Luci Ellis rings the bell at the top of Australia’s ponzi-growth model
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RBA Assistant Governor, Luci Ellis, game a speech last night where she played down concerns over where Australia’s future growth would come from:
As the mining investment boom turned down, and became a drag on growth, the question was often asked: ‘Where is the growth going to come from?’ Commentators started speaking of a growth ‘handover’: if mining investment wasn’t going to provide our growth, something else needed to. And for a while, particular non-mining sectors did seem to pick up, to become in turn the new ‘engine of growth’.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.