RBA tells it like it will be

‘Reserve Bank of Australia assistant governor Luci Ellis says the Australian economy will now take “take several years” to return to its pre-pandemic path, as the Victorian lockdowns bury hopes of a smoother recovery from the COVID-19 recession.’

This is the opening paragraph of a fine article by Patrick Commins, The Australian’s economic correspondent working out of Canberra.

Read on here.

The bad news delivered by the RBA’s assistant governor was not too suprising, largely because of Victoria’s ‘lockdown’ but also worse jobs news. Premier Dan Andrews looks like failing to be given 12 months of ‘Emergency Power’, which will be welcomed by most Victorians.

If you are interested, please read my report from early February this year.

https://www.henrythornton.com/post/2007/06/05/asset-prices-roaring

The debate among Australia’s political leaders is becoming ragged.

The Queensland border was closed to a women who has been forced to return to a hotel in Sydney rather than going to her home in rural Queensland to recover from brain surgery. Even worse, a Queensland mother carrying twin children was forced to return from the border to seek medical help in Sydney, waiting for 16 hours for a plane to take her there. Result, one of the twins died. Both issues were shocking and barbaric. ‘Not my problem’ said the Queensland premier.

The mistakes by the Victorian government are very worrying. Here is a summary by the head of the Menzies Centre, Nick Cator, and a former British Parliamentarian, Daniel Hannan.

https://www.youtube.com/watch?v=xqUBLt3IE8M&feature=youtu.be

And Fiona Prior peaks inside the mind of the young, thoughtful and privileged. More here