Philip Lowe participated recently in a webinar here: https://webcasting.boardroom.media/broadcast/5ee2d9a0f560be42e6cfd6bf His contributions are highlighted in black so it's easy to skip through and read his thoughts on a post-COVID world. When asked whether the future is likely to see a permanent rise in risk aversion, he had this to say: I don't share his outlook. There is a very high proportion of the electorate that is completely risk averse to new technologies and are using their political muscle to stymie the widespread adoption of new technologies, three that immediately spring to mind are GM foods, 5G and fracking. There's other technologies such as autonomous vehicles as well as economic innovations such as tax and industrial relations reforms that will face an almost insurmountable wall of objection from special interest groups supported by a largely ignorant population. And politicians are more likely to utilise that lobbying and ignorance to pursue their own ends rather than encourage the adoption of innovative technologies and legislation. Philip Lowe remains optimistic however. He may have more faith in politicians and the general electorate than I do.
It holds true what you say, I have spoken to a number of people who in Qld state election will vote Labor because "they always have because their parents did" One can't help but roll ones eyes at these monkeys who refuse to look at facts & figures and use a discerning mind to make an informed determination of who will do the best job for them. These same people that hate 5g but ask them to explain the difference in technology from 4g they look at you like they dont understand the question. Mind you these are the same sort that sneeze into their elbow then want to use same elbow to greet you with because its what they have been told to do.
coal and jobs, palaszczuk is safe as houses. interestingly the world and private enterprise moves on as robots really do replace jobs https://www.abc.net.au/news/2020-06-23/woolworths-automation-will-eliminate-700-jobs/12385292 bring out the union busters.
It's going to be hard to change the mindset of Australians both in government and general population that government support is needed for large innovative long term projects. People need to understand what was the lead driver of accelerated growth and progress over the last 100 years. America and Japan from 1945 - 1990~ and China from 1990~ to now. A smart and well functioning active government is needed alongside an innovative population, unfortunately we have ScoMo and property flippers.
Interesting too is that most people that think 5G is amazing have no idea why it's better. Got to be fair to both sides
Was listening to the radio the other day and the upcoming QLD election was being discussed. It was noted that Palaszczuk was (and to no one's surprise) playing politics with Covid-19 as she / QLD Labor know they are on the nose with the majority of QLD but if they can hold seats in SE QLD, they may retain Govt....and as Palaszczuk's closed state border policy had polled well in SE QLD seats, she played the Covid-19 card for essential votes whilst throwing the rest of QLD to the wolves as she doesn't need those seats (ie tourist towns) to retain Govt.
Yep, the Govt can help "reenergise the entrepreneurial spirit" by getting rid of the RBA (Aust seemed to do okay before 1959 when CommBank filled that roll) and spend the AUD460m the RBA spent on admin / staff costs in 2019 on supporting new industry and tech development. Is it just me, but growing up RBA Governors were rarely heard or seen and RBA press releases weren't the lead news story. Philip Lowe seems to believe in and love his own self importance.....maybe he should take a pay cut and run for parliament as he appears to have the ego to do so and most certainly appears to be trying tell the Govt how to run the all aspects of the economy......or maybe I missed the memo that central bankers really do run the show now.
Central Bankers probably haven’t been independent for decades. Lowe understands how our modern monetary system works and is using the guise of “forward guidance” to put pressure on our politicians to play ball with fiscal policy.
philip lowe's job is to pump the economy, while creation money out of thin air. he is calling the shots on fiscal policy https://www.abc.net.au/news/2020-04-07/coronavirus-economy-printing-money/12125816
thats why they use words like "quantative easing" so they trick sounds legit. he also throws in "technonogy" so we can all nod and agree that this is shirley the future that will bring positive growth back, please stop burning 5g towers.
I’m on a mobile at the moment, briefly the government funds its own activity. It can do away with the need to issue bonds and the RBA’s responsibilities associated with that.
They could do that for sure, or they could just get the RBA to buy $460 Billion of fresh government debt. Either way works. The main issue atm is our government are full of corrupt morons that have no clue how to run a country.
