THE DISTILLERY: Rates overreach

Commentators are wrapped in intense interest rate speculation, but one shows the drama is overdone.

Reserve Bank governor Glenn Stevens will probably grapple with two feelings at today’s board meeting – frustration and relief. He’ll be frustrated that the interest rate decision is heavily influenced by choices made by European policymakers, who stand atop a poorly managed economy with a darkening outlook; and in any case many of their choices have yet to be made. But by the same token, he’ll be relieved that he sits atop a well-managed economy with a bright future. The Herald Sun’s Terry McCrann has the perspective to drag his readers out of the dire European narratives to show how the attention on this interest rate decision is being overdone. Another business writer to some extent adds to this point by demonstrating just how little the Australian economy needs a rate cut if viewed in isolation. But it’s not all interest rate speculation this morning, with one business columnist following MAp boss Kerrie Mather and her quest to reshape Australia’s busiest airport.

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