Philip Lowe

I think migration policy is probably one of the most complex areas of, of policy economically because of the, the level of interdependency between a lot of these decisions.

Uh, former RBA governor Philip Lowe, uh, had made some recent public commentary around productivity and, you know, lamenting how low productivity growth has been.

A- and particularly he said he thought taxation reform was kind of one of the, one of the obvious places to start.

But he w- it was frustrating in the sense that basically every economist seemed to agree on what were good versus bad taxes, that we know this stuff, but that we just haven't seen, uh, governments act on it.

Those overseas factors that you mentioned we possibly can't do a lot about here in Australia, so I suppose the attention in some ways does focus on what we can control.

Former RBA governor Philip Lowe has been a guest on this fine podcast.

He said recently the government should be running budget surpluses and that government spending is, quote, "putting upward pressure on inflation." He's not the only one to make that argument.

Other economists and analysts have said similar things.

Exactly.

And that's what, that's what Philip Lowe, the former RBA governor, told me just last week on an interview with me.

I mean, he, he was really furious now in his kind of retired capacity about the, uh, the lack of budget surpluses and, uh, and also this nonsense about intergenerational equity.

I mean, he made the point that you just made, that, you know, there's this soaring debts at state and federal level, and of course, who's gonna pay all that back? It's gonna be the next generation that's gonna be lumbered with this.

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The former RBA governor, Phil Lowe, has delivered some strong comments on government spending.

He says we should be running sizable surpluses.

Peter Switzer, good morning.

Yeah, mate.

So this was an interview for the Institute of Public Affairs.

And Dr. Phil Lowe copped a lot of criticism when he, uh, said that interest rates wouldn't rise until 2024.

And then in 2022, he started raising interest rates.

"State of no work.

Victoria hit worst jobless rate." But, but isn't that good? Isn't that exactly what Michelle calls for? While Michelle's predecessor, Philip Low-Inflation, now a finance executive, told that working class body, the Institute of Public Very, Very Private Affairs, the government should be running huge surpluses and slashing spending.

Indeed, all sensible economists agree government spending is a big problem and clearly can't be in any area that hurts the caring business class, as every time the government comes up with savings there, the screams from the poor affected caring business soon see the policy reversed.

So clearly, savings must be made in insignificant areas of waste like education, health, public transport, housing, welfare, disability services, those repositories of waste.

So this goes to your point, and this is possibly about to go up again with the whole surcharge fiasco.

Uh, Chalmers on Wednesday rejected interba- intervention from former RBA governor Philip Lowe, who himself covered himself in shame by continually lowering rates during the 2010s.

But Philip Lowe seems to have, in retirement, redeemed himself and noted that the Albanese government should be running large budget surpluses and cut- cutting spending to take pressure off inflation interest rates.

The cost of constructing a new home rose 5.4% in the year to August 31 as builders passed on higher material and labor costs to consumers.

Meanwhile, AFR's garden economics correspondent John Kehoe noted that tax share as was, as a percentage of gross domestic product reached 24% in the last year, notching the record high of 24.2 in '04 and '05 under the coalition.

Sorry.

Did you watch the Philip Lowe?

No, I didn't watch it.

I've seen clips from it, but I didn't watch the whole thing.

Philip Lowe was the predecessor to Bullock.

Who also got his predictions horribly wrong.

So he famously, again, colourful on this show, he said, we're not expecting rates to, this is in 2022? No,

This is the international standardised.