Weeoo, weeoo, weeoo.
The Pascometer has burned red on the entire universe this afternoon:
There’s a clear message in the latest Reserve Bank board minutes: the media and politicians of all stripes should go have a cold shower as their scaremongering and ignorance is not doing the country any good.
Of course the gentle folk at our central bank don’t put it as bluntly as that, but a large percentage of the minutes is taken up with negating the self-serving claims and inferences of both sides of politics, let alone the wilder headline writers.
Apparently, the RBA is attacking:
Federal Minister for Employment, Eric Abetz, and his claims of wages breakouts, rampant unions and such.
And:
But the very next paragraph contains a poke in the eye for opposition leader Bill Shorten and the other Labor types who have spent so much time dancing on the headline job losses, feigning outrage and concern and somehow trying to blame the new government.
And:
And, er, ahem, yes, there might well be a criticism there of the media, from the top to the bottom, losing perspective about redundancies and beating up the fear factor – always the best method of grabbing eyeballs.
And:
When it came to the barbeque-stopper of rising housing prices, a warning of “close observation” was warranted, but there was no need to reach for the monetary cudgel yet and macroprudential tools are on the table.
And:
As for the China bears forever preaching imminent doom, the RBA again offers perspective, looking to the longer-term trends over a couple of wobbles in monthly data.
No issues in competitiveness, no issues in manufacturing, no issues in the national carrier, no issues in housing, no issues in China. Short it all!
Weeooo, weeoo, weeooo.
