Minutes released by the RBA Board today have confirmed that Australian wages remain stagnant, consumption is weak, and this has contributed to the slowest growth since the GFC on the Liberals’ watch.

In its September decision the Reserve Bank particularly noted that “wages growth appeared to have stalled” with “few indications that wage pressures were building."
 
With wages growth the worst on record of any Government, and cost of living pressures sky-rocketing, these RBA Minutes should serve as a timely wake-up call to the Liberals.
 
The economy is floundering on Scott Morrison and Josh Frydenberg’s watch but they’ve left the RBA to do all the heavy lifting.
 
If the Government was doing such a good job managing the economy, the RBA wouldn’t have had to drop the cash rate to a third of what it was during the depths of the Global Financial Crisis.
 
Right when the Australian economy needs action to get the economy moving again, the Liberals have a political strategy but not an economic policy.
 
It is time Josh Frydenberg and Scott Morrison brought forward a budget update to update their forecasts and properly outline an economic plan that supports the floundering economy and better safeguards it from global risks.

TUESDAY, 19 SEPTEMBER 2019