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living the good times « Previous | |Next »
September 27, 2005

I notice that Alex Erskine over at Henry Thornton is saying the following about the Australian economy:

Interest rates are about to rise ....What has been blindingly obvious for a year or more is about to come true. The boom in the resource states is overwhelming the bad times in the latte-society states. The housing bust is not restraining the economy sufficiently; the exchange rate has been too low in the face of such extraordinarily favourable terms of trade; the labour market has been too tight for too long; and high and higher oil prices have been too high for too long and are leaking into wage rises.

Blindingly obvious? We haven't heard much on things turning pear-shaped from the corporate media or the Howard government. What we do hear about is low unemployment rates, ever increasing budget surpluses and skills shortages holding back the booming economy.

Listening to the media leads me to think that we never had it so good because of the astute and prudent economic management by the Howard government. That is why we need all that new industrial relations reform based on individual contracts ---to keep the good times rolling on. The new era in industrial relations, we are contantly told, will herald in a new level of prosperity.

Now we hear that price pressures are everywhere. Innflation is lurking in the back of Treasury's mind. And the Reserve Bank as well? Nope. They still think in terms of terms of smooth market adjustments and stability.

Alex Erskine pointed out that it was the Assistant Treasurer Mal Brough who was unusually forthright in his recent comments on the economy on Sydney radio about the need to slow the economy. Is he pointing to a slowing economy facing higher interest rates? One that will see some people fall off the edge fo the new level of prosperity?

| Posted by Gary Sauer-Thompson at 2:57 PM | | Comments (1)