Abbott needs to take charge and redirect the economic debate

The argument that a weaker Australian dollar is needed to ensure our continued economic expansion is severely misguided and places the country at greater risk of a recession.

The Abbott government missed a great opportunity to show some economic leadership last week -- leadership the country desperately needs. Instead, the House of Representatives Standing Committee on Economics continued to indulge a fanciful theory that has proven to be wrong: a theory that actually places Australia at greater risk of a severe recession in future years. 

Specifically, the committee spent far too much time discussing the exchange rate on the underlying premise that currency strength was bad and that weakness is good.  

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