{"id":14814,"date":"2017-02-12T20:05:45","date_gmt":"2017-02-13T01:05:45","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=14814"},"modified":"2017-02-12T20:05:45","modified_gmt":"2017-02-13T01:05:45","slug":"reserve-bank-chief-gently-reproves-turnbulls-failings","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/12\/reserve-bank-chief-gently-reproves-turnbulls-failings\/","title":{"rendered":"Reserve Bank chief gently reproves Turnbull&#8217;s failings"},"content":{"rendered":"<p><a href=\"http:\/\/www.theage.com.au\/business\/the-economy\/reserve-bank-chief--dr-philip-lowe-gently-reproves-turnbulls-failings-20170211-guaoqp.html?promote_channel=edmail&amp;mbnr=MTQyOTU1Nzk&amp;eid=email:nnn-13omn658-ret_newsl-membereng:nnn-04%2F11%2F2013-business_news_am-dom-business-nnn-age-u&amp;campaign_code=13IBU020&amp;et_bid=29065390&amp;name=2033_age_busnews_am&amp;instance=2017-02-12--20-18--UTC\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/02\/1486932775519.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>RBA governor Philip Lowe told the Turnbull government to get moving on infrastructure last Thursday. From Ross Gittins:<\/p>\n<blockquote><p>Another point worth noting is Lowe&#8217;s implication that the budget needs to achieve balance in spite of the huge cost of cutting company tax.<br \/>\n&#8230;.Note, too, Lowe&#8217;s reference to &#8220;achieving a balance between <em>recurrent<\/em> spending and fiscal revenue&#8221; (my emphasis).<\/p>\n<p>This isn&#8217;t the first time he&#8217;s quietly taken issue with Treasury&#8217;s longstanding practice of exaggerating the size of budget deficits by lumping spending on capital works in with recurrent spending \u2013 unlike the state governments.<\/p>\n<p>Borrowing part of the cost of building infrastructure that will deliver economic and social benefits for 30 or 50 years is in no way &#8220;living beyond our means&#8221;.<\/p>\n<p>And, indeed, one place higher on Lowe&#8217;s to-do list than achieving budget surplus in spite of company tax cuts is the task of &#8220;providing adequate high-quality infrastructure to help our citizens be as productive as they can be and enjoy a high quality of life&#8221;.<\/p>\n<p>He notes we&#8217;ve got a strongly growing population which, if we fail to invest in sufficient infrastructure, including transport infrastructure, can &#8220;impair our ability to compete and be as productive as we can be&#8221;.<\/p>\n<p>It&#8217;s surprising how many people are great advocates of high immigration levels, but won&#8217;t countenance the increased spending and borrowing needed to provide the additional infrastructure \u2013 roads, public transport, hospitals, schools \u2013 used by all the extra people.<\/p>\n<p>Then they wonder why our productivity performance is weak.<\/p><\/blockquote>\n<p>Productivity improvements require more than just infrastructure, but it&#8217;s a start. A modern infrastructure lowers input costs and makes industry more competitive.<\/p>\n<p>Other structural adjustment, in addition to infrastructure spending, is needed to make Australia competitive in global markets instead of simply digging holes in the ground. Some day the ore and coal may run out, or demand shrink, leaving a hole in exports.<\/p>\n<p>Electricity costs are one of my favorite examples, where the average retail price of electricity is almost 3 times that of the US, Canada and Mexico&#8230;.and more than 4 times that of India and China. Basic input costs like this help to make economies competitive. Some may argue that Japan and Germany are successful despite similar high electricity costs, but consider how much more competitive they would be if they could match their trading partners.<\/p>\n<p>Source: <a href=\"http:\/\/www.smh.com.au\/business\/the-economy\/reserve-bank-chief--dr-philip-lowe-gently-reproves-turnbulls-failings-20170211-guaoqp.html\">Reserve Bank chief Dr Philip Lowe gently reproves Turnbull&#8217;s failings<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBA governor Philip Lowe told the Turnbull government to get moving on infrastructure last Thursday. From Ross Gittins: Another point worth noting is Lowe&#8217;s implication that the budget needs to achieve balance in spite of the huge cost of cutting company tax. &#8230;.Note, too, Lowe&#8217;s reference to &#8220;achieving a balance between recurrent spending and fiscal &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/12\/reserve-bank-chief-gently-reproves-turnbulls-failings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Reserve Bank chief gently reproves Turnbull&#8217;s failings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-14814","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reserve Bank chief gently reproves Turnbull&#039;s failings - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank chief gently reproves Turnbull&#039;s failings - the patient investor\" \/>\n<meta property=\"og:description\" content=\"RBA governor Philip Lowe told the Turnbull government to get moving on infrastructure last Thursday. From Ross Gittins: Another point worth noting is Lowe&#8217;s implication that the budget needs to achieve balance in spite of the huge cost of cutting company tax. &#8230;.Note, too, Lowe&#8217;s reference to &#8220;achieving a balance between recurrent spending and fiscal &hellip; Continue reading &quot;Reserve Bank chief gently reproves Turnbull&#8217;s failings&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/12\/reserve-bank-chief-gently-reproves-turnbulls-failings\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-13T01:05:45+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2017\/02\/1486932775519.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Reserve Bank chief gently reproves Turnbull&#8217;s failings\",\"datePublished\":\"2017-02-13T01:05:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/\"},\"wordCount\":399,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/1486932775519.jpg\",\"articleSection\":[\"Stock Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/02\\\/12\\\/reserve-bank-chief-gently-reproves-turnbulls-failings\\\/\",\"name\":\"Reserve Bank chief gently reproves Turnbull's failings - 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Net Debt is projected to peak at 18.6 percent of GDP in 2017\/2018, with the budget returning to surplus in 2019\/2020. Source: Budget.gov.au The ASX 200 is\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42755,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/06\/27\/australia-recession-risks\/","url_meta":{"origin":14814,"position":1},"title":"Australia: Recession Risks","author":"Colin Twiggs","date":"June 27, 2023","format":false,"excerpt":"Excellent chart from Shane Oliver at AMP which illustrates the lag between interest rate rises and their impact on the economy: ....Despite the RBA progressively hiking rates to 18% over 1988 and 1989 the unemployment rate kept falling, prompting many to argue the economy was impervious. But then in late\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"RBA Cash Rate & Unemployment","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-27-aus-rba-u3-lag.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-27-aus-rba-u3-lag.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-27-aus-rba-u3-lag.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-27-aus-rba-u3-lag.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-27-aus-rba-u3-lag.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-27-aus-rba-u3-lag.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":7678,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\/","url_meta":{"origin":14814,"position":2},"title":"How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty","author":"ColinTwiggs","date":"May 4, 2013","format":false,"excerpt":"Dan Mitchell discusses a new National Bureau of Economic Research working paper entitled \u201cShrouded Costs of Government: The Political Economy of State and Local Public Pensions.\u201d ....The politicians give the bureaucrats excessive compensation. But they make it difficult for taxpayers to figure out how they\u2019re getting robbed by concentrating a\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5465,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/14\/tony-robbins-the-national-debt-and-federal-budget-deficit-deconstructed\/","url_meta":{"origin":14814,"position":3},"title":"Tony Robbins &#124; The National Debt and Federal Budget Deficit Deconstructed","author":"Colin Twiggs","date":"September 14, 2012","format":false,"excerpt":"The $15 trillion U.S. national debt -- how big is it really? And what can we do about the enormous federal budget deficit? http:\/\/youtu.be\/jboTeS9Okak","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/jboTeS9Okak\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13245,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/04\/banana-republic-budget-macrobusiness\/","url_meta":{"origin":14814,"position":4},"title":"Banana Republic Budget |MacroBusiness","author":"ColinTwiggs","date":"May 4, 2016","format":false,"excerpt":"David Llewellyn-Smith sums up Australian Treasurer Scott Morrison's Budget with one chart: According to Treasury, Australia\u2019s terms of trade are going to settle at a gentlemanly plateau far higher than they have even been in history outside of the China boom. Source: Welcome to the Banana Republic Budget - MacroBusiness","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9828,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/19\/where-are-the-budget-alternatives-macrobusiness\/","url_meta":{"origin":14814,"position":5},"title":"Where are the Budget alternatives? | | MacroBusiness","author":"ColinTwiggs","date":"May 19, 2014","format":false,"excerpt":"Hats off to Leith van Onselen for his perceptive comments on Australia's current budget stoush: The point is, it\u2019s fine to oppose Budget savings if you can provide an alternative plan to cut expenditure and\/or raise taxes. But simply opposing measures without providing alternatives, as has been done by the\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=14814"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14814\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=14814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=14814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=14814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}