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COVID-19 lockdowns a 'mass sacrificial event'


COVID-19 lockdowns a ‘mass sacrificial event’
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Perceptions that the economy is stronger than before the coronavirus pandemic are wrong and lockdowns have cost Australia at least $60 billion, according to a Sydney economics professor.
University of NSW economist Gigi Foster said Australian policymakers were responsible for the “greatest economic policy debacle in a generation”, had succumbed to COVID-19 “mania”, and experts who challenged them had been subjected to intimidation and bullying.
University of NSW economist Gigi Foster is a sceptic of lockdowns.
 
The economics profession contributed to the mistakes by refusing to participate in a debate over the costs and benefits of lockdowns, Professor Foster told an economics conference this week. ....

Danielle Wood , Warwick Mckibbin , Louise Kennerley , Adam Creighton , Grattan Institute , Economics Society , Economic Society Of Australia , Economic Society , University Of Melbourne , Australian Bureau Of Statistics , Reserve Bank , Australian Bureau , டேனியல் மரம் , பண்படாமனித இயல்பு கிரெய்டன் , க்ர்யாடெந் நிறுவனம் , பொருளாதாரம் சமூகம் , பொருளாதார சமூகம் ஆஃப் ஆஸ்திரேலியா , பொருளாதார சமூகம் , பல்கலைக்கழகம் ஆஃப் மெல்போர்ன் , ஆஸ்திரேலிய பணியகம் ஆஃப் புள்ளிவிவரங்கள் , இருப்பு வங்கி , ஆஸ்திரேலிய பணியகம் ,

Phil Lowe: RBA won't raise rates to cool housing


MacroBusiness
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at 10:00 am on July 9, 2021 | 10 comments
In the Q&A to yesterday’s speech to the Economic Society of Australia, RBA governor Phil Lowe hosed down speculation that interest rates would be lifted to cool the property market:
“I sometimes read commentary that we’ll raise interest rates to choke-off housing prices. And with housing prices rising quickly, the Reserve Bank will raise interest rates to choke that off. That’s a misunderstanding of our reaction function. We won’t be raising interest rates to choke off housing price increases.
“If borrowing is unsustainable, then we’d be talking with APRA about macro-prudential tools. But we’re not going to use monetary policy to deal with rising housing prices. It would be the wrong thing to do and I don’t think it would work… ....

Phil Lowe , Economic Society Of Australia , Economic Society , Reserve Bank , பில் குறைந்த , பொருளாதார சமூகம் ஆஃப் ஆஸ்திரேலியா , பொருளாதார சமூகம் , இருப்பு வங்கி ,

The federal government has defended high migration levels, after the RBA suggests closed borders are creating pockets of wage growth


The federal government has defended high migration levels, after the RBA suggests closed borders are creating pockets of wage growth
David Adams
Brendon Thorne/Getty Images
The federal government has defended Australia s historic immigration levels after Reserve Bank of Australia governor Philip Lowe commented on the ties between migrant labour and wages.
As the international border remains closed, keeping many skilled workers out of Australia, the Department of Home Affairs pointed to research showing migrant labour had little negative impact on wages.
But Lowe only said wage growth has been experienced in specific hotspots , as wage increases remain modest for most workers. ....

Philip Lowe , Brendon Thorne Getty , Australian National University , Committee For Economic Development Of Australia , Economic Society Of Australia , Department Of Home Affairs , Getty Images , Reserve Bank , Home Affairs , Business Insider Australia , Australian Financial Review , Economic Development , Intergenerational Report , Economic Society , பிலிப் குறைந்த , பிரெண்டன் முள் கெட்டி , ஆஸ்திரேலிய தேசிய பல்கலைக்கழகம் , குழு க்கு பொருளாதார வளர்ச்சி ஆஃப் ஆஸ்திரேலியா , பொருளாதார சமூகம் ஆஃப் ஆஸ்திரேலியா , துறை ஆஃப் வீடு வாழ்க்கைத்தொழில்கள் , கெட்டி படங்கள் , இருப்பு வங்கி , வீடு வாழ்க்கைத்தொழில்கள் , வணிக உள் ஆஸ்திரேலியா , ஆஸ்திரேலிய நிதி விமர்சனம் , பொருளாதார வளர்ச்சி ,

Australian dollar down again as OPEC breaks


MacroBusiness
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See the latest Australian dollar analysis here:
Australian dollar is back at the lows:
Gold firmed as oil was hammered again:
Metals survived as China mulls RRR cuts:
Miners popped on same:
The 
FOMC minutes from the June meeting revealed early discussions about QE tapering, but there did not appear to any urgency in starting the process.  Although “various participants mentioned” tapering conditions to be met “somewhat earlier” than anticipated, “several” emphasized a “patient” approach. The committee’s standard of “substantial further progress” was generally seen as not having yet been met.
US JOLTS job openings rose to 9,209k in May – a record high, although that was shy of the 9325k expected, and April was revised lower from 9286k to 9,193k. The hiring rate fell to 4.1% from 4.2%, and the quit rate fell to 2.5% from 2.8% (was 2.7%). The report is consistent with skill m ....

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