Jeez, the Swan jawbone flaps like a dunny door in a gale:
Treasurer Wayne Swan believes it would be a “folly” and extremely dangerous for Australia to intervene to curb the strength of the Australian dollar, despite its impact on company profits and government revenues.
…”We have a developed economy in very good nick,” he told a business function in Melbourne on Tuesday…Mr Swan ruled out any Reserve Bank of Australia or government market intervention.
“A Swiss style intervention would be folly … extremely ineffective and dangerous,” he said.
Hmmm, but hollowing your tradables sector is peachy.
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Ross Garnaut and Warwick McKibbin versus Wayne Swan. Who should I believe?
