##ibration to the central bank. once in place, it will complete our macroprudential framework for bank capital. we will announce the buffer rate and phase - in period in due course. * * * future plans : reviewing our framework i want to take this opportunity to mention our plans for the future, at least as far as macroprudential policy is concerned. in waterford a fortnight ago, i highlighted the importance of taking stock and learning lessons, as we think about the continued development of our macroprudential framework. very broadly, the framework has three pillars : i. measures to strengthen the resilience of banks, where the level of capital is key ; ii. measures to strengthen the resilience of borrowers and lenders, including through the mortgage rules ; and iii. continued consideration of the need for, and possible design of, measures to strengthen the resilience of market - based finance, where the macroprudential framework is still under development. first, bank capital. the framework for bank capital has developed incrementally as we have implemented policy reforms following the crisis. earlier, i announced the results of our decisions on the countercyclical capital buffer and the osii buffer. as we move to complete our macroprudential framework for bank capital it is important to take stock and consider how the overall bank capital framework works together to deliver what we judge to be an appropriate level of capital for the banking system in ireland. i want us to take a holistic view. this includes looking at how the macroprudential buffers interact with other policies aimed at increasing resilience, such as those aimed at strengthening bank resolvability or microprudential capital requirements. this will be an important part of our future work programme. second, the mortgage measures. every year we review their calibration, not least to prevent inaction bias. the decision not to change them today represents positive action rather than a sign of inaction. 5 / 6 bis central bankers'speeches it is now five years since the introduction of the measures. i want to be very clear that they are a permanent feature of the irish market. nevertheless, it is good practice to review periodically not just the calibration of policy, but also the over - arching framework. the advent of additional data, such as the central credit register for example, will allow us to think in more depth about the effectiveness and design of the measures. our future work

. the first is growth in real non - farm gdp. i use non - farm gdp simply because farm gdp can be highly volatile due to droughts and floods. that, as rural producers know only too well, has been a constant feature of the australian experience. on average, growth in the economy in the two periods under review was very similar, at about 3. 4 per cent ( graph 3 ). but there was a marked change in the middle of the 1970s. after a number of years of very rapid growth, the economy encountered much more adverse circumstances from 1974 onwards. that was true for most countries, though australia ’ s relative performance on some metrics deteriorated. from 1975 to 1979, the average growth rate was a full percentage point lower than in the period from 1971 to 1974. the period was also noteworthy for the close proximity of two episodes of cyclical weakness, in 1974 / 75 and 1977. there was also a recession in the early 1980s. graph 3 real non - farm gdp growth * then and now ; year - ended % % 4. 0 % 2. 9 % - 2 % - 2 % 3. 4 % - 2 - 2 * average annual growth based on hp - filtered trend. sources : abs ; rba the current decade so far has seen average growth of 3. 4 per cent, though the next couple of years will probably see growth noticeably lower than that. what is quite noticeable from the chart is the relative stability of growth in recent years, something that was a feature of the second half of the 1990s as well. this pattern was observed in many economies over the same period. of course, the 1970s makes for a flattering benchmark in that it was the most unstable period in macroeconomic terms in the entire post - war period, so even average performance will look better than that. but, in fact, the period since the mid 1990s has been very stable by any standard. those who have looked into this in detail have posited several possible contributing factors, including better macroeconomic policy frameworks, a wide range of microeconomic reforms in labour and product markets, and luck. the weak growth of the latter 1970s was associated with an upward trend in unemployment ( graph 4 ). from a low of 2 per cent in the early 1970s, it rose to about 5 per cent in the mid1970s recession, and then drifted higher over the remaining part of the decade. similar trends were observed abroad. the big rise in real wages in the