Australia Lacks Political Will to Improve Productivity: Former RBA Governor

Former Reserve Bank of Australia (RBA) Governor Philip Lowe says the country lacks the “political will” to improve stagnant productivity growth, which has ground to a slow crawl in recent decades. During a webinar on July 4, Mr. Lowe shared his insights about Australia’s current economic situation with shareholders of the philanthropically-focused listed investment company Future Generation. Mr. Lowe assumed the chairman position of the group after his RBA governor term concluded in September 2023. While the former governor said he was optimistic about Australia’s future, he was concerned that the economy was drifting into a “period of mediocrity.” “Right now, productivity growth is weak, the demographic dividend is behind us, and demographics are moving against us,” he said....