Philip Lowe RBA
RBA governor Philip Lowe

"There are signs the economy may have reached a gentle turning point," Reserve Bank governor Philip Lowe told parliament's Economics Committee on Friday. What he didn't say -- but what would be confirmed a couple of hours later -- was that the turning point, if ever reached, was going to lead to a tepid economy not particularly different to the stagnant, low-growth mess we're now in.

Appearing before a committee chaired by Liberal MP Tim Wilson, you could forgive Lowe for some sleight of hand in his opening statement. Wilson -- that brave tribune of wealthy retirees against the interests of millions of workers and their families -- has of late simultaneously managed to attack the RBA for cutting interest rates (hurts his rich seniors mates) while also criticising it for not doing enough to stimulate the economy.