The Albanese government has added to public spending and put in place no productivity enhancing policies to help.
Already a subscriber?The Albanese government has just lost another week buffeted by events in the Middle East. Over the first anniversary of the October 7 massacre of Israeli civilians by Hamas terrorists, it has tried to maintainThe government is almost out of time on the domestic agenda.Prime Minister Anthony Albanese has registered alarm over the Gaza casualties while recognising that Israel has a right to defend itself. But in trying to walk a middle path, he has struggled to please anyone.
But the Albanese government has added to public spending and put in place no productivity enhancing policies to help. Rising productivity is the only real answer to inflation that is still running persistently at 4 per cent. But if anything the government has gone backwards in its policies. The central bank also worries that even if there is some easing of pressure on housing costs, there may be fewer workers to fill jobs and capacity in the economy as a result. That may yet have an effect on inflation.The student cap is yet another attempt to fix problems in one sector of the economy by policies that are aimed at another. It will have little effect on housing where students make up only 4 per cent of demand. And it won’t fix the problems of the universities which lie elsewhere.
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