Optimism about Australia
Philip Lowe, Governor of the Reserve Bank of Australia, Speech to the National Press Club, 5 February 2020
Australia's economic fundamentals remain very strong and they provide a solid foundation for us to be optimistic about our future. The strong fundamentals include: world class endowments of natural resources; a highly skilled and innovative workforce; an established and predictable regulatory system; sound public finances; a diverse and growing population; and being well placed to benefit from the strong growth in Asia, not just in China, but also in the populous countries of Indonesia and India. So we have a lot to feel fortunate about. We enjoy a set of fundamentals and a standard of living that few other countries enjoy. It's important that we do not lose sight of this.
Strong fundamentals, though, can take us only so far. If we are to turn these fundamentals into strong and consistent growth, we need to keep investing in our future.
Dr Philip Lowe, Governor, Reserve Bank of Australia in evidence to the Australian House of Representatives Standing Committee on Economics February 2020.
"My main objective is to seem to be credible, trustworthy and reliable and, where I can be, as optimistic as I can be—but, similarly, to be credible. Being credible, trustworthy and realistically optimistic—that's the narrative I want to have, and we discuss that at the board. I think that's appropriate. We live in a fantastic country. We have fantastic opportunities. Things are okay. We want them to be better, but they're okay and they can be better. In the end, I don't think it really matters that much what I say. I'm just one person. But I do want to be credible. ....I want to be credible and realistically optimistic—not fancifully optimistic but realistically optimistic—because my board and my institution are incredibly confident about the future of our country. We've got some challenges but we can meet them. We've met them over decades. By doing that, we've built the best country in the world, and it's growing okay. Inflation is a bit low, but the country's growing okay. We have opportunities in the future and we can take account of those. I'm conscious of drawing attention to those opportunities and subtly challenging people to take advantage of them."
The Honourable Michael McCormack, Deputy Prime Minister, Australia (In Parliament 5 February 2020)
"Regional Australia has optimism. Regional Australia has a bright future. It will build back better after these fires. It will build back better after this drought."