Greg Jericho
As Michele Bullock keeps answering questions and suggesting that “there is still a little excess demand in the economy than we thought”, there was this fun little line in the Statement on Monetary Policy:
“There are also uncertainties regarding the assessment that monetary policy remains a little restrictive, the lags in the effect of recent monetary easing, the balance between aggregate demand and potential supply for goods and services, conditions in the labour market and the outlook for productivity growth.”
So basically the RBA is uncertain about monetary policy impacts, how much demand is in the economy, the labour market and also productivity… but you know, apart from that they really are across everything!
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The RBA has become a self-perpetuating rolling fraud on the Australian people. We have people in incredibly secure positions earning massive salaries (and some enjoying specific privileges to artificially low interest rates on their mortgages) ruling the roost over the financial lives of everybody.
Which part of 'What is Wrong with This Picture?' does the RBA refuse to see?