One of the key structural drivers of economic performance is economic openness which measures the connectedness and mobility of economies that comes about through international trade, capital flows and the movement of information and people.

The past five years have been tough, with the building trades entering a sharp decline from 2007 and then finding themselves in a protected recessionary trough. Confidence of building contractors remain at low levels, with building plans passed, buildings completed and transfer duty paid also remaining near cyclical lows

One couldn’t possibly be too careful. Three years into recovery and the European crisis hanging over us like a Sword of Damocles, with media reports this month of bankers calling the bottom of their credit impairment cycle as their book growth is starting to create renewed increases in portfolio provisions, some are looking out for the next recession while others may just want to turn cautious naturally.