O'BRIEN: So if the rest of the world economy is now getting worse than you anticipated when you produced the mid-year review, won't some of your assumptions in that mid-year review be out of date too - like growth? Three weeks ago you expected growth in Australia to slow from 2.5 per cent down to 2 per cent in this financial year. Surely growth will now be slower than that too won't it? Has to be.
SWAN: Well it most probably will. We said when we produced the mid-year economic review that all the risk was on the downside, and events since then confirm that that is the case.