Australian governor says productivity rises needed to boost incomes
Lowe told lawmakers falling house prices will not ‘derail’ Australian economy
The Reserve Bank of Australia governor told lawmakers today (February 22) that productivity must increase to bolster long-term household incomes.
In his semi-annual appearance before the House of Representatives economics committee, Phillip Lowe noted that household disposable income has grown at roughly 2.75% since 2016, down from an average of 6% over the preceding decade.
“Households have responded to this extended period of weaker income growth by progressively downgrading their spending
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