Australia’s government should end its “fetish” for avoiding budget deficits and borrow to pay for flood damage rather than impose a one-time levy on taxpayers, said Warwick McKibbin , a member of the central bank’s board.
The Reserve Bank of Australia will likely “see through” the inflation effects of a carbon tax proposal announced yesterday by Prime Minister Julia Gillard, said economist Warwick McKibbin, an RBA board member.
The Australian government should borrow money to pay for rebuilding from flood damage instead of imposing a one-time levy on taxpayers to fund the effort, said Warwick McKibbin, a member of the Reserve Bank of Australia’s board.
Manoj Wanzare, an Indian fund manager with a master’s in business administration, personifies Australia’s best bet to address the risk of a slump in income growth as the nation’s once-in-a-century mining boom fades.
Australia entered its last recession with the benchmark interest rate at 12 percent. Now, as a once- in-a-century mining-investment boom wanes, the central bank finds itself with little conventional ammunition.
Reserve Bank of Australia Governor Glenn Stevens, with a pay level set more than four times that of Ben S. Bernanke at the Federal Reserve, oversees a bank that’s less transparent than Poland’s in setting policy.
Greece is one of several nations that will need to cut spending and boost taxes, slowing global growth even as low interest rates raise the risk of inflation, Australian central bank board member Warwick McKibbin said.
Reserve Bank of Australia board member Warwick McKibbin said the stimulus plan by Australia’s current ruling Labor party was not responsible for saving 200,000 jobs as Prime Minister Julia Gillard has said, the Australian newspaper reported.