Thursday, October 30, 2008

So, we'll grow "below average"

Here's how the Reserve Bank's Deputy Governor Ric Battellino talked about the prospect at a conference in Adelaide this morning (with what I interpret as another dig at the Coalition's "go for growth" slogan):

"Many people will be disappointed and unhappy with a year or two of below-average economic performance. But the truth is that the economy cannot always grow above average and it certainly cannot maintain the pace of the past five years. If we attempted to make it do so, we would be repeating the mistakes of our predecessors in the 1960s, whose attempts to maintain a never-ending boom laid the foundations for the subsequent two decades of severe economic difficulties."