Philip Lowe says the current tax system is hurting Australia’s productivity,with the GST rate too low and income tax too high.
The former Reserve Bank governor has joined the chorus of voices warning that interest rates may have to stay higher for longer.
For more than 25 years I taught with pictures of famous economists above the black/whiteboard to inspire my students. They were:Adam Smith,David Ricardo,Karl Marx,John Maynard Keynes and Milton Friedman. Guess who completed the row?
The Reserve Bank has,like clock-work,met on the first Tuesday of the month to set interest rates. That is about to end as it embarks on major reform.
A US court has voided billionaire Elon Musk’s $80 billion pay package,while the judge took a swipe at chair Robyn Denholm and board member James Murdoch.
Michele Bullock had been in a honeymoon period with Australia’s mortgage borrowers since she took the RBA’s governor role in mid-September. That’s over now.
Treasurer Jim Chalmers said the passing of the midway mark of the transition,underway since last year,was welcome news,but acknowledged that families continued to face cost of living strain as inflation was still high.
We should start the move away from monetary policy.
The outgoing boss of the Reserve Bank will be seen as a man caught by the changing tide,a victim of the economics profession’s then failure to see what everyone these days accepts as obvious.
After seven years heading the Reserve Bank,Philip Lowe heads for the door with experts divided over his legacy.
Philip Lowe has used his last speech as Reserve Bank governor to argue that setting interest rates will get tougher as inflation swings more wildly in coming years.