The Sydney Morning Herald’s political editor Peter Hartcher wrote a great article about Australian Reserve Bank chairperson Philip Lowe, with some economic commentary. From paragraph eight:
Other countries’ officials like to joke that Australia, which holds the world record for the longest economic boom of any developed nation in history, has special, mystical powers so that its good times never end.
“Business cycles don’t last forever, unless you’re Australia, where they’re in year 27 – which feels like forever,” US Federal Reserve Chair Jay Powell has quipped. The calendar has since flipped over to 28 years.
Lowe fears that our time is up. He’s using his power over interest rates to pull Australia back from the brink. But official rates are nearing zero per cent. Lowe is preparing the way for the eventuality that they hit zero and need to go further, into the weird world of “unconventional” measures, a world Australia has never entered.
Philip also discusses flatline wages growth, which has meant living standards are already trending backwards. And I doubt it’ll change any time soon with the current motley band of buck-passing, swivel-eyed halfwits in charge. The good news is those descriptions are fun to write.