX6VKj6kqmqzCVMp7rTDFi1RT0F gFe/ylWWrhWebXWpJsuKgbPWla6qkp35rAnWm/a1Ak51a1zDatcLFNYChw2XWXoGwAa8Fa7XBOhj y/nXqOIVsZetQGKPwDhazjSykh2sBQKLAa+OYrMTQO0WM8tZKRQrp46tLAUmi1LRAla2p2VtanW7 WqNe1bU1G0IhzZm3dOJtnsclLt6Wudxh/zZXl8+FZdv281rYHtS2t8UuW7XLT+3m1rdm5e0rxZtR 8KJxTWFVq2y3C83Qchey7RVoUcdaVfKS1JQe2Ky4aCTXjoJ2oeuFb3y3+l/glpe+GlDteM1rWNbi cUUuEWRWCyzU9/I1wBemMFFfit8OKPjAHSYrg6sW4Q18dsAERnFXMUxZ7/YWweEdsWbtO1AZS7iX 3dWwYHXsVxbXVsUbnquNdzvkF4e4vjbGqnotnGEgl5a2sXXxgmF81yJP+cgJdnBaoRxlHo+Wy/51 MmFpPF8sx5jKDU7yln38Y2S618vZhbNlrQziTeaXzBy2c0ON2WQ3v9nPKRbzl6Vc50bemf/O99Wz iNGcRRwL+JcfAPOE5cxeQBs40Yb2MJ6FzOgZq1mpS6Z0pSENYDZfl9Lf7TQFPozpPx5a1UqW9KQt vWImt5nUey6zopGsaiL32si7DvI7+4zrQBe71qJ+tC3vqetML9rMVf71lYPdX5mOetl/PvaOk01s bOc6z87mNbTTLO1Cu/rb5Ly1t429bmQLOs7vnnO5Wz3HV48bs5+OYpfjPVtTh5nfOeZ3qu/t6XnX 2ODNPvel+dxibnebldnW9pMJTe8x2pva0Sb4qrUMalmHGuDKbve2aS1ssWrc1ycHdriznO8IBpzk I5d4j229b5iPGdEHT/m0V35mjcfa3///lvmgaX5qgatc4eLGOLl1bu56o3vYDQd5yEUZcZFPHNVH d/qzlY5vhIMb6SWHcK5ObPOZSz3qZ1c3xOX7da0nnecZ53rBfV4vTehnpGgX+tDTXvOyw9vv8mZ6 xbl4cbgvXe4Mujtw7VhLoM9a7/12vGmzbnFN4zzhbmc5rBcki7s0GmkDRzzKRU95wlt+8+QiA8Au cp/Wu/71sI+97GdP+9rDPkphk9Hnh5a85syJdNfafdB6D5xIAX9XN+aHHfKX7uMn1RzEfz6uBHkN 4bOANbJiOKIeEX3tT+xYqMoruYzUo+3bq/xTKdC9IvYQdBxp9cmZnCOU7AKtyQg0zAqW/66mvxtH KfYcQ3J/qZd885dW9Qcs4JMnTIMbADQs5tJ9BAgXNeIu/pMwLvd/reEn/mIWtPB+kjMLPsJ+LzAK AVCCJniCKJiCAVAdHZEvugeB1gZqB7iAoHJFnWVHmoItGPgAKtiDKth+rVKDQXgwBjiDiZeA+8cr YVImBSQvnhccEuCDUmiCQKgnznAj/meB3lcEoIQs9yI2zMARWEEgL8h4UBgBUziFwcEO5KccU8Mm RTh8UZiGPigbOEF/vDeHdPiDG3KHcegzJLiHfBhTjrZCACCIgwhR+rZEPIiIKHg1f8gzgeiIVGhS JtZCC0CJJwiJMpiHaKiJJciJi3hDjf8IiqJ4gYYIiqFYR/IHE9ZFig6giivYSbuXgzOUiap4im+I UQ/GiLGYi7TIfLZ4Pgwgi7roihC2JJG0jMzYjGoji84YjdLYWdCSXqCnh5qoiwN0LNWmNJOYjcFI gMOYisDYTCJIOcw3EwSwjuzYju74juv4HNhIicdIQT4Bj/iIj/L4iaZoidXVE/kYkO24jxBgjP6I MwApkAJJkKUIjoRYTTyhkAspfb/Yjw/ZTfcokfnIkBXpkIqIihGpkfpIkQ1gkBe5Txkpku/IkSVZ jh+5hTihkvDIksXokhvVieook+5Ik7hokS/pTDqhkztJkjXpkzc5ijchlANJlD3pkUf/CZI7oZTs yJMKYJI/aY8JKZVUeYg2yVM4KRJSGY9MWZVd2TmRCBJhSQBbaZVPCZNJGZZrWZapc5YOkZZxaZRe OTI6AhR22QFwyXZNSY+s2DQUKAF/WQp9yQGHuXAtiZdmSYOAGTuLuQGTmQGJSZlaGZlc6Zhz+YqD tF8PUJmWmZmKKZoXYJqeyZZ56SRGU0ltE5Z5A5t3k5Z4I5t3A43SmJvLiD/iWJgRgJoWAJwUcJka IJwSppqPiUAG1osLYJwT4Jy/CZ0QYJzfKJjFtI0ImF7SOZ2kiZndWZzfWXLI2ZnKeQag6QDbGZrh iQHEOZpKyWxF6ZSr2UCXaJjryZ73/xmc6dkA1DmPjliPzccA+8mf+VkB7Ymf76mZ49k6aTWgAlqg w+mgCtCf/CifyQmVBJqgfgmhzymhAEChBSmXDApqHvqhHGqfJxqdGsqY8WmdVxmgzZmiKiqUHnCg p8mh1fmfBxlc6rmi3kmjGyqjPQqkT7eZFkqeGPqgPgqeS4qgTXqjT5qaIko7DSqkQ6qTNeqhINqQ LtqWQKmkRFqaUWqgWoqj/omIAAp16GmlazqmEcqmYIqlCjqltlOlbvqmYcqkd4qieSqedKo8dtqn 7imoULqnMyqnRbqgVEqicBqnMpmljTqhZlqhXTqfXxqjhnqojxqkmXqlm5qof+p7gf+KqGJKqPoZ qSZ6pzmKpjvaM9zZqZ6qkpAKqxlqqlmkqHXKqLRaq6Sqp7aKp73qp5w5ot3oUtFQomWKqlvakZV6 oWaket2IrMqarL96nKFafF/UmtGKqqlarXzqrZoqq3M6rIvKf0Jznrz6qaUarE4Krq9arasqiMdo hrECBa8plbGJr7Npm3XDr3WDm7oZsIo0STSCro4qrpzKroXqrrEqkvAZmDpqCrjaWqxnNOnXobt6 sA6bsAp7qvB6pvJ6ChPLgsVqgxjLsA2rkbOKsumKsCwKsawqsddqIXgHn8fKrdTKshqrsuN6pIww slw4qur6ox1LptOqqiC7h7sAtDT/q6s6u7MSubJFC6xDK6w+awFMG6LkuoNu2a1TS7Uu66tf+61V W21Zy6URywFnyw9CG7Zi67btOrbhurGgurUUsLaNebVce6mSmrGY+rR967deW7ZhhbctmrYbYLgG 47RyO7c8u66Nm7JR27PNigGKS5Z2S7JJ+reRK7kKKbWE67FfG69K6wGXa6SVK36bG7id26aAO7ih a7QfS6mIqwGne7p0yaOu27otS7dEy7ucG7ukc7szq7V6S7FICbu++7twu7DAy7rCa62Zm7R0+AG4 +5X16biTy7HNK7rPq7yP+7KYe7wTQLzT27TJK62Ca6Pe2723WrxoG7NqC79sy7jR/3uy38u+sju6 1JuG1ku/eZu6sGK/7ru/96u928u8y2u1AlwB5ku+QUvACzyo+Zuz0Uu61Wu6AHy48tuHEhy+CgzC FFzBSEu7HWy7GwyzITuWMYjAE8m9E+y8B/yu/GvCKzy/52u8DYy827MSe0m2BQy2Mdy+QQzEQ/y+ ORy/N5y4KXx92ck9zAm9RWzEIhy3M+y5Lyy+qFu7GfDAO6y51jg4Nyu44JvAbzvFNHzB/auGGpzE zMrFpKHFRDXGr1vGnwvDRyzEVVy4TbzFJ9zFfWxQ6OUE96qU+WrI+6qvduOvdAOwduPI/6qKAls2 1KW7N6a+r6u/emzGDAzHF+DFnv88wGFsXXT8vXacxWecx/irxjZcuh0Ayn8cx6O8P6V8xVgckKCL xre8kZQbyg7cx9eLQ57EgVF8yricy3tMxKpMxZxstsD8zG48gm27zMx8x5Bry72bzEgMwa2cwa8c yNj7j7s8knjczDKsy7vLyjrsy3cLzdx8humLs0e7vpO6zrH8ye78xREcz2RswdgMtdasxbC8xCgc zUa4usbMy+Uc0KmszZvM0J18z1ibz+wMxnyb0OR8zdScxv8cvEGMwf7bxu+sxK5shx9szufs0Kvc 0VKsyiDNxt9s0Cpc0h7Mz3Xsz+iczSi9zfrczSEd0yNdvzZtyji90eM8k70s0b//LNPj29P2TNAl i5IcbdRHvZILDdFW7NJrLIX/y9R+DNWW+6dKhskkTM8l/NQ0XdBBHcAVvdV1qJmFWNVDedXHrNFU rdNYzcdePdBpDch2O9bybNaCXcNo7c04vNYcDNb4/NfTrNIrfdcAndfKvNPDS9FK3c57LdaNTdkP jcojzNIYjdR1i9gzbdhMnNmMfdKSPdmr3dmendUq/dJcLdJOTdKmrdY7DNj9PM+ZXM+2/dOHXdtv fNnlq9mq/dqwzdnV3NqPHdtu3YNdTdpN3dY+DdOMeY49fMkQWssFPAqa7N2+PdyKzdPsLNtvPdq5 /cSNs61uyt15DN7bvdx1LdDG/13YwF2zid3Xen281MiN2hnf8q3Q+O3R3R3gGT3g033Z5g3dST3e lZ3a5VmNnpm7LVyFFi7UFy7N6FuBy0nMtvfhIB7iIj7iJF7i86HeHZ47Kv4/W7PiLp7iUBxcawEv Uk0Wn9GKeDfj71fjOp7dPNrj9Pnj1hDkrmrj5YeRbQGC39KK2F0SvpKFdwKZQ2hiujEtS06DVp4f Ve4tWi7lOogKs/HkV56BXG6H81JJ4xcguhEoO35HWF7mTa5+bP4ocX6EpeI/db7mU57nCyjmRD4l b24rPr7PhfIp48JfU3Pmu3hpYu7n4dPoc47ohd4t6Wjnlu7oWJTlmL5OkD7lov88DgJofpIuDGT+ j/KwfpU+I6DeG3fuqqCueMg36thQ6gj56oquITCyLg4oy6zu501+OHKO5ziOPwE4F8MeJb3hgkKe LMpe5PSC54MuNWzh6L/eJ6dhJMYOgxNC6d3zsNjnm95OKuMImBcy7uhW7GiO6FJu7i+rf+lOSxTI 7oQe6Vn+6Ai06Q3V6V/O6XOO74ze75Fu7xXo7yOl6QGf6QDv6TsI5Ocn5JSR5MdeNEoe7eLD8Azv WTTuitUuHA+v8RGPJBmPjAJl8SH/4iZ/8iif8iq/8izf8i7/8jAf8zI/8zRf8zZ/8zhvO3t1iU2D 42GMncXAfoQp4flDLUNfQ07/I18+zxTlrpmUlOoTzhsIGXYnM0CdtyCWHNdWv2ewHvVFsSdX4iqC wAfkNxwXcRAIUWK8YRmQY+v64SltzjSncurLh38eKBAaYRIXXxtzrw3LFxOdoC9LEQzBjhrBLlfB xy5VDzDYTinG8fjSoiyEH/ZfwpuVH/nsUi6Movl8ryZdIiG6d/lMyPTqEuqfYBuVvBFYeCsOI/aA Ivf/YCqYn/psjxnINyqKdy257xn0wvmTj/qJz3+b0RHNYhSTv/mfT/nQsvusH+ucEheHb+fML/rg 5/nSz4CXv/uzj4TNL/fW7yHYjyl0ou2CEfQHYSqNbwlis4FjfySfgYDvEvRkaP8uwy/7wP4jVxj7 vLL69tIrej8pCGCwbA4Kygepi6yud5XlVCaOZGmeaKqubOtub4zFtDvXdXTjfO//wKBwSCwaj7wQ cslsOp/QqHRKrVqv2Kx2y+16v+CweEwum8/otHrNbrvf8G0CADs= ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/Speeches/_Images/131103_gov_graph2_small.gif R0lGODlhwgFDAbMAAP///1zw+6mu+hHuI/9H/0xMTP8AAAAAAP4BAgAAAAAAAAAAAAAAAAAAAAAA AAAAACH5BAQUAP8ALAAAAADCAUMBAAT/EMhJq7046827/2AojmRpnmiqrmzrvnAsz3Rt33iu73zv /8CgcEgsGnGHZLKy3DQ/z4vyAKKirMesdsvlTqeUKEbMIUu+yo45tO663/A4K5o+YzPt8T18z0/8 antyg4SFhkyCfYp0VHV/YHZSiVaMAF+RjpaKmpmHnp+gRX5PaI+XdqdmZE2VqaWRj5yAobS1ti2j lKy7urqxmpIWu3ywqMbAv7O3y8zNHqSQyJXIxai+wpPVw7+w08rO4OHO0I7b3ZvW5sSI2tft79Ti 8vPhq1jq+L3nwezx+eveBNEbSBAUo3v6OB2rA63aumLk2iWMGK+gxYuD0EyTRS6aRoem/05xZEhS pMZeAjGqXGlEpMRNncAsyRMtJDWSCvnMRJiSpc+fQK/0DEq0qFFcQ48qXcq0TNKmUKNKnUq1qtWr WLNq3cq1q9evYHs8tWRiT7mDIxbpDMuW6NixesL8IXumrl0o9+bS3du2L0ZK/hot1CuMb968e+HW RUyXsd/HBK8BBoZYsIY+cysTHjmG8GS+kEOL+0w68WIncqWR2vzM813FomMfKm3aZBl2lhuzVuPa tOzfzGgfLpw0ZW7a6Yz3dgy8ucHX0DUXT01W810oy3c7304IOSSGmTuvPUa+yvjy3NP/Vc++PWr3 8OPLn0+//s+nsJOf3M+/v///AAYo4P+ABBZo4IEIJqjgggw2GNNtN+AnQn72VegCZu/ZAFhDPEFH nYUgIpFaIwglxop2JEjWmHCgtRjiizFgeKKKduWWQmnW6ZYIjDzOIGN4Nepl4xXRCemRFD0m+cKP p9V45BxFBslEixQqaSUeIwKp25RVYlmbkGDueOWYZWXZ5JY6QumbRyde5yKZcEIo5YoUMddSnHhi N1CXebZHAAHm7dmnlX8GSg+fg3L3J6B6Hpooj4uyEdmjL0YqqaCUWmjppY5mat+mnM6DqKePgRqq PKOS2papp46manystlrPq+7FKis4qdLKla23jqNrerz22kyuv14VrLDBFdvcscguQ6z/slIx2+wt z0LblLTT2lKttUphm20t23JL1KKMXjipuGx5m9a56HpFro/struVuiWE24W98hL0bg34btFvvvLQ e8K/WSgWQAgHc5BwwgDDsW+E8WpwMMMdUJyBxQ27IfCNEV8MAMUMLxzAxCNLMLHJJX9s8gQjY5wx EA/nQPARcJ3M8s0hq4zyyisvzLPOLwtRqFgdX5Dzzzbf/DMFNmPssgstRy311FRLTevGK8x8p8JR K61zy0gzDbbPKKcc9A9YZ120BUcDbXHSbTcd9tk+pK02phJXQLbKOce9M9ki092D3Xd3mjfTLIP9 ccqMi8030kkLjgPhhYsqOVBDB6G1/yiX+0R55ah2vtLnoLsq+kWklz7r6QWlrjqurOubORGb0x77 QLPbjvft4biupuEaDFCB8BwQT3wGx5eQPO8X+P675cUnvzwGxgcPwPTMr+D886EXf/0Exw8gPvjX iy/8+difT/745YPPvvrhS8++6Ntzb/oG6ktQvf767/++BflrnwADiD7+fe+A4aNf7mi2tuEZcH8I JN8BJ2jACFaQgBOEIAAV6IbaDWEsCYSgCC84PPONkH8mxCAF+ze/EqbwhTCMYQuVtMCCNZACISRh BnUoQQvucHkJXGEQBVdDG+4OeTg8YRCHKMQdonB9EvRf/yRXRCMCD4k4dN8Qx8dEIP86EYH/u6D8 VpixKloRetkDhRnP2L00emKNbHxDJr6jCje+sVxyMMtBOrQDxmCISnY0BBy18Efm2ElmbrKTBwOp PTxmRDxiehPEZOGhDzFSY458JJIoWUkdrOZMiSiAKEdJylKa8pSoTKUqV8nKVrrylbCMpSxnScta 2vKWqPwTLnd5y2x46JAi4tJuFnnJEgzyXuIxkyQ1RJxhFrMLx0TmJpVJzDVpKZLPPEI0pflLMLkp QmhBzzezSQNymfOcmZwNItRiikKMxQDwjCc5jZnO1V0RAwaYJwq2Ca4bTiCfFgAoAPJJUAnIM6Dw /OdADZrQfza0Yfzs5xHxeQGBEhT/oBatQEYHilGFLtSgEK1nG9GogXgeNKMb/WhFQcpSlXpUXhHV lj9bSgGUvlSgDm2oRU2aU5yuwKRADapQhyqamMp0oisNqEJT6tONpvSm7apfHmfqUqgyVaMMbalT syouozqLqkHtqUsPqtGCjvWhHK1qsbz6VaTqk55BqeYP5Mo6tibLrW8NgV3ves+8gkCqnqAr0fw6 gr36Cq+EzYBhD9vXxCpWpPehqmMBsFjYIbYCAvBrZS3b2Atk9q2b5SxJN/BZAAjgtBPILGolcNrS qra0ZYSsWyRrWtamlrWfVe1tTZvbl4XWnqPVAGxtW1vi7ta1saWKYHmgGNe21ri5/31ucacLU9ka Zbl9JO1xt2tb5E53uD9orXjHS97yjrcqvx2pei3g3ejitrvv/W6+0rte4GJAuu/t7Wp5W1zvoou+ 9RVtCcBLResuBbueTAGB6Qbg4NpXswZmCoIR6VjAOljAoG1wZ4eVWAtvmK8ZjjBUJhzMEH+FxJPU p4dpSwsUJ2rFLA7FWEzFKBE3TwM2ng+MY/ycDZQLjzU2JmUftWMefyIpjqxxoQA1O0sx2QJPnoCT pazhrxTZyIH1cQV+LIGhBbnLlE1nlIcM5i+TuUJXxrI6cbxlKYP5zVwWs5vP/GYK5HhZVV6Ji/ml ZTvPmcthjpSYHzblLqeZKodWs/8hkNxmOP+50ZDOZJQB3Uh0WvrSMbNIohXtTg5QmsyAjjOU2yxq UN9ZNnn2yZ5pMOPcLXnOga4zrOHsZSrTGVanvsqq4WXHVEf2sp3z9a8/fDlhD/vCHATOrmWwbBAZ GyjNhkG0P5VrrkzbXLd7dlw5DS1tbxvYyU3PtXFR12qfmNu68nZRxm2/s6l73d3ZoziXCbB3w/s8 nMxJgjupyGKbmy2FZA0wJ2kWZxLx3wCHZGHGGczvGNzdCE/4Jp9Eb15/6ZvsxjN9BOLHTu5bmBjn pchHTvKSm9zkujy5ylfO8llyfOIo4jOS+u3biPcFm9Rk7pRAufCQVqjg1EEOEtj/xMedz9feI9YJ RebdwXrbHDIZV0HU/YJ0qUydSFF9emiuPrCs84jrZeqq1kUD9npxa9NZKXuKrFV1XaM7SW13O7j7 hHZrv71SY3eO2td1tbzr/e5ojvtW9j4hVQne7nO/0uERT2zFL57xyCbT47tC+G/BqO6Pqbyh8DT5 cyfe2Z33fONB7/eNA347mJeN5htFw9C3ZfWtab3rX3/62KQ+LFZLZuTpk2klVY03n1dP73mU+8IH X1G3rwrVwj56YCVfKlV72uYDXKvnQ99s7cZw9WdvFMUtqfa7sn5Tiq+C5cEe+NsvfV/InwLzGX33 qBY/S9i/OO+Xf4YMZyzyuU+Q/+hPTXkyhH8xx2HO5x7R9wIwNH33g2fqp3zYxwIytHbH1xXydxH2 B4EvhHXN5y78Fw70l0QBGIImlH36BxkVSA/LhzwZ6EIB+H0TaBUnKA+/p4LuxzkvOBUxKA4XSD0p REjghzkdyAxdEz3YszUbiGgNOH5DGDwCGEcPFn5JuBQfqEVNGF5ecoRQEYS1MIUsNIIiQF4oYF4L VnHUYmVaSAs7CIJV6AFiOIYZYF7oB3/REoXd94AupGDiRQHnRVp5yHdYaBQ5eAtcWD5F+AF7eF9t eIhmd4NAyBbm9X+fFYEkoIhsWF4kSIDGcoZukIiJWIO8hV+pxYk+yIijQ4fyIP+G/3cB4sOJrNiH XvCDvaOJR1BeM6iGxCOGIEZ93WKK4XBeKWiLKnF+cpKFsggEqJiKALSGcTBURKV7uhgUgWgEuJiG yaiMPcCM2AhUEviHrcOLgwBex7iENGiNOpCNaOWC3EgP0ZgDrCg2g9iDQsCMPiCMGVIU6/iG7NWK +rgB7+iFQaCNNqhJNqFvltSIXaCP7fiJYAgC/eiJQBBWcaRHS+dJQOdxZCg73jgCongD/vc08PiP PMVNDlGR1WQjJNlznnN4uOgD9Id/H/mQIQkHmPFHvZFdA0lzLGF9lsiSv0iIkgiSZCWQm0FxdBVw itRySIlLi5KUrzReTLlKVAP/Q0+5SuZoAFNpctiUI0XZGTipaYsHij8gNQkYj81Yhu+Xczo3cw+H kUKwk0GgOCsIlOdYgm8idBQWJYDElkHgljjQkT5ZiDYgjx0TcL5hk+00b/T4WBn5hq64A1EZlzwA kCyBc3P0DQEJDsO3A2DpmFEzloFZlT4VjLA4BJjHlzkwiCoAmhApYaOJNmjXhhcjjkvjAbXoAqoZ mlWRmFdYC5tmmomTgh0ZnGLpkCwgmDfXmjmQmTXgmx8ogmxTNeaDmyVgnKqHnDbwmpT4myFYjS1Y VqBZUubIHbrpjIOgnDSQnY9JnCHwnRtwm/IxntNUnt6WnWUjmydQlaQCnyjp/zDz2ZgHaJtz+Sv6 eZbQ1J+tFZzFuZrcMqAFqQW9KV7DSY4cEJ7ywqADSJrGFo4vgI0vY6H5JzS+dojDCaBBSTceepE6 YJ4rYImouZ5lKTonume+w4ri05P3GZPZE6MYWlk0OgAt2gHUaUc6CjOkQ4sIeqNCNU9DygPmFIYQ So0JmqRvtaTJqaKe9YgtI6EkIJmTRaU1cE4hgKX2mQIvOlkX2lblBKaV2Fo1WpsuqppmupvPeAKX xphGiowmUKZxynpzKgKYhlmJOKYegJ97yjGkSGWWBptGI6j4lI2FGiOKFgCX5puL6n2hSaiPKnPN dzyTelr+x4OKg6mZOo/+FP81mKaevxmcXDqqTogrQ9VamHabJvWfrBoHMZqI51SitWqdl7mrSXeo vgqsUxWsUeGlxKoUxnqs18WrypplwtqsdPmE0AptzDqt3VGt1jqs6Zit2tet3Cqaz/qtLYat4iqS fVqucnhU6DqZ5LqurRqt7tqucxWveiav9PpB9nqvmpOv+jqv4dqvtsqvAJuW2zqwnfavBmuuC5iw 0gqvDIums3EWLxeHlxF7w1ixFCunGhufGHuxG8uxH7ufIUug5FmyIGuyIouyZ0l0/mJ0ODeyDXqy MpuyM0uyNXumHxqzNLuzNsuzOtuzQPuzQouzFwkXFWmRQhBJL6uyQ5uzRGv/tBZbjzD7tFHbsVI7 tU6btUVbtVi7tXGotAVTDmtptWTbtVCbsUyLs2frsWmrtWt7tW3rtWx7s1T7tWKrtR9nlyPhIHzb t377t4AbuII7uITLt0GHtDY4cA97EXq7NYq7uAXRuPs6JycKuT0nuZoTTpYbjJq7uZ77uaAbujK2 TofJdNhWuhJrmYtYHg+iqazbEa5LkBLLL5pbmZVLu4erlaxmlAKHu930GlpDB96EJrt7uBeHotuI I8N7u8xmGNfks0TCu4nEaoXJIjNjksuLvF1HmMOBt1jXvXkJFtIbvs3rGo5ROx1XmNq7uta0GJ0A qdnBc8x0vEs7eCOSENxgonErgh7oayRO0rSG+r/7+7hSd7//6w4WB77oEBZ6VB1jK224ob79Gwsl QpPlS8EYDMBdRwwVjAnzS7/QaxXK0ZXw20yIC8Eia8ElTKBHu8IF2cIojJf1qxXji7nPo8BEW8C/ 67yuq7sEHMDt68Deu40yfMJpR7qvuzkSWbrry3yyKwZKjMTk8b4xnMRMLG0sa8Wiu8Vc3MVe/MVg HMZiPCgRAAA7 ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/Speeches/_Images/131103_gov_graph3_small.gif R0lGODlhrgFBAbMAAP///1zw+6mu+hHuI/poI/8zTExMTAAAAP4BAgAAAAAAAAAAAAAAAAAAAAAA AAAAACH5BAQUAP8ALAAAAACuAUEBAAT/EMhJq7046827/2AojmRpnmiqrmzrvnAsz3Rt33iu73zv /8CgcEgsGo/IpHLJNB6ez0qUM/VUMdADSHviNr/gsDiTzVKuZG8HfS6zL++tekyv24lX6CQunW/4 eX5wgnJ3hoeIN2xqaGZ7WnptkXGLXIEAZZiQl4+akYmgoaIjfBKBjp6obptYflOXmaudnZmjtre4 bX9ek6++lrysgxa+upqPwMDGpbnNzmNVtcemjMqzyMLErtbU3d7enMzP4+RI0arBy9XYUZTb39Pn 6vPl9fZJldfh657d7trwigXkFo/QvYMIdZzS94tasm/tDHKa1o9iL269EmrcmGMVP4ef/2SB1ANI ZCpHZkx6BMmxpUsY0uCl0vWJJapWlSIiO1Zz5jmDL4MKTShuqNGjRosiXcqUKNCmUKNKnUq1qtWr WOk8xdRFktedIebU7Jm1LMKtWzVE22OKLde2H/K45WW27tm28oJZckvsrd+9cOla8fsXLmG7iJ9Z gwRu7uG+hgG/FTxSECPHhhNrziWZcWDHTwX/5Jv2jOnPmTerFtW58Em+ZGhGnr3l9GTYq3Mjai26 b2g4tCmftGy7te7jh3hjvv07+PLSsHunRk49jHF0yoGDdfi1dveK1cMfhC6+vHny5tOrX28PLfv3 d/+YcB/Xo/37+PPr38+/v///AAYo4P+ABBZo4IEI2mdbbCXslRdYlKEH34RCXMbVg9y5pt0rk11H mIQUhtiDhRwuBppas0nH3IIitngEiWyp6CCKhYmmihQu5vjiaXTZGJJ8NS4XI4s6FukDjHgJmSSD PT635HRGRtkRj0OitiKTc4XEIW1SdjmlkzNlKNwMIHppJgllVnjmmmTekSabcNJYx5tx1omjHXTa qWeeR+rpZ4Nu/iloWIEOaigVhR6qqHZzLuronY0+KimfI0o6aaKWKkopD5tm2mKnCnm6KKhfimoo qTigaip7qtrQ6qrpvUqDrLCKR6sMt9ZKXa4w6fonry8A6+tqwrZQ7LCaHbuCssjaxWz/Cs82W1a0 XUkLJ7XzWXstptp6iS2g3Z75LZrhisttuUaOSwq63p7Lbo7qihDvu0m5S6+I83p3r475xrVvkf0O 9i+89g78XsBrGOxitFpWQ5zC+Pbh8HfkPmkckRCzWpxzUOrr2W3TIZxxexu7Nqa8VYL8mMgjl2Oh yhc3uCXMxBhg880456zzzjz37PPPQAct9NBEF2300UgnrfTSTDftNAEE5CzWWlbS2WTVkLUsHtSQ mgwmuBd+jZvWx0FNQNcycllx2Fh3TbZuZmftddvzjbYdxm9vFrfbYy30A8t5H7K322IAHrgdgxNu 3eGrJY73F4YzLobjjzcRueRfUF45/xOXY86E5mMv7rlZoIcORuejH1G66ZCnntXqHbfuulWwx275 7FXVbjvnuNcx+NkVAN+C2cIDGWnvYQgPfPExEO8vnsgnHzwAZ3MtwfLUK2/9B84/f3z0n19gPfbZ X0/9BMxr0L33WoGfufjom3++/PF3sD770LjfRPrzz0++/7q7H/4Kp7/wUaB69fsfAumXAQEOUHQF VILy6Ee+CS6PfwfUHRYKFsEh/C6BFLzeAjHgQH21r4MJKaEJ84fCg6hwhQRsoT1eCEMIynAcNKzh 6W5IjhzqUHY8bIYPf3i7IOZiiETknRFvoUFCQW+Jo2iiE78HRURIcYonrKLgrohFFv9q8Q5cRNkT v+i77eGKg2SUoBnPOMY0Zi6Ma8uiGz+3xlmhcY5CgGO22ohH1dWxBqjbXB97gEQXBJJ1gyTkHxVx x0TiQI8qOOTuHHkDSEaykZScgSUvycdM5mCTnByR3TKkOE/WAJShJCV4Vrm2j8VskqYcHipTmTYN xXFuK4tlJRfZp7HVElAze+VjdPmCWbLgMlSjWd0spjZTOO2Z0IymNKdJzWpaM5pmu2bS+OEhWMrJ lc0cJjFXYExjleyXrcSlK8YJg3KakzQcE6f3wGlLb7KTe+58ZzyFKa9RstKe9+RAPg0pse+QJVQB PUEh/4bJhJKQlzvqpEPtN9AYSFL/nhN9KAaXcNGL5m2heGioQysKSJHeE6ROMOk4ScpIiWY0exC1 oRdfir6YxpCKGUUpR1VKSZ3u1KXs9KkScXpSlvaSqMQk3kZ3w1M3CnWHQM2kUhXTVC1OlapRHeRV x9HRpD5VjjOVqlEjilQ8bhUGA6hAWoPQVbEada0SgCsQ2urIr34ArnIdgF4nkNa16hWve11WVTt4 1hn4lQJ4jeth4wqAxKYyrE61Kwj6qla+Mvayja3sY286R8mGYK95tWxmFftX0sq1WmVdYmFt4NjR jra1mD3tHlMbxNWyFrGxzS1j/SpbsIEVira9wWl5C9vSKta1KKBrFYO7EeWqdqxD/wiswGgbQeba 4q/GNd5vZWjdUWDXtL0FaEqN6NkvfLeLnG1hd0GB3fAiKqvRW68h2pvcwR6uvEk4b33hOzv5zle6 0LIv2fxrB/1uVqbxxa8R2ute30K2dwQeA4Mb7OD0Qhi6aLXAhAEcLAErTME5OO+EW8pQVR7Uo14C cYg3TOFeya1vlApmOFEsJRULN7tzBcg+odXNXOIOwy+g7xDeseOu9Hid/bVpfg2sJtNEKJwoO3LN tEnlKlv5ytbMJpaf2d4tC00sGuKnd6Rcyo8q+QhCNgeViiwzkohNvAM7M5o5rGZ2sLla6ITzvYDc Ahwr4WHqDCWMGRU4Oc+5xUMm9P+gS1zopTLBzz+l7r/43Gc6R3q7EKP0CiBdREnTy9B9RoGlgYjp SYM6BSwewag5EIAOtLrVLvZ0ufgMaU5nwNauzjUbZd0tIDOZr4g+rglg/WpYSyAArwaAsZFt7P3y WlrQZfAGVo1Yausa2cfOtrKTrewJNHu2pUbXW3996xbj+gPE9ra2u/3tbgeYv9Bm6bk1QO15eyDd 2l62u7eN7Xc/W1c2Ju0J3Gvve68b3+w++IGh+ulTeyDNJqi1tUGA8Iq7m9jtvqWFe51Pcg98wyyw +LGZvW9sZ3xd8K4ViD2OkH5PN9zDKifEN8Jslycs5aLy7Mw1UnObP5Dh1vrqzhP/0vOT/5zUzdrk 0O1RdMHi/FF2Zfkzim50cD8YVlGfuC2o7nN9wtxSktU6KLje9Vh/HeqgFPshyI7Qf/8p7GqvA9sr 9fS3Q3LpiCB71Ul89kH5FO9rn3ui616nv8ddDIIfr9vZZPhgj4Hrne67nUAKeDtAHuhXF1QhRyyK y28c84byYeXv4HnJkzX0uhs9HUpP+MH7nXhDV30YEp8cD09IqWdjsezBwPpQOBdOuG+s1BNBda7a Pj24373cm06y1r8n+cO3fO9ddnzqBF/5TdB7S37fItybLfqPn75GuP9873+/4Igv/lHIXx7zFw/7 TBB/UNifG/PTG/y8Z35U6E86//s//PDx13NXwX9YoUf4l301ZxYESBULlWqBl4DO8jf+dGKIcUWc 94Blp4AFdTcHNUX0dDI0BgSUd4BLIIC68TJkFmB5hlFNwUXoh4AZqBqEkIL1tYIhqAM5JFskiAQm aCsbFGjvZoNeNoTPpGU8o3t/RYRN03NK2IReVgAFIDWMsoIVY4NRIUB5BYABSHKIAYVe+IVg6IWK 82T1lE50g0guoTkgZwjyNxVh+IYwhIJQhkVWeBQqpIVEQHsJ8YZ82Idw6HS4QYVycBEUo2fPUDov KARtiBB9qHivYWJKsWstUULwlwN6yIh+CIVDIAAMsnhRRDmV2AJ6p38ckYkFUP8CApCKqYiKqtiK rtiJpveJoLiDotiD9bCKHGCKpwgCrtiLuOiLwBiMrZhEl4ZDd0iLKUCK4yCMzNiMzsiMItCMzhaL iONADmgDypgLzigBuigBweiNwOh8bCVEoJOIK5CNYcCJFfCMqsiNuqiJ21d9RPBCyEgC6LgC7JiP +viKFfCOYrh+8iiCsGOOI3CPvLiPCBmOHeCPYDiAAckDxxiKrmaLIbCNPtCNJ/iQj6SG9XhvFOkB 33iRmZgQ6sho1JhHg7OGL2CQE4CLFMCPNsCQXxgUJXlUJ+kD3XONIjCKH/mS7GgBjbiQMgmPVFGS 7eiNAOCSSfmLS4laN4kDegX/exLJbzy5d+Doi+44lFrJh5uhjkYJjkiZlC3ZlGJZYQgmBH8llQRZ lVzIAc1oinpSk2H5letYlnaJcp4YZGn5fTupfifgiiMpKUZ5lHS5lKtYmHj5lJsWlf51iRqQjzMJ K3Q5mWNpl5yImGKUl6qGXf7HljFomPoYmd1CmWTJlGV5mJWpcWfpApxpfp5pAZD5jy1zlGDplWRZ m5ZpdZ+nAozpmnqHkEEkl5KYeSHQc+4HNVz3k7ewixPAnP3IjQsJlLLpnM9ZlHxHnNVJlczmfn7Z nFxZDtRJnUAZnRTgnLsons2ZLm6ChMeJe1spm4xYnacIj/NJn0QJAJoYnuWJ/5/2eZ79WZ73WR4d 5Ys6qRn6yZ/QeZ7QuaD+mZ37iZ/pCaESKqHMiZ67opFUcaAVSqELyqEd6p1EKZ4KOqEjqjHi2IXy mZ4j2pAkqgElGpn+OZ0B6oMnahcaqqIMOp4fOqEeuqEeigEWihwLSB0+2qIrGqFF+qFHiqA/+qLq MaREep8b2qD8aZ7wmZUV2qBUCp9XSqOaSVORh51gWns1OqZ/hqFmmmNlmqanJ6Zsqphq+qa+h6Zy ugNQWqdhupt46qb4sKeJcKd+2qdrGqg2yaeEKqhfeqiFqqeKWowv8gY3iKdTMy4g+HJyol2weKma mqmc+oPv9amY2qmEtqmeGv+qpUqqoyqqcoOqL4aGJIZkoMqqZSZI3lQatmqpqjqrtMqCrlqruHqq ubqrt3pzoHoynOJLv5qqwKqszLqqwdqrvOqrxGqqzaqr0Dqssfqs0pqtpWqsdupLCRKu4jqu5Fqu 5nqu6Jqu5loycRqpjcqujOau7zqHbSev8+qtdhqJ81o4+rqv/vqvAMsuE8OB/XpLixYTFrWBJnad DSMJtzKpBPuwfrNKHfgSyUSDwSKHtiSx55QlriKHZAhIIPtmBIU1ghiPZFipCauxwkErHxNoL7uy G6MidjSyZ9gmQRIyTJGyyIqzbMYrLAtPrjKzWVKwcXQ1ylRSOetjSGEjd0OZEZKIEXIxtB7bIdDq b1ZrIoZIh/7QGFC7a0j7EU0rG2Xosn2QtEB7tumAryVLC11rrVjLE28rt0q7tLAKkJChssMJJsAy g1mTtqN6twkbuM7aYfCkt3gLhGxLS3ybKh1Lr21rt5ALiJJbhpFbuYvLEQMLiQ+rsODRt547Fgw7 gUabmJ87sRaFHREbsKzbuq77urAbu7KrMBEAADs= ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/Speeches/_Images/131103_gov_graph4_small.gif R0lGODlhtgFPAaIAAP///0xMTA8o/wAAAP4BAgAAAAAAAAAAACH5BAQUAP8ALAAAAAC2AU8BAAP/ CLrc/jDKSau9OOvNu/9gKI5kaZ5oqq5s675wLM90bd94ru987//AoHD4GRiPA4lxhYQgk8ElQDpd UD3PI+XqZHA5UIzW+x01NWFiL1tWtEVPBzu9hkqpb/F8kp+m+xWAclxjJnEZgmoyV4Uxb4yJi3R+ hnSNg3yTIJFWhWeVHZyKLoR2SUuQpZqdeJ+dcg2uqHetfqaWl7aUlHGqsa6vv6xkZFqHtMFuZYfK bZ+yz6eef9JjzM23s8S8YZfXoxep2NKs07nj2ZN9WeV7tnPd12zK7+Tt7V++9cnw1qb8wPahe4DK yq56tNgd5GZMIcJ9kMZJRLcKXAR3uuhlRKax/1izjsIuJvy48RbJkSVN7qrVkeNCii5jxlsos6U6 aiqJaWO5kmXEgz458uw5U+NQi1sc0vw36NtSkNucULMZjKfLnttqUsQmUp7CfA2jatsaEiRYbi/f mWVq9OZVgFlxngmINKnIuASVroWaLC9eqkCL/hzMthUzp4HjHZM7lqrhgD/57rQ38KnlVP787l16 mG5dqXeralo3Na3kvlqxAib812pFtWVLapYduTHpqGlRGm77l/dJtmJLR84rCtwj4ULfpuSLWnfq 5yr9RS+s2HduXL8Bo22OU3L3jHGpi+6deXVygMDLH/0Mur3NaOceModZbBrcwOgbzSNKWSDCm/+/ pJNfQ1d5Qxd85ziHT3rplPcfPly5o8pj8bGHW2yYBaiEfq/5V05w42kHm0cy9QfeRLH9VlqE1azl Vlf1uVcUi5apVWBYXA1jI3Ak3WPhj0AGKeSQRBZp5JFIJqnkkkw26eSTUEYp5ZRUVmnllVhmySQu 1emIiEdeainmmEkyYlA3bhikh5pVtOkmmXDGaeEpXpypJprhuIknnnL26adxdaa5J5vywZLmoXz+ qeiiPvzRFp8dEsSmHYQyaumlNGBHJ6KVBjLpoW9iKuqoTHQxKKiFxvKpnqS26qohgVZxaqiegkop qq/mquuXYJ5YoRK9nrjrj5FGOuyxyBYLxxb/yDbrrKHAhkBpLV0m+uy1jE47U7WdSrpSm3fcSSu2 5PbJ1KbhcmosuHZyqm658P55q6zivlsrmns+01U//Pbr778AByzwwAQXbPDBCCes8MIMI6wqq/l6 kifE9da5yrrxZjykoxS7a7EF827Krr3QamyykhzjW/G0INua40bdYnzyzEilfKc5LtsgM808q7Gz zz0HHeTPRBAt9NE6GC2E0kg3namRTDst9QtR/1D11FincPUaDwiQ9dc1bM2DJgJ4DfbZVEPdtdlo t62C2DuQzbbbdJcAd9IOlD133XxvonYDevctuN9FThL44IhvcHcOULDt9d6JR87H32UDUDnk/5Jn XrKQjev9uOagd1G4Ap5/Hvrp3RJLuuWXo+764jg0DjjmricO+w2yA1576LfrzHreu4Pee9i/6x58 5sM/Xbnxx0ee/AxJLM8A7c3X/fwixU9fvfNqS78A9du3fb0jlncdPuLjwzCA99+fP3j6VLO/uvt9 w0+K/OXTz7f9LayPOf76+xr/WOA/CFAPgAGk2QCZAMADIjCBJlvg2xpowMNBMGgSTIEFmTc9z11Q aBlEwQa1l7fHge+D8ArhCV4DueU9EIXlUiGsItBCs70QhtiSod0ksDfp3RCHz9IhCVjYwbmdEIhB /JsBO8hBJMZLiGbg4fdq6ESNQXFZNLQhFf+r+EQlVnCE2dPgB38opSt26jsPyyL+yOgBNtYOjFhS h7eEZTfs5CxWalziCtzoOjheyY5ZSZ3fAGmtcWHgiCDgI+r8aCVHAYhVWvvYHQVpAUR+QJGnY2SV 5CjJQg5RkpD0QgBGScpSmvKUoxQAKlfJylamUpWujKUsZ0nLWtrylrjMpS5nqbdd+vKXwFwlJ9vl ySh6rJBRs2QbldlHTVJpmCMrJhYFgsxLYvIC19ScB8kEzV5QknCxquYys0kBckpum2OC5sreVrIE hcCZHIBn8EwIJ3XaqjhpeyczsWnOyNGTm15c5gn+Sb/L7bNJZgSnNQc6v4ISVEwJLYII+mn/vvw1 sY+kO+iWAtpGhlq0iPPM6A80akwiiW2NHf1o+yiaNS2OVJ4zNOkI1kjS/P0voyx1muNGKlLyjW6i /6upDSvKupwibac+QKr6OJrS2cVzqMCbYk1b2r6kVnWpP53o2jTqQqL2FHRK5UFYScHUDtyUq1cl 4RQzmdYdjLV/ZY2n+dDaULV+VZtt1cFbCRjXDcjPdBlwXA8Hy9a76jWvfM2qVpnYOmwyca2PBStk xYrYUin2nU4tHxsJa1iVnnOybq0sOy+byMyis5wl7KxRhSZYq9aVrKS9pGkBi9rZplayd12tX0Ub ydg29bWerWBFgxq61kr1Bnu1rExJ0MOo/5bzpsHVbc+Mi1Pk8hYFEcVCCZp70bUJl3ZTnRp1i2pd 4CZ2uTMdr3lnB14/hldqRgSpDZI7WvTOFLSdle9WwVtcu55WBvTtrX0XG0bePvC/1+VbfKX63qY2 mFcDxmx+HTgBBOd3cAvG6YPlut76bswE6l3vDxkp3Zll+Hcb3m2HBfzh7eJXxJVEYIlPduLG0iDA 2O0rhwtsXjJqcsYaq/FDY4DjFepYxXDcYgV+fEC61fjCLShyTFvM3CGDFqbkzWMRgXysJ0N5jwme MucYKuPj8vOE7AtcirHlZR67QMo79K1sy2zhRHJ2zddqs5tZAOdPyrmj4LNyem0bWjh5b/+8XNZj cJVL5SoHGssqru6KAYxnIB0av4l2bqUn92ezHpjLPjwxDjJtkUsbltRq3XS0IqzPCoMa0arWAKpH cWiXdhfMkzZyp5/qaj6/NdaBBXZd0qxaAIc5zqy282F5LOwzk4nYzDb2l3Wd7CFZuM4wgHSToA3d bL+Y0WNWEom1vV3aZinN5s51ub/t4XBbyYOzFmmzwfHX6BI5xOAempZKN++12vpK9e72m/Hdbn0/ u9/yNiHCgRBwr0aZ4Cx2t5ji3VVsO+mvKM02xHO8aylRnMHxTipxbztwdkc8bsFy58E1bmaLi3vk mS35tMUcKpxpDVKTxNW+zSpr9ZI7SDT/VfTDTc5x1LTLkIP0ljhXTkP/YvmGIR/1PhEeap8KylTf lKihlj6mT0vappYc8cKlHliWzxzZqRPZ8IaJzGC6/e27LBsr+S33ANTd7ryEZSz1Dve+u53vvPT7 3PV+d8Gf0p4jQ7q0oMX1rjedvAatLGdr+6SDUn3j1I5ZztH+psZPXLjsNeJgQx12ZSvC8mbf88nZ nnXtVsrzO3e4mU8NWJi+9+czQP0Lqo5VPHa+9aHwER0V/27vbjWyxcO8XZ869h07dveiPi+hFpPd 7CK3hYcUrK03G17cS/uQqV/0yYFk/evfOotZnp8bux/1SD9f5ur2c7XPrfzQN5eP7G++//tjDP3l S1/icVJ/W1ZC+GdN+idrPbd751d0jRaAUJV9NDV1Bnh6+6cC3JVP87dv5OZeuudpB1h2CPhmC5h5 AOiAq6VI5ORyywaCUTaCNEd+i+J9VTZOH/h+4CeC/pdvMKhggFaDS0ZXLZiDBbeDdTNVgtYDmNRv FwhbGYg1QgVVMqhBXDVvSwhXHQdfnqZ+qlcDSUiFLsh5BleEWahZ/6ZXJOWFQjh+qqNgZ6hF0Wd+ FShCMWeFTShebUh7YnWGOEh0L7iGPOhXgZaHzseCSzaH/xeGYhiHyAeHIQiINriFfTgngqOHFeZW lOiIlWSIOuiHidiIj5cD19SFyjR5dP/YgG5ziZ9IdphYdmFHiodIhEUIhKnIiJ7oWGI3h8BWfooz ibIodLRIiPx3i8gHZLqIBryoiGlIaTyXiWD3gzEXhZxWh3aYgJVohsvojFKGbvI2hJzoZB0oRdY4 iDxkQVBHWF2lhpI4icFWiOGIjM7FhwVmY7FWjBD2h484i/P1hEeEcc/lVH22i1c4jfzHjqCoj2hm fOPoj8cGBkfWUq14j1yYf+CoiSS3jfHHkAEJX6UHkTd2e4FIgIiljf9ojBmpUxvJjAVpegjJXkVV awp5kQApjQJJeQSpigslewOITujGeySIiLGIkjX5i7yGk1oWj+SoavQoBhh2kkGZjwT/9oWRtZMC GJOmeIojdoMp2WoUmZC0x5ORyB5JaWiIxEztV5E3eXbPOHqLKH9VaZVNyZU2KWHpx0+Y5pIMWILe +JboF37wmH1zSZdd+Vh4FpYts5R6CXrQp5aOdoeBSUKrRZi1coy9BpiJqV+U1ZhV9ZgN6ZD9SJkD p30MV5fcpZklaZKdOZCJWYZIqJoj5IZsiZduOZmo+ZlHGI47aX8pBpnMYpiy6Yze9pcih5kaZlQR hUbDp5saeJq+iZXUWJaAKXaRN02vtxs3tyqwF5twCZSz6Ze0pppfVJskaXRXp3PLgnOhBHxUVY3M uZ2eqQbeeXyQqJRH1zHEp3WQdJ2n/0iT2rmc60hvZ3c4OdVNR7d21nlGhnegCJqgbwd4qMSge3dL hVdLDqqgcfdKstRLdhehuiSg41mfrnefZ5Q4+1iL/Lme7vmfLsRSHEov5FlSs4J4ebmXJupqqEiB 8Zl+KtpOA1pfL7o5bJid+1mJU4gU7wmSaLmbeKQyLSqdHDIaIvpoJCqk7hgEpfODBLdP6mRzVvOk QHqYS9SLF9de8imTTgil/ZmJlueDuSemE0OmM7mS7ClF3wglDcRMyLlqkomY7ZmQU6emNwafhemm 4tWlylmNElglGGenm/k1Zsqd7EiWftqRRhqobelkhNqbhvqQ74Z9ilqaWCije/p40P8JcOY4ppWa n19EjZ1ZjpEakS9JqbBpqXoaqkRVjrHnb6Yaq6gKp3Faq2jmnJdZXZ0qqJ/KqyX6iZ/WquUlrMp0 pxfhT6BKq5rWqOcWlW16qm1DYaqqngf2bNYKqz7ZN3W6ityqrRNHXc26qIw6q72Ki9FarV+Vrp5a rFuJqXpqrp8Xr9eqq7tar5fqrsaKJei6r+Eqrux6rCvJpt6qr+AKixh2sIXqi0GlrCv4hqJDrPS6 llaqnzDHdBY7R9iarQJ3prPKj3LyUPKKsRkLk/5qlCx5smFERs56sSJKlAi7iNrYJ0NmSTMLsogz so5asq7ordCGpCGbrTYbsYZolzr/G48N240P27L/iodfd7L1FplHizZKtq2TmnDAenrYh7X8ip1H apYv629fC7bviKdj2683CrGqlW5+crVG27ZIq7EcCZwq2HVhW7cFq454G6QTBo102rfRmLVaK7UT abYteSl0e7h2m7jJqJd1SrHDhkg966NRu5AH60CWO2xi+7fi+rFx6rm7grnqejaki7CfaySoO69O OLlK27pF8roqO6ica6y0SyS2i7iSy7KMu7vWFroOW7O5K3tpu23EC7U/K7v6+ba50ruRq7UjibzC KyTSK7qjW7a+CL2vkr1WIw6ay5v9tLVsJrZNSjzHNL6S2WCGSy6926PQs05plDkP//hbwNsq8Uu/ 2LO+9ftZFDW0eYa18gs9eGCgFJrACrzAF5qhwFR4GsrAEjzBE2pKXLIq/Zt4MLqUASx6GbO//pvB IcO+vMhSHhwv/DV9/Gt1I/y//pRTXgm/9qfCISwJxomeIrthMXy+gjmdN7w0xWVUUxm9poXDipC5 55piBnW92HvCbIPEvvfCSry3w2KXT5y6+kO4mOLERgw0XNSXzcLFSwqWX8xaPTzGnwHFZfwZYuyh FqHGa0ykZ+zGgBLHNNPGcEzHdowsGbY8eZzHe3yiaWU2fxzINOZfaFwXgGzIQuBlhczIH3xliVwz kBzJuTXJb1zJKCzJenzEmgwviP+GyXX8yTwcs6I8CotMyoVmyp3sxar8LGNFyFj8ypYSy17zyLQc xnl1y7Ocy4rya61cNL4cxve7Org8zKdrY+1zzMisK8pszL3czDpbb8wszdGLfdVszbqczdrcZcE8 BKnczaD4zUAszjkUzea8KNyczrqyzuz8Ku78zq0Sz/I8KvRcz5hyz/hsKfq8z+qMzv6cTgAd0FrS zwRtLj4jvi580PmsIWHCwpuHLtE00SzDLrci0Rdt0fZS0RLNohxN0RsN0h49nh+d0SZN0ig90ic9 0iyN0SGt0i/t0hrd0iLd0TY90x8N04kHoqf8mueJ0itd0jGN00A91Dl900dd00r/HdRFTdQ6ndRQ ndJILdVLbdRUHdVEzdRPfdVUHaI9HUUHrHMyjdVTndUhrdVjzdU0zdRsbdVrfdZuXdZy3dRkrdRb fddzjdZOndceIyvmKQk1TNdqPdd4vddVbdh1XdiJndZv3dhCbdaIPdiC7diHXdd6vdiGXRWbx4Qt XB8N89mgHdqiPdqkXdqmfdqhHU6bTYedzdDOUsAQ/dOufSyw7QgKPduvfdu4vdu8Xc8XPBG/8qE9 Ah7BTZXe4NCcp6XDZ589Ah+ZZw7UiXbp+9CbxDE1t9pYYN0jLE2K89dm8tWZoNq1XQTajSvc3d0Y fEd3E9YajN1PIjI/3dqLV970/yk2aicu9F2eqh0o562U5c16YJ3eoQQ39+2//e0k+T3gz71OBz6m iZLgTPp67m3cZyIx4B2ND77f8ie/Db5RwaLgYmbhBXHhz4oo1i3bCiUeEx6e4FLgHd6m6aHhLmoU NE7iipXhK07h98Si5EyzI44qLw6rPx7YCsULDxPkBAzfEL54r7AtOY5QGr7kTB7RKC7cNPzkuSrh VR58PivfUy7jW87lLuzlzxTlYB7h64vkGH7lYY6RLjPezK2k7Y1sf43lME6/an4kv23e+IS+Cl3c LH7cHy6dxK3bX17oP/zl+tEUz33bgN7bkB7pkj7plF7pln7pmJ7pmr7pnN7pnlb+6fB8O4QwIqBO 2zYOI/QQzqWOOyGhLedy4vah6quuM21t4i1aEHTy6LMuKmkNKfGB6zy+68Py2C7eIcAO38K+K66h 5DkhHB2a7NAe7dI+7dRe7UiUAAA7 ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/Speeches/_Images/131103_gov_graph5_small.gif R0lGODlhuQFQAaIAAP///0xMTAAA/wAAAP4BAgAAAAAAAAAAACH5BAQUAP8ALAAAAAC5AVABAAP/ CLrc/jDKSau9OOvNu/9gKI5kaZ5oqq5s675wLM90bd94ru987//AoHBILK4GyKTSt1won4MO0kit Wq8YaHP3ZGiT0ih2TC5bp0B0RO1hm9/wuM2tADuj0zzaXt86tl0Qbnp9fABgbIZyi4yNH3SBh0tf TVoPUIV0dw1dlpKRkY6io6SXYpt9hXdidnunkK6sp4Kzn6iStrlqmqW9vm+DmLi3u7K8w6nItJy1 mcqxfr/S01fBgYmv2aua2MlrtdaIs9CK1ObnaeDNz9rezsxeshPB8fLdyuj5+j3WyffIrm6tUoXv j7p4m1rFcrevocMXsPj8K5ap3CeJ6xBqrEiu/5jFhyBDkuD2D2C7ixkvbly2UuVCbClFypxJs6bN mzhz6tzJs6fPn0CDCh1KtKjRo0iTKi1hqGkiTgSj5pqapZ7VpVgdvqrjhKvXQYe6hv3adWsWs2PR Zl2rj5XYrXi8/PGaVqzdCnHpuqXLtq+5vXX1yoU6NnBhvsLmCi4c06/jRmgBqwVnV/LgDJEXP95M KjPju5QXT97gWS3n03LGva18+bBZz/U+lr6LunaZ0IZhH/7Mu7GE2XxtCz8DCOblbBjHkdOgvPnw 59CjS59Ovbr169iza9/O3bZv393D//jOlAJ4ZpTSq1/Pvr379/Djy59Pv779+/jz63d/yXz5sP8U IadZcOIVeMI6bgU4EG8WyAOgP6s1c56BFDLX3zB57REhZoK9tiFhFYYoAoIdrkbWhGRx9RogF4ro YhsXwvUWixx+5iFUEr6oIwck2miiXCjm1tuHre1opH+KyZhiXUFaphJBpgV55Is9rujRgDRIOaWI WlLR5ZYUflmEmGCKR+YQZ5bJXZpBsKlmdm6O9+accTIx55t18nOnmnny0Oee0P2pg6CACkcoDocW ilqicyg6JaM1QOqoY5LOUOmkbF0ag6aYYsUpRJ3q+KkLo4Z6VKksoGoqUaqq0OqqQb2Kgqyw+kSr CbfWulOuI+kaZme+GsjrCMMGW1OxISBrrEz/yj6ybHjNwvjsmsBOu120Ulh7bbXaYoctj93CyW24 1X1LGrnXmWshuuWOy2506tb4rnTxVjUvve7ea2i++tZW7wX/9stIwHhdJ0AEB9dKMJLVCeDwAw/D uvA8BjucMAMRrzrxbwYDYHEDGZu68Rode3yxAiGHOrIgJXuM8cca8wvdxRkfnDKmK7dI3ck0myyx zMOF3LPLMY+SsxxCJ6z0yTgDLVzKNi9dtChHx8G0yzRf7WjVRUZ3Ncw+o/zmzbsNbJ3WNUdMtosW k801bV5DzHPUWrNNsdEN1w3yx2uHqDeBi7xdRt8vP0w4hX+XHTgJiet0OMo1H3m44Ipv0DZR/4+b nLWRkzttQduZ3xT63pwz7MiZPGPeuNyl3001CKkPtToEo2f3OOWoY4x5B7Vjd7vnFAg9AdSz+9L7 yzr+jrcHTBMOtuYPHb/A8xWujvsHX0vwPPX5SD998RUXvDwHN/+9vfeNoB+27dpbD7z2ECN8Pvik qK++Y31nfj0GkTug9+WQux/S6Ec67ayNezqDTAZAhzb5hQ2ADbEfAU/DPQQm0Gz8S9wBoxbACaZP gtuhngUvuLgMBo91D7SZQ+4nwL6o8Hvg298FHoc2qRGthYNjoQc3w0Gxyet0C2xcDaeXwn20cIeP 6eHxZPg5IcYPhjZEBw6RiD+fSY+JFaAhA/+TpjYqzvAHU/TiWrp4RSKoQ0CKmaEY14fD4bVRBG18 o1Ky5sEeLYgqKXiKiuAWpDB+jwWGWyMcGSfIpdARXPBgjWlw5Zqy8HGBIxAeHJuXth0UUo5JWSNl VLNHwDFSkY9UYwoECTYRFpJ5hGRfsnSmpMr9p0QEGkAAZknLWtoyAA67pS53yUtaCqCXwLxl23CZ S1taLJjITGYvf6nMYBazmdCMpjSnSc1qSpOZ1gyAHX3kyVdys2wowuQfQxDIDebgkqfM5IhY6chu 9gqUsTQhCo5YPHFCknGqBME2W8koTj4onqKcpxhrZ88v4jN8q0zjN/uJnjt2rX0qGCj90nn/z0j6 jlgJTI4Z5TlPcmqgoFksAUWNIkgsDm8FXpTeSD8n0pX6JHYJfZ1BRwm7Cbr0hKn02tBiCsSZdhR7 5LPBKUHaE5iV9H1EjCj2PHhTiOb0OYEkGk8V2ESUEhB0vKsBJpvqOBhidHzBa+pVU6rVdHIVJ0n7 qkyzKNaPkpUGW52Zq5C6Pprqzo2wK6sJzmoTkJrUgSgtIO0GqtUT8FUfZBvhOsF6UkDu7X+Ehath p0HUwc6tsn+lXQsoCVmPSnavlK2s/7jYgsw+MbC6O+AgPyvS0Iq2cFFMFV25KskhenYGFH3tOSG4 WaPyVYbOc8Hm6gq51eL2p8broXAZCAPg/+ZPuOOUalJvK4ORHvYGXVxuB5vLLQu+dqd1jSNcrSuN SgJyadd1bt2+O10fFte4MbDndYU6XKtGl1TdVS103fveN+oWeZP9RVrtG6n8JvYFsfWhHOdL3Egy uLqcRW2BlxdVwTq2wbyFL4Kt++D4fu2mHXYnMIpbPr4qbbAB9rBAkzvalf6XhKkh8Yc3LN3N4tbF LB7tKEPsSjiIQW06RnCNL6xi5NbPtpNsb5aqVd8GB/a6DC4oj7Ub5Eme+Ab7a/KLFZtiGEh5ykS2 cE0NhyhgSfK9NI7vcXfci/WiE3pYNjNMnRzR+Ua5zm1G2FNzcL0zc3mvdl7zio8MWHKCGf9ui6Mk mtPsZQjjmdAoTjIXzKzjF9NZqUW26yjyR8pDi9gMA0jsn63m6Ecvosli5p2nP30bUVuatYwe9BuY O2SQSXrSjH2sgEvN5hwC8Mp6NrSect09Xst6DEPU4K0HRdc8Z/rYWFhvrQGMvldzjNhShDKIV205 y+IVzm4d9lojqG0CK5kInT1phn3KbGxL8dmGHXARWKg5ptrJ3ecot7nXDQQdKpejuB53BOE9aGAP wd+Xdqqfmu3s5dJWidzW7FIXHdCF49sch9Xt+fjbgzeHW9w9jZ6XM85Za3972exut8CNOHJLRnzB 3b73yhHbckv6AOYfldPFqUFyHpg80g7/zrnMQ77Cmtvc50OdaMR7PGKQ9BzpLgd0EHU+82LHWgee 3upE08DwUjwd6ruVOv+4vnPKNhqMWDcr+H5+7aq/W8hoDztoKw5yqoqcyjffbW4BbnG35/vqR8cu eatKdr9j/KxsL7Reu3zyodt9haJNfLDpC23F1x2DTn94EKYs39WNeslld+15Ny/4Xjfe8ZjP/LZJ T3lNK5zqRI8eUZd+X2PPvX20ZzUZKKdql+ae42rGNO6FYFrEgvT30+6thC2P+hLK5PgHX7zrgV74 2Gde+P0u7PKpD/vHh+TLB39wW4dP/K4L2MXIT76pTY/C8of+8OzvN8kR//rqe//6lY/7/3k1Xv/u p/77ODZvnWZKGQc/G/V+PBeA6DaAG3d20yV5pnN/Tjd9QjBFAeRVRldEB2h4NGdk4WdcviVo0AOB rmN9+Hd7CxhZ/XVn25V+ujcGvMc8g2cEn2eAHSR+f1SDcYaACeiBKQhUsMVaqNYm5nd+8XYFOug/ ujZeCUeEPBhaR4iESDRjheWCMBYHMahqjFcFO0SCRGSFCmUEGhWGALiFVNCFL+eF9nIVUjFh/wRO fWWGNJhVNweGYXgjTFda7QSHNaF2ZOA9S6eGaygaiLYpe5gjfSh20WZvSYEbTtIouLBIspRNlFiJ luhLlzhLz5SJnKhLm9hM2NSJojiKlv8YGhrygq4SF5IYh601OEHViAYhJJO2in04VGbAiEiREo/o hnnBhzThX3bYfmMHi8eBJVlyJWRYhkGXQx+XiwbhHGfQVx73h1e1FMVXdMtIjUJHjBzIchY1a9vo jE/Ic9nIjMPIjSb4feWojecojt3YgcI2a1unFNc4cCiHbPOIjhKojoYWjNx3ekZRj95YU1ZzOFhl jUVYXikliL0nNwz5fxD5fEvlj26kaJSSkArZkB9UOI8hkEaEhptWTpvhkR/5iqJAax2JkRkZcwLT dukoEkkIfC0JIi8JkzY1ky65j893kzjJMuOYb8dDkd1Bkh/ZO0JJLT+ZbWvXkz75jsr/GFZMeYU+ 9hOz85CiopJvh1NRSZM6yYpauZWFiIVUyVJg+VAx9lJkWZaoWA1jGVJquZbR+FKe95ZwWQVZqIg2 qJZEeYJ5WZZ7OYEAuZV/eXf9J5hYmZWT95aDiY196ZeHCZSNRZeLSW6RqZiPCX+NCZaTWZKZaZhJ yZmJqZeX2YPMp5mjSY6l6ZlOuZOhKZqfCZqp5pivaXz/KJuraZPCKJmnCYVVRpd5eBtBcWC+GZZT CRQlNpzE2XRUCUFHKSy7qZBbhJzJCWrS6SnPWZ0NsZnYSRPauZ3Mcp3eiQ7dGZ4gMZ7kqRXgeZ7T YJ7q2Rbp2Z6+wJ7weQ7yOZ/UUJ/2/ykN+Jmf8fme/FmTyvmfOrGfAjqb7legOUGgCNqVAbqgx+Kf DtqgERmhIaGgFFqct3mh6wmhGooFFtqhu8ehIGqXIjqiYlgNyMiVJroPEmIcZdZJvpiTTUkyETij NCqjUjmdv0keNZqjrMajJXijOJqMKuqjOxqBeKgq/ESkRcqkOgoeUNqjTvqk4jOkTXqlZomlP1ql VpqlVCqlWrobSfqib4iIQWqjRhqlYPqlZ5qma8qmXTqdatqmU/ppcxqndgoiuxgppwhO+/GngBqo gjqohFqohnqog/qMrLGDZbqiPDGmjNqLd+moMbWnlnKIlDqgP9IqY5ipCeqintqh0P+IEg7VIA11 Rx9hOk7RHFJyRmyYqiW4qmFqo52qo3fooqHQIClKFbD6G6A6Fb2aGrrBICiiR0KySOYBHAyCGf5k Gcg6D8p6EmdRjJPRqs06IK2KqUMCl5C6pKUgqbQxrBxzrcv6m0CyqHjIIeTqrQBDrISYrddarepa jMsqJuC6rebqk5Bqq8o5GovarugarudCiF8RrOy0JPcqL/uarzTJrr04iPtKJve6sOtCsXe5Iq3h IABbsKXaJRgbFc/qkhpbq2voIBrLsBmbCiOLsogBIQAhLd3Kr2kUsZOqHI2EEE0CD7vosThrjNna sws1sCqbEF6ak3kwtIYxiJFItHXsuakEy7L/uqcX2yK6+EODIa4be7WhpLROG7I4aqZQWzmmGA1c 2jWAIbQx27TrKrD9qRmO+ENpi0j4aqmq2rUyG7XYKrdBW7QzGrfr8rR0i6R227Rs6VAt+rOGuxx/ y6u/mrWMi0aLK6t8S6u7Wpeuiqo8Ugm/arDPuKskG6qgG7qiO7qkW7qme7qom7qqu7qse7rHsFiM 27o9cbblsRe2K7u7kkhMQgjekCO3G7a42xa/myAn4klwgRHBO7uBQbyuIRuTEByTmrzZ8k+3W72u kyFLIr3HIq2IQAx9KqZOob3iO77kW77me745kQAAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/Speeches/_Images/131103_gov_graph6_small.gif R0lGODlhvwE5AaIAAP///39/f/8zTAAAAP4BAgAAAAAAAAAAACH5BAQUAP8ALAAAAAC/ATkBAAP/ CLrc/jDKSau9+I3h9tpgBI5cpnji+JUmRqIQ3M50bd94ru98b8qn0ovVGAItxxUp6CsOU82odEqt Wq++o0cW6hABXdd3xQgledwzds1uu99wsRf8TWpZ4WD3DNxyVEowfkoxdUJ/iE5phnlxjo+QkVh3 dGpkZShLeip8jZWaT5+HnnSYo4OBmYCilpKur7CxhXOsKaGCh2RqL4RMpb5huF68epeVTMK/yrLM zc6RlKmFmpuNnGOKqpjZvtV31MvJpoCrz+bn6FbRihp4uNS8rYRpqbn1Y7tE4vfS6f7/AGtQ6oNt UTdTyLAtK0Xv2K+GUGYZW9dOXsCLGP3lMfOu/52TYg/dLex1rGEygyPzbQPpx96+jDBjagzFSiHB U+6W5AOlD6e2cQUVhutJbhVNmUiTNiPWzyM7h4E+SYDXMyoqhE6zLixnrZzSr2DDih1LtqzZs2jT ql3Ltq3bt3Djyp1Lt67du3ifCW2yN4Ybok3BtGCENa/hjH17JO7QRtCHIivlPD5BufLhy/+CisS3 LxhJESQTCbbs2XGZ0ajrPF58Wt9kPJhjp8O3+mDq0UJek56Qu3Km28C3TIa8e7hxbxpO+z4uu3ks 2pRhK2euGzho4rClK8/u9zNq6hRcL7fsvPwr6IK19+L8WxTvqLe1k6udvDj5+0im9/5uvv8j9P9/ gJcecbjhR+B+CAZX3YD1WVfQMKSIV6CB/lXIBoC4qRbdeO2pN1xv7TE4YYj86fdhgy6YaJ2FLF7I 02bDGMMQaSSChExxRgX4nVCAUccagTZC1eKQz0XxIxpE2tWjjaTE5hWSFyYJzWcbWSSZghtSKOWW 5YWY4Io3mDahiEdyaaaSX0rnoUAO7rbmmXAepqOaC5Y5VZvxHWfEnnz26eefgAYq6KCEFmrooYgm quiijDZqBGhp1pnDl2PqyJ+dcWaK1IOV4ihgBqBI6iGmmpaKkWbCjdfpDvK5qaepsJq1V6Sqknpd kMFoEeuuYs1KJUqw2MrrsLIIqxGxyMZk7Gz/yTZ70bLoQOvstGtIa4611GY7BbbOcKvtt1DKCu64 56HlLbnoznAuGh39qmG68P41TWFQNakufauqt268/N7JWK2uaskmnQB/2u/BrL6HJZlZLExpiQhH nLC/BDPMKq2rAhDAxhx37PHHIIcs8sgkl2zyySinrPLKLLfs8sswxyzzzCHz2GqeAtNgKcYSSuyz Dn3xDOakDtsH8c9ID6ZwxTsDja/QBicttcIHeprl0eq2i2sfU3f9w7zueifJvl6TS3a5ZadNdVln q51t22O7Lfe/4s5tN9ZfwX03sXpD0vfeu/7tiOCAm0o4HIcXnmni8irurACQ48B4Y44/HnmY/+ZW nizkAwggeeaaEwv55TZMHmXovArQOQCeY36W6aizNTrrn78e+66jd946m7bfbirppOsMNpPASl58 ruj5vvjutJfeYIJME10wd/fBrrxZwTN/L8VPGy199KNer+nlHGivNPdXP/y9qMbR7P778Mcv//z0 12///SD7GnDG0hcdvvhw0h0Dgne+7uCMf7Xz36sAaKbZDdB8oLrVAdXnvBNNEEgMTJIDBUPAr6Ho gkMTnoqod6kMckmAD6xgNnIStknlaEmesJ4Jk4LCFIqwbjMk0gYXsMMI9i6HQ9pgCXqYoh8CsULl 6yARLyBDdRwxiBBYYn6M+ET/QJB1HWQi6P+qWCHtDTGLU8QhF52TRAlcsQJNrEIax5gOMCrgjOHZ IhudA8fm2TGMbJujecxHhMvVkW551GNYkBea8LnxjZ475AfHskZBOi19OLNUAxQZOUUCkiyNdOQN 36Wa3CiEkon0oBg1+Sz4CEkY7+pgH0Ppw1GSciZm6N50orOfP1ZSlIF8ZSn39y4GrZICo/vjJRmp y1OdiISu2Q8WKyBFf7mymAEhJK50wUMIfqGZEsQkNPFiSSwKE4PE3KZduolNA+ZSnHPp5jJbeU50 sqWP5kQkLrXpznRuS471fMs3b9jOfLZln9t7pj9LpzUxXeGaV5RWJo000IkxzJOOKKfrBNr/0AIy BqJxkKgK+1nRrEEkVRlVJz/p2VEV9jI9f/tlNkcazpIOxjOznJMbRMo7iro0jE2jT+JoylK0tVBI ObtpeLSWmr4hVI0SrNKSjDdCWUZNqAC55tpq+hGrIVB4EoLeAqEqFp72NKf5eqoWLYhMcHK1pxEF KFWrNj2x4hF8x8GfXOdK17ra9a54pdmtohdCfsK1emdNoCsUqdC9SqqvAVUgYAO7UUl4NbFsDWtQ i2hVsE6WsSuNhFrXqiLJ4m2eShXbQp9oPWxsFq07Op6VKIdZi77ij4WlYmvxCIlKnhayLZ0tbWub yNu6Nre6jePgqhlM384TuMHNbEiLK9yJ/3I0uKq7EW/9+FjU5i25DiDfSCgXzDeMtmGzJaADn9QY 5jbOpi7tLu10pzp7NeGMGl0kbnsVXgcWt72EA97s4stQ2UKVufe9onEtoF/Vqde7+OTqflmnuxra UAoFNi+C/XvT7obSj+SpLgYiPODYoreiwKMdhifJ3xlw2G8JrjDz9htd8x3YBxs0sIbD9dySZi+6 lPEje2cMzBP/J8XpXbES3yhAHk+AldRtrHWV8t27aY+IrbPwgI/cvCT/mMI2LgLzhohIK8O4yl9E MZbrqd/sKifKnJPne6uMZjF/WJxlnuQDbrk7I0cAyW3m7HwHqeLeXoDO1YSxbXG8zuGO2f+dLJ7l ZCx8Ajtnd9AscLRzSQriRFMNyoLu7ZT5AmQyL3jDStw0iTVNYz3zuaMBfiqURW1DQvu0xugc9O54 RNwOsDrQhX41pQcqazTimsQ8sC8zmlzqWLf5xcyEoKTVfMdHThq5cLatmn+UxTTrgHTfJbZDPe3n XDsTjLcudLiLTd98MprZlxZwsMfN6UOT8r6//rO6d7Bs+f5WL9IEqrYlNuhAS8vaOJj1UmzBwiA5 0UT68iea6/zNxSyb3e3+YFkPSjfL7jtiDI+3M83IcONCHLzDnLg6YGqxy/4uJhl3a7IbPeOPq3zj 4zjmy03KywXk9eY4J9kAcs5zvO685yL/swn7TA4lkX8Wd/+48bOj2OXHljgOidEq0Sdm9IuzzeVR uKW3ic4aUjsd4ANfmlORCrCEZ8vVz4B3Fs+laQdznLhn8zBbja5GYFnj7K3bd6qxLmdL95iHU59w RQrjXldYnZH1pgKLWalkpttX2aN+I7Pcbbin10sc2KIu42fedW82es6jtjzUO506Qi+mrBi99sKb PQUJb77ZmvZc2+S+683xlJMF4pbmE8/x7OXa98juFulxd/t8g/TakV/6nMW7Q+Dz/p6U11QSCai/ ktMS+Q/c8p4fnd0aNh/d1xp+rDgnTKOsSKYBT74VQr17XINdCrSH9rAk7GtI6jQHT35+/xSVHWAr 67+/b1YqpDZMhZRV1pJ/M6dod8Z/O7ZOXnYOh9d4gSNi/0dvCBh4Crh/y2deeRZV4ndyBmYOFbhy 3KdeUZaBESeBYBGBYTGA8QQHI/h3vSdPfAd9ATg+npd2MHdcGjgVSVaD8PeBi0OBQHgDLkdtMqh1 RxcsQqgkMbUHbyJ5IXhpb1CEVHZkx5aASzZWN0gXnbEdeOOCzFSFLxhRYWaFIAdrc5FM9qcbQtFr BIaG4KeFZhVwr3cs0fcWbPghuXI0ZRR8+yeHW7dtFhg5LIiB0SQnnEAenLIappVI5YMEMch9STeJ BHhvpyYnTdGIvlSCdxgDlvhgdOhEov8XN3kIE5aXPDeTJbDxfckmiFi3L6U4JaeYEbMYU/QiEo/h ij12OLEIYWg3eV3oDId0i+8lcORkjC0giJMSiijIg5mIivAFiDB4gb3njNSHDs6oGE2Ydt2WfcUI hGEmioFoiFdQgWSzjeQWjbb4jTQIdnFGBeOocY/mjlWAjjbogbXYDNKWQrnTatiIjHXkd+sncLIR f+WGcsgWYgCJhi42kB0IN8zohd1IjAtZZ5GnjPXHeqA0h60nj5q4j8zwaYDHQTm2eBp5HaGGhR5J ghnAd3FnTCIpCxdWGStGXP1Xg8FTRm/nbV0HUCeIiG2BkOyIESn3e7XWf/f4kFc4iC7/mYTNcojb l3S/5ntq9mkfF2nL15Rft0/0hyIwtIp4IZWYCBBHqV3+p3U62YNMV5KX2GVx2F02oYuRtCP5mBkV +VoDVGu/l2dYiXXZ6JSSB3hKiIXf9JV7KEn3R5ZcqILXFRDx6IDAdkdKR442AG5wdJOFOYM9hmx7 WD0w0hyMyU7+UGZayZGSx2XkaGfzaGZ3tpfUaGa25Hc6wYgS9xAhOYyD9YBVtmhIKWf+iH/wZUaw +WKfxHqUiEUGSHK4mHopiJczOV3gF5TguJeT2XTCSSDTCI4a9YnXGZi4aDTot4L9o4b8yJvUyZec 6U2i5kZCFm+pBkyCmYPzaZtUIiOG/zGalFWJHSiFD6l99ViSxhVpw8mXN/aV92GP2feM67iGeelY JEmYBilRJtiSL0mcBhp6FKqg6rmEgpWG0KmbjrVM//mfr+iAm8ZHblmh3ImcwOaeE0meHyp/IiiF 9Wii4GRpRlaMODmYOOmdo9Gf16kt+tmYj6BOmhegSmqY4hZQPIqdsCdl2+mUQjQJuWmea4Ckq6d+ qCFSmzdlT8qePtp0YjiZmCl4z4mH0WJ3ugKhwpSkXGqZC3iTNUBEpymmUdpxd9aacmohRHl5SwWS ZbdViteZb9qnC/iCvGhiA9mjHKmnUcSn9EgtQmd/UQh9dNc3oLSpwPlnL0mnrURJjv/KlHC5laW6 oB5KiE74HnxVLTXHoOtGqrF5qpSlVlZJA7b0o4/aoTbEXkt6OgCoj3fSqhT3qgoAdMh6cz+XrMza rCWzrDATNJUFrJlakCc2YhgJBrM6hnWqVl80m++4klA6rnCZrakKK9JaNFYqc4t1mRB5rce2etsq n93qQxsari7WouTKYIwXo+e6FtVHrILKriVkhI36eDrqZ1J6Wgd4W92Jr4YZYSVooQcXrCEKSAIL fy8kWnbYk/1GgRIqpvM6o9ZpAlIETyTanQW2lf24JUT5IvQSdt2amfF6giGWk/7qlp96qCj6pit7 o35WpI8ponFqpt94tDibs2PaXA//i6Ibtq88tGP+KrRpmpC46qJjemBIG3u3iCnHabJNy5AERrHs mbMxuUtEC5uJ6qh4Sp9km6VgC0coK7bcuqnvRyR/OrRXe5TeFmN+m5xHCrZPG2NPW5/kp7RXWnsm W7bvuZ5bp45r62s0Vaaeargc6qr5+aB9B29k23zsRiqP+KmgVootq4GQC6vKB4Gaa52ca7lDGgs8 BVv6Krj7tDpmkrdMZoTYOWJadLryNkW2OrIsmzZU21yMurvpKZOTSmI8KW+kC6RFkrnReZU6aoqQ xan1CbSM6rtlWZ4Xq7iFK26Xa280aa6oakmrNIv8VbyG5700+pRCxr3AqLMGGrwt/ye/UsK+Owhq c4q4zsabpRq7t5iSxZoX+qtcJxqIGzmwdki5wrazHoe/+wmiaoqlCnzBU3UOi/eiGpW+ETzB+eu+ VruzkZu7KZt/DQjB9Uq8msua+ti6qSm81Ymr/mukq0q0LryuhQh7b1uOKxwtd1nB4EuvMAGz3YBQ ryekG0fAu5UkuEtDJmbC1CNJZzhJzUvCJnTAZcitW3g6UxyGwFldTKy60ovDwhpZudAXT2awNVzA VQvEM9nGExU+Z3Cr+znGxuuyIlyUTwnC3nV8CUcpkbm9M6TF5NuTytJZnZicdibBmGvADyrHNnwp XICfVZmikszAFCyM5pmv0JjIg/9MW85oyIaWunq7gYiqT+b7wwxEylrmuI6sl0tLwwCbuIj3ly9G U2l0Ngh6vGpxton4OntHkrEcN728wNnboC3yxJuCsyK2vHJxzIKbxd+bbx+QkyUrUq6svR37y7Zs HKFVLVkFJkVGf3wrxD0gzaLrzUGItlWlrk40zqMisSt6GTKMQaMcQCIMVhTEwJkav51afm5xzxhK zQaUsf48dtraMZDzMQ0dAALgrD330DMT0RI9P9B60XdFa9P6yCB0zZ0aaMX8yapHb+8UxJyMxt5D dsaKH0xJWCwCO9uMpqaGJ5carNUa0iGLXW7B0fDsxoD6ln33UgV3eaOYNDONWkv/VXjtO4ZnVKkP tZjcqMn9AcxnPMRDjcztyor/msijdybMLBOd13DvPBTUxNNNHYB2ukIYdFKioTlJPZUm3JlN7Nat IZRC7WxIhNJwfIPq1CpVNyYW3M63u8cy+pSsYXyVbBtoTdPv+7oVFdfdO9cy6M4WW9V8TcZ+LXtx ItP6TLJ8zJaNzc6bLVSSTdKUzZLKS9h7zdrf+9i84tlgbdinPNpjubodddqkCdtH7Waujdm/ndK8 HSuyXdigfdi2DcnTG9nfHNqHrNnB3SWZHX7LfUKlbN3HXdvJXRdxrdv84t2T7Nx5Td3TfZDlLXzV rcdfbdymnNrbzd24zdxlPNj6/wk34K2qyqwX8Y3diPPZ7Q3F733b6e1P963VI7y/6LzJ0h3d0B1N UJg801Lc/C2BRbFQ44y6AX7SYNnbU21BHE7g34x7hrcHhJrBr63gZHTeMhtziCV4llUTjhLjMj7j NF7jNn7jOJ7jjfI8LT5cN53h5v3joyfkQH4ZL35l1lfk5t2GY0NUSi6aTi7Wl1DhjVQVRwy6E2Hl B0KX25VAbbpaovRRXhsZLyEQWl7mTgIiirZGpiFTyoQEaq7mlLwccu4tHbINb+5CHMLVV4JR48k7 cc7nC64+mUQnngTmYGiXgr3n1XEucj4geb4+GfLoXOjnGD5Wlh7pmMHlJ+VmmZKOgY9eMY1OVuBV 54v+SKbe5VQDIj0zx1yt6UbO6B/e4SUh6JRFcnle1IHaPw/eEhFH4ou8n7HU46306V0tF6k+6+Fi 7GM+Iome6MoE64AOWNI+7c5e7Ty+yNgiHm6O1z09EXV43arA5bd+CgZHI5tgybwOHYhe7mTe7Fee 7mHy4CzR7k9+7/ie7/q+7/ze77eTAAA7 ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_Images/return.gif R0lGODlhlAAQAMQAAP////f39+7u7ubm5uLj4+Pj4uPi497f39bW1tnPydvIu97BruC6oOOzk+Ws heileOuea+2XXfCQUPKJQvWCNfd7J/p0Gv1tDf9mAP4BAgAAAAAAAAAAAAAAAAAAAAAAACH5BAUU ABkALAAAAACUABAAAAX/ICKOZGmeaKqubOu+73EUwyAIAaDrcO//wKBQJCvQbrkdoBcZOp/Qn8xQ QyqXMEx0y+2OZIQq7prFaL3otPQQto2V5bOKYjZTEqjHUNFg6dUxbGJJOy91ZisUFQwMDRcSJw9y QBcQK5KAgW1WcC6HkycUFCOiCAsWGHenqQgUDqYUCwsUEBgNrqhNIxEYFq8QFxgSeCKrow2osQgO EbwUCplgg2Qtn4gpFBYQELyWFxMMFRMKdJYYlgwYjBgVEAq9DRIYCyMOqQz2D46QIuTn7xLCWUBQ S4KjCdEEuSHEo5q1ORcoBNOTTgIEOgTPnEOQbl0fBBs7ktioSAQvErUypuJpoC5lxoSb3hRiYa0O tlELLlTgKGybJZch1YkEiU7dSEslEZwckbLWypYY8LhUI20htRU1r4UaxdMbBQYRftpCoJMBnXUM RARNO0LYgnz7UNoCKDCjwW8ww3CaqSKrza275q2y0IfBhQvLgvFCq7YoWxETMOgBJoyYCMOIkaWi V8sZPUBg9MpsmKm0j6mlp0zrZLq1C9QwV/N1TTuFgsepFe7VEQIAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_Images/RBALogo_grey.gif R0lGODlhEQAPAPcAAP////Dw+ejo8N7e8Nra6c7O5s7O4szMzMPD3sLCyr+/ybq62Lq60LOz3bOz 07OzyrS0xq2t1a2tx6qqzKKi0aSkxJ2dxZWVw5GRwI6OxWZmwP4BAgAAAAAAAAAAAAAAAAUAAAAA AAAA5gEbAAEAAABg+RIA6rhAAEYBFwAFAAAAAAAAAOYBGwAFAAAAEBhVAEYBFwDmBQ4AvKNVABgA AADehvZ3FAAAAAAAAAAAAAAAAAAAABz5EgAoAAkAAAAAAAAAAAA8+RIAAAgTAPHk+HcAABMADAAA AAAIEwAAAAAAFPkSAAAAAACw/xIApB/5d0DY+Xf/////APoSAHBM9ndIBRMAaPoSAAAAAABw+hIA AAATAEMAAACiAKQA+MgWAKIACAKAKRMAAAAAAAAAAABA2Pl3/////0D6EgAOR/Z3UBITAID6EgDo +xIAAAAAAFj6EgBwTPZ3SAUTAHtk53eE+xIAAAAAAGh1YwCQPhUAJAMAAFD6EgDquEAAAgBjAAQA AABMARMADPoSAGk96HdodWMALcP2d8B1+ncuw/Z3QH36dwjKFgAAAAAAheX4dwDKFgAAABMAAAAA ADT6EgCADBMA8eT4dwAAEwAkAAAAgAwTAAAAAAAM+hIAr072dzT7EgCkH/l3QNj5d//////4+hIA cEz2d0gFEwB7ZOd3CAAAAKhzSAAAAAAACMoWAHtk53cAAAAAAQAAAFIAQgBBAEwATwBHAAEAAAAu AEcAAAAAAFT6EgAYABoAsP8SAES383coyvN3/////6Qf+XfcTUMACMoWAHtk53cAAAAAAQAAAAB/ PLjjmsABDwBoCyCawAEAORi545rAAQAAAADtAAAAAAAAAIz7EgBSQkFMb2dvX2dyZXmgBBMAMTd4 MQAAAABmAOd3IAEAAH0AAABEAAEBRPsSALMo8HcAABMACAAEABgBAAB7ZOd3AAAAAAAAAAAAAAAA AAAAAMTARABOyxYA9EAVAFLLFgD6c0gA/////wDLFgAuwUQATssWACH5BAEAABsALAAAAAARAA8A QAiKAAEIXADhgMGDByBQECiwoMEECTBYuKAAoQUAExgyXHCggcaGAidc/MhwwgWSAisczEBygYII Hw8M0MjgAAIABAxWCEBS5YECGiWgFEhAA8kAPg9e4DkUQICCIzUKmAA0JkkGLA1OICCwpgWeAh4k FOjgoIWZApEeXNjQJsoACipoNMByKAKYAAICADs= ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_images/spacer.gif R0lGODlhAQABAID/AMDAwAAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.rba.gov.au/_images/background.gif R0lGODlhsQQgA7MAAAAAYyEha1pae5ycnLW1tcbGxs7OztbW1t7e3ufn5+/v7/f39/////////// /////ywAAAAAsQQgAwAE/vDISau9OOvNu/8fgiSkoixMqq5sCrxwLM90bd94ru987//AoHBILBqP yKRyyWw6n9CodEqtWq/YrHYG6nq/4LBYIiIlTKiWWrVtu9/wuHxOr9vv+Lx+z+/rx4CBgoMaZSUn a4l+i4yNjo+QkZKTlJWWl3SEmpucXYZniIlqmKSlpqeoqaqrrK2uVJ2xsrMHn2iio6+6u7y9vr/A wcK+tMXGgLahuCvDzc7P0NHS09TRx9fYISOHacts1eDh4uPk5ebnRNnq6xbJ3d4M6PLz9PX29/iP 7Pvr7vDf+QIKHEiwoMGDMPgpvObvXzyEECNKnEixoqmFGGk1/Gexo8eP/iBDinSSsWSnjfBGqlzJ sqXLiSZjEkLp7aXNmzhz6nQmsyeybaDe1dxJtKjRo0gX+VwKhuaypFCjSp1KdQnTqyCc4qrKtavX r1SxiuWgVRTYs2jTqg05ti2GsorWyp1Lt+48t3gpwF1jt6/fv4B/5R28N1fgw4gTK9Y3GG/hFosj S55MeUtjx0BvOazMubPnz0Iuu33MArTp06hBi25Lmlnq17Bj/109tjVA2bhz665KW6xtF7uDCx+e szfW3w+JK1/O3KLxq8ibS59OPeBzptGra9/OHdz1pdm7ix9Pntd3n+HLq1/P3tL5nunby59PP897 mfHr69/P/8r9mPn1/ifggAQa8Z9JARao4IIM1nBgSQk2KOGEAz6YUYQUZqhhexZihOGGIIa4XYcL fSjiiSgSR6JCJqbo4ouwrchPizDWaCNnMu5D44089nhYjuzs6OOQRMoFZD+ZKZNSkUw22deR6gjp 5JRUHgVlNlJWqeWWL12JTZZchinmR14ylKRQT42p5potlXkMmGzGKSc+bhoD55x45llOncXcqeef gFrD5yx+BmroocQMKkuhiDbqqCqKLnqmQ8k9aumlgkV60qSbYerpp65ouqkZmnEE6qmoliIqJ4ym 6uqrbqy6Sauw1mrrFLJqQuutvPaaRK4zcWqqr8QWiwWwgyAXwLLM/jbr7LPQRivttNRWa+212Gar 7bbcduvtt+CGK+645JZr7rnopqvuuuy26+678MYr77z01mvvs8gKgpwA/Pbr778AByzwwAQXbPDB CCes8MIMN+zwwxBHLPHEFFds8cUYZ6zxxhx37PHHIIcs8sgkl2zyyQDnGwhyA7Ts8sswxyzzzDTX bPPNOOes88489+zzz0AHLfTQRBdt9NFIJ6300kw37fTTUEct9dRUV2311VjHrPJPpCrpDQFghy32 2GSXbfbZaKet9tpst+3223DHLffcdNdt991456333nz37fffgAcu+OCEF2744YgnrvjiZG89BnIF RC755JRXbvnl/phnrvnmnHfu+eeghy766KSXbvrpqKeu+uqst+7667DHLvvstNdu++2456777rxX 7rgYyBkg/PDEF2/88cgnr/zyzDfv/PPQRy/99NRXb/312Gev/fbcd+/99+CHL/745Jdv/vnop6/+ +uy3b/zvYSAnwvz012///fjnr//+/Pfv//8ADKAAB0jAAhrwgAhMoAIXyMAGOvCBEIygBCdIwQpa 8IIYzKAGN8jBDt4Pfk0RFjzMQMISmvCEKEyhClfIwha68IUwjKEMZ0jDGtrwhjjMoQ53yMMe+vCH QAyiEIdIxCIa8YhITKISl8jEJqYQhF9AjgmmSMUqWvGKWMyi/ha3yMUuevGLYAyjGMdIxjKa8Yxo TKMa18jGNrrxjXCMoxznSMc62vGOeMyjHvfIxz5eEYpeQM4CBknIQhrykIhMpCIXychGOvKRkIyk JCdJyUpa8pKYzKQmN8nJTnryk6AMpShHScpSmvKUqEylKlfJyla68pCA9IQIKUXLWtrylrjMpS53 ycte+vKXwAymMIdJzGIa85jITKYyl8nMZjrzmdCMpjThEcuszHKa2MymNrfJzW5685vgDKc4x0nO cprznOikZTW10TU0pfOd8IynPOdJz3ra8574zKc+95nLdXoAOfwMqEAHStCCGvSgCE2oQheqAn92 AKAMjahE/idK0Ypa9KIYzeg5HUqWa2r0oyANqUhHStKSmhShHN0ARE/K0pa69KUwjalMXZrSQnh0 pjjNqU53ytOe+rScNc3ASn9K1KIa9ahITSpOg/qWmyr1qVCNqlSnStWBMvUCQ62qVrfK1a569au4 vGo7nArWspr1rGhN61TFWoGsqvWtcI2rXOeqULbqhax0zate98rXvqbTrhNwq18HS9jCGvaw6gRs LfCK2MY69rGQPaxiF9vOyFr2spjNbFwnK1jNevazoA0tSTnLWNGa9rSoTe1ESVtZ1br2tbCNbUBZ yw3Z2va2uM0tOGkbFN369rfADe4weVsq4Rr3uMhNLguI/us15Tr3udB9LXPdGd3qWve6kJ0udrfL 3e4OVrveDa94x2tW8JL3vOhNb1LNq972uve9MGUvfOdL3/peVL72za9+9ytQ/PL3vwAOMDr9K+AC G/jA0yQwghfM4AYLU8EOjrCEJ/wPCFP4whi+sIUzzOEOH3jDHg6xiPML4hGb+MTpLTGKV8zi7aq4 xTCOcXJfLOMa2zi3NL6xjnec2hzz+MdAzqyPg0zkIktWsZ01spKXDNchM/nJUEark6NM5SprdcpW zrKWkYrlLXv5yzrtMpjHTGaWirnMaE6zRs+s5ja7maFsfrOc59xfJJeWznjO80HjrOc++9mcfP6z oAfN/s1AE/rQiHamoRPN6EYTc9GOjrSkdQnpSVv60tS0c2sxzelOG7PSng41pkEt6lJHmtSmTjWi Ua3qVv+Z1a6ONZ5hLetau5nWts51mXGt6157mde+DnaVgS3sYjOZ2MZONpGRrexm75jZzo62jKEt 7WqvmNrWzraIsa3tbmeY294Ot4TBLe5yL5jc5k63gNGt7nbvl93ujjd94S3vereX3vbON3nxre9+ d5ff/g64dQEu8II7l+AGT7hxEa7whvuW4Q6PuG0hLvGKu5biFs+4aTGu8Y57luMeD7llQS7ykjeW 5CZPOWFRrvKW75XlLo+5XGEu85qnleY2zzlYca7z/p5vlec+D7pUgS70oq9X07U1utIfjvTeLv3p tyU61Ke+1KYXl+pY37jVm5v1rmtW6l4P+0jBLvayr3nr1DW72leO9rW7HbFkf7vcExr3ududoHW/ u973mfe9+92eff+74OMZ+MEbfqNtP7zif574xTt+6I1/vOSPDtgkT/7yIi085jev6Mhz/vNVr/yd QU/6zHu+9Kg/qeZTz/perr71sA/r6WNPe4u+vva498btc8/7Ney+98Bv6OyDT/zZDr/4yMfn75OP ++Uzn/bOfz7soy991lO/+qi/PvZJr/3tf7773t88+MN/+fGTX/LmP7/j069+xbO//YZ/P/wFL//5 /vu9/vbXO/7zb/f981/u/vd/bheAAqh2BFiAZXeACBh2CriAXdeADoh1EBiBUzeBFPh0FniBSpeB Glh0HNiBQfeBINhzIjiCOVeCJlhzKJiCMbeCLNhyLviCKReDMlhyNFiDIXeDONhxOriDGdeDPlhx QBiEETeERNhwRniECZeESlhwTNiEAfeEUNhvUjiF+VaFVlhvWJiF8baFXNhuXviF6RaGYlhuZFiG 4XaGaNhtariG2daGblhtcBiH0TaHdNhsdniHyZaHelhsfNiHwfaHgNhrgjiIuVaIhlhriJiIsbaI jNhqjviIqRaJklhqlFiJoXaJmNhpmriJo3Z8/p74fJ0YipM2iqR4aqB4isVniqrIaKzYiquWirDY e684i4NWi7b4arKYi7WHi7yoZ774i7O2i8LYesFYjHJ2jMh4a8S4jKWnjM6YZtAYjbvWjNTIedN4 jWCWjdr4a9bYjZPHjeCYZeI4jsP2jea4eOWYjlC2jux4bOj4joPnjvJoZPRYj8sWj/i4d/e4jz/W j/74bPoYkHMHkARpYwZ5kNM2kAq5dgnZkC32kBB5bQw5kWInkRZpYhiZkdtWkRyZdRv5kR0WkiL5 bR5ZklBHkihJYSq5kuN2ki5pdC0Zkw02kzR5bjB5kz5nkzppYDzZk+uWk0Bpcz85lP9VlEb5/m5C mZQuh5RMaV9O+ZTztpRSaXJRWZXvdZVYeW9UuZUep5VeiV5gGZb71pVkaXFjeZbhlZZq+W9m2ZYO x5ZwiV1yOZcD95Z2aXB1mZfQtZd8eXB4+Zf+5peCiVyEWZgLF5iIaW+HuZjA1ZiOyXSit2mR2YKK WZlgeJmYOYaauZlm2JmemYagGZpsOJqk+YameZpymJqqWYes2Zp4+JqwuYeyOZt+WJu2GYi4mZuE uJu8eYi++ZuKGJzC2YjEWZyQeJzIOYnKuZyW2JzOmYnQGZ2cOJ3U+YmTmXTX6YTWuZ2l2J3eiYrZ 6XThOZjgWZ6ueJ7oGYvjeXXrKW+Q+Z5H/taeXCef6haf9sl29Jl2+Slu+NmfffWfAPpy6jmgeSag BkpXCJqgM1egDJqMDvqgzLifEvqZFFqhonmhGFqaGrqhqNmhHrqaIBqirjmiJBqbJnqitJmiKnqb LNqiuvmiMNqbMjqjwFmjNjqcOJqjxrmjPJqcPvqjzBmkQvqcRFqk0nmkSFqdSrqk2GlXluekibag Ukp5UDp6VcppVJqlRrWlXEpUXvqlPhWmYspTZFqmYRahaCqQTbqmh3ambipTcBqn8aWmdLqQbXqn fjanempmdtqnLMangFpSgjqoY/enhqqRiJqoHZmnjPpmhfqoZ+eokqpmkVqp97WomIph/pe6qRTV qZ4qUaAaqnCmqaQaYaN6qnRnqqrKYKnaqgb1qrCKd6w6qz5Zq7YalJSaq1Qmq7zKd7j6q/zlq8Kq fMFarCR2rMhaX8S6rPTUrM4qT9AarfA0rdT6V8p6rVy5q9r6j9narWL5reBaltw6rjdmreYqTuia rrslruzqluX6rjC2rvJaaO5ar9dFr/iaTfq6rwl2r/7alwAbsIAZrwTbqFdKmQerZP26sM3UsA67 TBAbsck0sRR7TBZ7scWUsRo7XAPbsZKZsNoJsjzGsST7SyZ7sq73sSo7cSzbsrGVsjDbTy87sxdX szbbYzibs6clszybWAb7s7oqsuQp/rQUGbRGe5Q7m7Qft7RMK2RO+7SX5bNSKwpUW7W+F7VY+1hX u7XLpbVeC3dgG7aG1bVkywBmS7ZpG7Zr67Vtu7Vvi7VxW7VzK7V1+7R3y7R5m7R7a7R9K7R/+7OB y7ODm7OFa7OHO7OJC7OL27KNq7KPe7KRS7KTC7KV27GXq7GZe7GbS7GdG7Gf67Chu7Cje7ClS7Cn G7Cp66+ru6+ti6+vW6+xK6+z+661y663m665a667O669C66/263Bq63De63FS63HG63J66zLu6zN i6zPW6zRK6zT+6vVy6vXm6vZa6vbO6vdC6vf26rhq6rje6rlS6rnG6rp66nru6nt/oup71up8Sup 8/uo9cuo95uo+Wuo+zuo/Quo/9unAaynA3ynBUynBxynCeymC7ymDYymD1ymESymE/ylFcylF5yl GVylGyylHeykH7ykIYykI1ykJSykJ/yjKcyjK5yjLWyjLzyjMQyjM9yiNayiN3yiOUyiOxyiPeyh P7yhQYyhQ1yhRSyhR/ygScygS5ygTWygTzygUQygU9yfVZyfV2yfWSyfW/yeXbyeX4yeYVyeYxye ZeydZ7ydaXyda0ydbRydb+yccbycc4ycdVycdyycefybe8ybfZybf2ybgTybgwybhdyah6yaiXya i0yajRyaj+yZkbyZk4yZlVyZ/pccmZnsmJu8mJ2MmJ9cmKEsmKP8l6XMl6ecl6lsl6s8l60Ml6/c lrGslrN8lrVMlrcclrnslbu8lb2Mlb9clcEslcP8lMXMlMeclMlslMs8lM0MlM/ck9Gsk9N8k9VM k9cck9nsktu8kt2Mkt9ckuEskuP8keXMkeeckelskes8ke0Mke/ckPGskPN8kPVMkPcckPnsj/u8 j/2Mj/9cjwEtjwP9jgXNjgedjgltjgs9jg0Njg/djRGtjRN9jRVNjRcdjRntjBu9jB2NjB9djCEt jCP9iyXNiyediyltiys9iy0Niy/dijGtijN9ijVNijcdijntiTu9iT2NiT9do4lBLYlD/YhFzYhH nYhJbYhLPYhNDYhP3YdRrYdTfYdVTYdXHYdZ7YZbvYZdjYZfXYZhLYZj/YVlzYVnnYVpbYVrPYVt DYVv3YRxrYRzfYR1TYR3HYR57YN7vYN9jYN/XYOBLYOD/YKFzYKHnYKJbYKLPYKNDYKP3YGRrYGT fYGVTYGXHYGZ7YCbvYCdjYCfXYChLYCj/X+lzX+nnX+pbX8RAAAAOw== ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: text/css; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Content-Location: http://www.rba.gov.au/_Stylesheets/speeches.css TD H1 { FONT-SIZE: 140%; COLOR: black; TEXT-ALIGN: center } TD H2 { FONT-SIZE: 120%; TEXT-ALIGN: center } TD H3 { FONT-WEIGHT: normal; FONT-SIZE: 110%; TEXT-ALIGN: center } TD H4 { FONT-WEIGHT: bold; FONT-SIZE: 100% } TD H5 { FONT-WEIGHT: normal; FONT-SIZE: 100%; FONT-STYLE: italic } ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: text/css; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Content-Location: http://www.rba.gov.au/_Stylesheets/homepage.css TD.content A.recentnews:link { COLOR: #003399; TEXT-DECORATION: none } TD.content A.recentnews:active { COLOR: #003399; TEXT-DECORATION: none } TD.content A.recentnews:visited { COLOR: #003399; TEXT-DECORATION: none } TD.content A.recentnews:hover { COLOR: #ff6600; TEXT-DECORATION: none } TD.content A.newslink { FONT-WEIGHT: bold; COLOR: #003399; TEXT-DECORATION: none } TD.content A.newslink:link { FONT-WEIGHT: bold; COLOR: #003399; TEXT-DECORATION: none } TD.content A.newslink:active { FONT-WEIGHT: bold; COLOR: #003399; TEXT-DECORATION: none } TD.content A.newslink:visited { FONT-WEIGHT: bold; COLOR: #003399; TEXT-DECORATION: none } TD.content A.newslink:hover { COLOR: #ff6600; TEXT-DECORATION: none } TD.content .head_no_link { FONT-WEIGHT: bold; COLOR: #000066 } TD.content A.headlink { FONT-WEIGHT: bold; COLOR: #000066; TEXT-DECORATION: none } TD.content A.headlink:link { FONT-WEIGHT: bold; COLOR: #000066; TEXT-DECORATION: none } TD.content A.headlink:active { FONT-WEIGHT: bold; COLOR: #000066; TEXT-DECORATION: none } TD.content A.headlink:visited { FONT-WEIGHT: bold; COLOR: #000066; TEXT-DECORATION: none } TD.content A.headlink:hover { COLOR: #ff6600; TEXT-DECORATION: none } TD.content A.more { FONT-WEIGHT: bold; FONT-SIZE: 85%; COLOR: #ff6600; TEXT-DECORATION: none } TD.content A.more:link { FONT-WEIGHT: bold; FONT-SIZE: 85%; COLOR: #ff6600; TEXT-DECORATION: none } TD.content A.more:active { FONT-WEIGHT: bold; FONT-SIZE: 85%; COLOR: #ff6600; TEXT-DECORATION: none } TD.content A.more:visited { FONT-WEIGHT: bold; FONT-SIZE: 85%; COLOR: #ff6600; TEXT-DECORATION: none } ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: application/octet-stream Content-Transfer-Encoding: quoted-printable Content-Location: http://www.rba.gov.au/_Scripts/MainStylesheet.js if (navigator.appVersion.toLowerCase().indexOf('mac') !=3D-1) document.write(''); else document.write(''); ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: application/octet-stream Content-Transfer-Encoding: quoted-printable Content-Location: http://www.rba.gov.au/_Scripts/Images.js function MM_swapImgRestore() { //v3.0 var i,x,a=3Ddocument.MM_sr; = for(i=3D0;a&&i0&&parent.frames.length) { d=3Dparent.frames[n.substring(p+1)].document; n=3Dn.substring(0,p);} if(!(x=3Dd[n])&&d.all) x=3Dd.all[n]; for = (i=3D0;!x&&i // =20 ------=_NextPart_000_0000_01C3AA1E.D0FE8DB0 Content-Type: application/octet-stream Content-Transfer-Encoding: quoted-printable Content-Location: http://www.rba.gov.au/_Scripts/Pathbar.js function path_bar () { var theURLa =3D document.URL; if (theURLa.indexOf("?") !=3D -1){ var temp =3D theURLa.split("?"); var theURL =3D temp[0]; } else { var theURL =3D theURLa; } // alert(theURL); =09 var URLarray =3D new Array(); URLarray =3D theURL.split('/'); URLarray =3D URLarray.slice(3); var theRelString =3D './'; var relURLarray =3D new Array(); var dirs =3D Array=20 (=09 {dir:"BankingServices",name:"Banking Services"}, {dir:"AlertMessage",name:"Alert Message"}, {dir:"EmploymentOpportunities",name:"Employment Opportunities"}, {dir:"1995andEarlier",name:"1995 & earlier"}, {dir:"FinancialSystemStability",name:"Financial System Stability"}, {dir:"MediaReleases",name:"Media Releases"}, {dir:"MonetaryPolicy",name:"Monetary Policy"}, {dir:"StatementsOnMonetaryPolicy",name:"Statements on Monetary = Policy"}, {dir:"PaymentsSystem",name:"Payments System"}, {dir:"PrivacyStatement",name:"Privacy Statement"}, {dir:"PublicationsAndResearch",name:"Publications & Research"}, {dir:"Links",name:"Links to Related Sites"}, {dir:"AnnualReports",name:"Annual Reports"}, {dir:"AnnualReport2003",name:"Annual Report 2003"}, {dir:"AnnualReport2002",name:"Annual Report 2002"}, {dir:"AnnualReport2001",name:"Annual Report 2001"}, {dir:"AnnualReport2000",name:"Annual Report 2000"}, {dir:"AnnualReport1999",name:"Annual Report 1999"}, {dir:"AnnualReport1998",name:"Annual Report 1998"}, {dir:"AnnualReport1997",name:"Annual Report 1997"}, {dir:"PaymentsSystem2003",name:"PSB Annual Report 2003"}, {dir:"PaymentsSystem2002",name:"PSB Annual Report 2002"}, {dir:"PaymentsSystem2001",name:"PSB Annual Report 2001"}, {dir:"PaymentsSystem2000",name:"PSB Annual Report 2000"}, {dir:"PaymentsSystem1999",name:"PSB Annual Report 1999"}, {dir:"conference_volumes",name:"Conference Volumes"}, {dir:"OrderForm",name:"Order Form"}, {dir:"RDP_Order",name:"RDP Order Form"}, {dir:"RDP",name:"RDPs"}, {dir:"Contact",name:"Contact Us"}, {dir:"ResearchPapers",name:"Research Papers"}, {dir:"FinancialServices",name:"Financial Services"}, {dir:"OccasionalPapersAndOtherReports",name:"Occasional Papers & Other = Reports"}, {dir:"SiteMap",name:"Site Map"}, {dir:"SubmissionsToParliamentaryCommittees",name:"Submissions To = Parliamentary Committees"}, {dir:"Structure",name:"Structure of the RBA"}, {dir:"MonetaryPolicyMediaReleases",name:"Monetary Policy Media = Releases"}, {dir:"NoteIssue",name:"Note Issue"}, {dir:"CurrencyNoteProduction",name:"Currency Note Production"}, {dir:"CurrencyNotes",name:"Currency Notes"}, {dir:"ConferencePapers",name:"Conference Papers"}, {dir:"PolymerNoteTechnology",name:"Polymer Note Technology"}, {dir:"ActionPlan",name:"Online Action Plan"}, {dir:"search",name:"Search"}, {dir:"_error404",name:"Error"}, {dir:"_error500",name:"Error"}, {dir:"VirtualGlossary",name:"Glossary"}, {dir:"GraduateOpportunities",name:"Graduate Opportunities"}, {dir:"LegalFramework",name:"Legal Framework"}, {dir:"PaymentsPolicy",name:"Payments Policy"}, {dir:"PaymentsOperations",name:" RBA Payments Operations"}, {dir:"AustralianPaymentsSystem",name:"Australian Payments System"}, {dir:"StatisticsCollection",name:"Statistics Collection"}, {dir:"CommunityLiaison",name:"Community Liaison"}, {dir:"PolymerCurrency",name:"Polymer Currency Notes"}, {dir:"EventsDiary",name:"Events Diary"}, {dir:"JudicialNotice",name:"Judicial Notice"}, {dir:"History",name:"History of the RBA"}, {dir:"Head_Office_Building",name:"Head Office Building"}, {dir:"KeyFacts",name:"Key Facts"}, {dir:"ChartPack",name:"Chart Pack"}, {dir:"EMailService",name:"E-Mail Service"}, {dir:"NewsArchive",name:"News Archive"}, {dir:"HomePageRedesign",name:"Redesign"}, {dir:"FinancialRestrictions",name:"Financial Restrictions"}, {dir:"CreditCardSchemes",name:"Credit Card Schemes"}, {dir:"AboutTheRBA",name:"About the RBA"}, {dir:"DomesticMarketOperations",name:"Domestic Market Operations"}, {dir:"LiquidityManagement",name:"Liquidity Management"}, {dir:"OpenMarketOperations",name:"Open Market Operations"}, {dir:"SpecialLiquidityFacilities",name:"Special Liquidity Facilities"}, {dir:"FiscalAgentOperations",name:"Fiscal Agent Operations"}, {dir:"PaymentsInAustralia",name:"Payments in Australia"}, {dir:"BISCommitteeOnPaymentAndSettlementSystems",name:"BIS Committee on = Payment and Settlement Systems"}, {dir:"PaymentsInOtherCountries",name:"Payments in Other Countries"}, {dir:"IAConsultationDocument",name:"I"}, {dir:"IICommissionedReport",name:"II"}, {dir:"IIISubmissionsReceivedVolume1",name:"III Vol 1"}, {dir:"IIISubmissionsReceivedVolume2",name:"III Vol 2"}, {dir:"FinalReforms",name:"IV"}, {dir:"CommunityLiaison",name:"Community Liaison"}, {dir:"SecurityFeaturesAndCounterfeitDetection",name:"Security Features = and Counterfeit Detection"}, {dir:"ResponsesToConsultationDocument",name:""}, {dir:"EftposInterchangeFeeReform",name:"EFTPOS Interchange Fees"}, {dir:"ResponsesToDiscussionPaper",name:""}, {dir:"TendersOfCommonwealthGovernmentSecurities",name:"Tenders of = Commonwealth Government Securities"}, {dir:"InternationalFinancialTransactions",name:"International Financial = Transactions"}, {dir:"DailyMoneyMarketAndCapitalMarketRates",name:"Daily Money Market & = Capital Market Rates"}, {dir:"StandardsForClearingAndSettlementFacilities",name:"Standards"}, {dir:"EligibleSecurities",name:"Eligible Securities"}, {dir:"FinancialInstitutionsInAustralia",name:"Financial Institutions in = Australia"}, {dir:"FinancialSystem",name:"Financial System"}, {dir:"ATMInterchangeFeeReform",name:"ATM Interchange Fee Reform"}, {dir:"TheAustralianEconomy",name:"The Australian Economy"},=20 {dir:"NotesInCirculation",name:"Notes In Circulation"}, {dir:"CoinsInCirculation",name:"Coins In Circulation"}, {dir:"UnderstandingStatistics",name:"Understanding Statistics"}, {dir:"OperationalNotes",name:"Operational Notes"}, {dir:"ResponsesToAccessRegime",name:""} ); for (var j=3D0; j < dirs.length; j++) { for (var i =3D 0; i < URLarray.length; i++) { if (dirs[j].dir =3D=3D URLarray[i]) { URLarray[i] =3D dirs[j].name; } } } for (var j=3D0; j