RBA’s Stevens on need for productivity-driven growth

Glenn Stevens, the governor of the Reserve Bank of Australia, on Tuesday said policymakers could no longer rely on consumption growth to stimulate the economy and that Australia should capitalise on its high terms of trade to raise productivity growth.

At the Anika Foundation Luncheon in Sydney, Australia, Stevens said: "If we want to sustain the rate of growth of incomes, and hence lay the basis for a return in due course to the sorts of growth of spending seen in the golden period of 1995–2005

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