With the Reserve Bank of Australia’s long-awaited interest rate cut rolling out, Crikey readers added their voices to Bernard Keane’s point that it’s a stinging indictment of the government’s “strong economy” illusion. Readers went a step further in accusing the RBA of mismanagement itself. Elsewhere, readers took a similar line in their denouncement of the economic policies that lead to Australia’s productivity crisis.
Simon Mansfield writes: Since 2004, the RBA mismanaged two mining bubbles, two currency bubbles and finally the great housing bubble. The so-called “independent” central bank of Australia has failed over and over for 15 years. It’s independence is a complete fiction with no direct legislative basis and exists purely on the whim of a ministerial note. Maybe time for elected politicians to take actual responsibility for the economy and stop outsourcing the decisions to an overpaid central bank that keeps failing.
Marcus Hicks: The lost decade, Bernard calls it. Well, guess who has been in office for two thirds of that decade? That would be the Liberal-National Coalition. Not just at a federal level but also at a state level in many cases. So the loss of this decade must surely come from the failed twin strategies of austerity and trickle-down. Time for neoliberals to rip those articles of faith out of their bibles.
John Brooker writes: Scomo and co. trumpeting their alleged superior economic management credentials for the whole of the recent campaign managed to suck a majority of voters into believing it. Most of this was known before the election and, believe it or not, Labor had policies to fix a lot of the Coalition’s blinkered incompetence and adherence to the bankrupt theory of a trickle-down based economy.
Wayne Cusick writes: No doubt the Productivity Commission’s solution to the problem it identified is to sell a government asset — perhaps the NBN.
Scott Grant writes: It might be time to bring the old quote from Alex Carey (Taking the risk out of democracy: propaganda in the US and Australia), out of storage: “The twentieth century has been characterised by three developments of great political importance: the growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.” We don’t use the word propaganda enough. It describes pretty much the entire output of the Murdoch press and lot else besides.
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