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Morrison wilfully ignoring RBA Governor on infrastructure



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CATHERINE KING MP

SHADOW MINISTER FOR INFRASTRUCTURE, TRANSPORT AND REGIONAL

DEVELOPMENT

MEMBER FOR BALLARAT

MORRISON WILFULLY IGNORING RBA GOVERNOR ON INFRASTRUCTURE

Prime Minister Morrison is wilfully ignoring the RBA Governor’s calls to bring forward

infrastructure spending to stimulate the economy.

On seven occasions since the election, and seventeen times in the last two years, the

RBA Governor has urged the Federal Government to use infrastructure investment to

stimulate our sluggish economy.

In Question Time today, the Prime Minister selectively quoted the RBA Governor’s

evidence before the House Economics Committee last month but failed to read the next

line of his evidence:

It's up to the government to choose from the options. People ask me about what the

options are, and I lay them out, and people can ignore that if they want to.

RBA Governor Lowe, 9 August 2019

With an increasingly fragile world economy, Governor Lowe clearly explained to the

Committee the limits of monetary policy:

We can play our part at the central bank, and we're doing as much as we think is

responsible, but we could face difficult circumstances if the international

environment goes south, and there's very little the central banks can do about that.

RBA Governor Lowe, 9 August 2019

Governor Lowe then detailed to the Committee that in the event of a global downturn, we

will need for all arms of public policy to support the Australian economy:

We could ease monetary policy further, including some of the unconventional

things we talked about before. In that environment, I would expect and hope for

some fiscal support as well, but I'm not going to lay out what the specific

circumstances are or what that support would look like.

RBA Governor Lowe, 9 August 2019

With an increasingly fragile world economy, Prime Minister Morrison is ignoring the RBA

Governor’s expert evidence on the need for a real plan.

Australia is experiencing the slowest economic growth since the Global Financial Crisis -

wages are stagnant, underemployment is at record highs and the world economy is

teetering.

Good governments invest in infrastructure to improve the lives of all Australians and boost

our economy - as Labor did in Government.

This third-term Liberal Nationals Government must change course and start taking

infrastructure investment seriously.

MONDAY, 9 SEPTEMBER 2019

MEDIA CONTACT: MATTHEW NESHAM 0431 010 454

Authorised by Paul Erickson, ALP, Canberra.