Thankfully Paul Howes, National Secretary of the Australian Workers Union and Garry Weaven, Chair of Industry Funds Management, have zero influence on economic policy. Last week, both made some absurd points and claims regarding monetary policy, the inflation target, the Australian dollar and operations of the RBA.
Both Howes and Weaven revealed the shallowness of their experience by showing little or no understanding of the critical importance of the inflation target. It is imperative that the inflation target remains in place because on-going low inflation is the best thing you can do to boost competitiveness, productivity and with those, employment and real wages.
There is also zero chance that the RBA charter is going to change, at least under this government, nor will the inflation target change, nor will there be any material changes to how the RBA will works.For the full article, click here: