Philip Lowe, Governor of the Reserve Bank of Australia
Speaking as part of a panel in Australia today. Some quick headlines via Reuters:
- Says domestic economy likely to grow bit faster over next couple of years
- Jobs growth has strengthened, business surveys have improved noticeably
- Global economy has improved, pick up broad based
- Headwinds include slow wage growth, higher debt levels and high housing prices
- Average growth in per capita incomes likely to be lower over coming years
- Says need economic reforms that can successfully navigate the political process
Lowe's remarks in those bullets above on the strengths and weaknesses of Australia's economy are not too bad a quick summary at all. Not news to anyone who has been following along. Notable points (for me at least) are these two contrasting points from the labour market:
- Jobs growth has strengthened ... Headwinds include slow wage growth
Yes. They were both a problem until recent months, but last week's employment report confirmed at least jobs growth is improving.
Australian dollar is a little lower, but there hasn't been much in it so far for the session. Asia is about to ramp up activity in the next hour or so.
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The full text is here: The central issue is: where does the future growth in the global and Australian economy come from?
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Lowe speaking at the 2017 Crawford Australian Leadership Forum. The 'theme' of the event is "Global Realities, Domestic Choices: Responding to a Digitalising, Deglobalising, Post-truth world", the 2017 Forum will focus on appropriate public policy responses to some of the most difficult economic, security and social problems facing the world in general, and Australia in particular.
