Austerity is dead, long live austerity

With soft Australian growth data coming in amid even more disappointing global figures, Europe is starting to holster austerity theory and the Reserve Bank should be doing the same.

It had to happen and the message will spread.

Pierre Moscovici, Finance Minister in France, has put the kybosh on fiscal and economic austerity saying “we are witnessing the end of the dogma of austerity – austerity on its own impedes growth”.

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