The policy interest rate has been maintained at 2.5% since March 2011 when it was cut by 50 basis points after the earthquake. In Australia and New Zealand, the policy interest rates at end-2012 were similar to the troughs observed during the global financial turmoil in 2009. As a result, Australia’s output growth is expected at 2.5% in 2013, supported mainly by mining exports to Asian countries, particularly China.