From the Oz: RBA boss Philip Lowe leaves ministers frustrated.
The Morrison government is increasingly frustrated with Reserve Bank governor Philip Lowe’s calls for it to spend more to lift the nation’s flagging productivity, after a confidential cabinet briefing from the RBA boss on Monday left ministers exasperated by an absence of detailed policy ideas.
Dr Lowe in a speech on Wednesday again exhorted the Coalition to do more to foster business spending as he highlighted a “troubling decline in productivity growth”, despite “fantastic” economic fundamentals. “While the reasons for this are complex, it is hard to escape the conclusion that higher levels of investment spending would promote productivity growth and our collective living standards,” he said.
Look Phil, have you not been paying attention to the last lost decade of public sector spending and how it’s left the economy adrift, and not just ours?
Hop on one of those streetcars down George Street to see just how wildly wasteful public spending is. Come along to Melbourne and look at the new tunnel we’re building.
Why don’t we build some more windmills? Solar panels?
Maddening to see how shallow public sector economists are. They will be the ruin of us.