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'We will fall behind': The RBA governor warned political intransigence threatens to hold the country back

Tuesday, Jun 20 2017
'We will fall behind': The RBA governor warned political intransigence threatens to hold the country back

RBA governor Phillip Lowe delivered a short speech at an event in Canberra this morning where he expressed optimism about the global outlook and the broad positive contribution that technology is poised to deliver in terms of living standards. He was less sanguine, however, about getting anything done in terms of economic reform in Australia. Here’s a short excerpt (emphasis added): ‘’As things currently stand, it looks likely that average growth in per capita incomes over the next quarter of a century will be lower than over the past quarter of a century.’’

‘’We should, though, be capable of stronger growth than we have seen over the past few years. But we can’t take this for granted. It is important that we have a sharp focus on the reforms that can make a real difference to our living standards. If we don’t do this, we will fall behind. The positive news is that there is no shortage of good ideas here. The not-so-positive news is that there is a shortage of good ideas that can successfully navigate the political process.’’ That a failure to deliver economic reform might cause some problems is no surprise. But for Lowe to use a short speech to land the point in Canberra underlines the chasm between the need for changes and the ability of politicians to deliver it any time soon.

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