The AFR reports this morning that RBA governor Glenn Stevens “has challenged leaders of the Group of 20 countries to implement politically tough policy changes needed to deliver on their 2 per cent growth pledge”.
Stevens told the AFR that the 2% growth target “reframed” the mission of the G20:
“The key thing is having articulated that goal deliberately – it is a new thing for the G20 to do that – that all the countries go away and come back with the concrete plans to get there.”
Turning to the domestic economy and the reforms and challenges Australia faces, Stevens said that workplace arrangements “can’t be off the table”.
This is a political hot potato in the Australian economy at the moment, with the demise of manufacturing being blamed in many circles as much about such arrangements as it has been about the Aussie dollar and globalisation. So Governor Stevens intervention, though subtle, won’t have been missed in the halls of Parliament, corridors of corporate Australia or the trades hall councils around the nation.
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