I think the honourable member would actually benefit from listening to the Reserve Bank governor; although he often says he knows more about the economy than the Reserve Bank governor. The Reserve Bank governor says in his statement:

Economic activity in the major countries is also weakening, and evidence is accumulating of a significant moderation in growth …

He goes on further to say:

The recent deterioration in prospects for global growth, together with much more difficult market conditions … now present the risks that demand and output—

this is about Australia—

could be significantly weaker than … expected.

…            …            …

Given that background, the Board judged that a material change to the balance of risks surrounding the outlook had occurred …