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pietillidie
Joined: 07 Jan 2005
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| Post subject: The RBA Hammers Abbott's Horrific Economic Mismanagement |  |
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Pascoe is understating with his title, so I've corrected it for him via this thread title. This is an absolute deserved hammering of a shoddy, jobs-for-elite-cronies, future-damning economic policy that is trading your value and the hope of you and your children to have high-paying careers to feed elitist, anti-competitive mining capital.
| Pascoe in The Aged wrote: | RBA's Glenn Stevens damns with faint praise
In his first speech since the federal budget, Reserve Bank governor Glenn Stevens has damned it with the faintest of praise.
And he's effectively undermining Joe Hockey's forecasts for the two key areas the government is relying on for economic growth.
Within the restrained conventions of what our central bankers say about government policy, Stevens' speech in Brisbane is red hot, essentially calling on governments to get off their collectively failing behinds and invest more in the nation.
- Where Hockey forecasts decent growth in non-mining business investment, Stevens fears it is going backwards.
- Where Hockey depends on household consumption continue to rise in real terms, Stevens warns it's gone about as far as it can go, thanks to the debt binge we've already been on.
- Where Hockey was boasting about the surprisingly positive size of March quarter economic growth, Stevens warns the unseasonal lift in export volumes that made it possible is unlikely to be repeated this quarter.
- Where Hockey denies a Sydney housing bubble and talks up rising prices (along with getting a good, well-paid job), Stevens is "acutely concerned" about "crazy" prices.
- Where there was once talk of an "infrastructure Prime Minister", Stevens points out that public investment went backwards by eight per cent over the past year.
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The speech builds on RBA rhetoric that has been steadily heating up criticism of what is not happening beyond monetary policy.
The warnings have been growing that monetary policy has done about as much as it can, that it's up to unspecified "others" to do greater lifting.
It's not hard to work out who the "others" are.
It was effectively spelt out by the RBA deputy governor, Phillip Lowe last August: government has much more to do if we are to have the sort of high-value-add, high-wages, high-productivity nation we desire.
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http://www.theage.com.au/business/the-economy/rbas-glenn-stevens-damns-with-faint-praise-20150610-ghkric
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In the end the rain comes down, washes clean the streets of a blue sky town.
Help Nick's: http://www.magpies.net/nick/bb/fundraising.htm |
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Lazza
Joined: 04 Feb 2003
Location: Bendigo, Victoria, Australia
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Nothing is ever new with right wingers in government. The rich always get richer while the poor can please themselves whether to be poor or vanquished. 
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Don't confuse your current path with your final destination. Just because it's dark and stormy now doesn't meant that you aren't headed for glorious sunshine! |
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