Rate cut for a rainy day

It’s obvious the soft patch outlined in Labor’s economic update demands lower rates. This temporary cushion can be removed when growth returns to trend next year.

The macroeconomic debate is reaching a crescendo, with the government releasing its economic and fiscal update on Friday and the Reserve Bank of Australia all but certain to cut interest rates to a fresh record low tomorrow.

Like interest rates, the economic debate in Australia is at a low level, with discussion of the budgetary position and the stance of monetary policy framed in political terms by both sides of politics and not analysed in economic management terms.

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