High rates saving Australia's economyBY ALEX DUNNIN | THURSDAY, 13 DEC 2012 8:00AMNear zero US interest rates giving US authorities very few macroeconomic tools to stimulate their economy other than quantitative easing illustrates the folly in arguments that the RBA should follow suit and slash rates in Australia. |
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Yes Glen Stevens and the Board of the RBA deserve full credit for this strategy. Unfortunately the actions of the Rudd government in listening to the RBA and Treasury has not received enough credit for saving Australia from the effects of the GFC. Instead they have been backed into a corner to come up with a surplus to dispel the attacks of the opposition on Labor having no financial credentials. A no win situation. A wait and see attitude would have seen upwards of 8% unemployment and a collapse in real estate values that would have put us back with the rest of the world. It seems that for Australia to be the Lucky Country you have to create your own luck sometimes.