From James Glynn at the Wall Street Journal:
- Glenn Stevens is saying it’s up to the government to provide the spark for recovery
- Stevens sent a thinly veiled message to Canberra this week, seeking leadership and a forward-looking program aimed at boosting productivity and protecting living standards as the economy confronts the end of a long mining boom
- imploring the three-month-old conservative government to enact reforms — or Australian living standards will drop in coming years.
- Eight interest rate cuts over the past two years have brought the country’s benchmark interest rate to record lows, but have failed to spark a broad-based economic recovery. Cutting them more might push an already frothy housing market over the edge.
Always very worth reading James Glynn; this piece is not gated: From Australia’s Central Bank, A Cry for Help
