It is below the target band of between 2 and 3 per cent nominated by the Reserve Bank. Our fiscal strategy has delivered the lowest business interest rates since 1965. And they are now a 30 year low. The Budget deficit has been controlled. I strongly believe getting the macroeconomic settings right in the first place is the key ensuring industry success and profitability.
Industry can only prosper in a sound and well managed economy.
And that is why we concentrated so much on the fundamentals. And I believe the results are now showing we got them right. But at the same time, we were also aware of the need to get industry policy, itself, right. The last two years have been the most significant years for industry policy in 20 years. Every major area of industry policy has been reviewed.