All looks good for the millionaire amateur pilot...
What on earth is the Reserve Bank thinking? Perhaps Glenn Stevens spent his summer vacation lazing on Palm Beach, sipping coffee at Portsea, snorkeling off Hamilton Island or sailing at the Royal Perth Yacht Club.
As a reminder, amateur pilot Mr Stevens received a $40,000 pay rise in 2010 to take his salary up to $1.049 million – making him the highest paid public servant by more than $200,000.
Perhaps a trip out to the suburbs every so often might help the RBA get a look at the real world…where confidence is low, jobs are being cut, spending growth is non-existent, mortgage and rent repayments are hurting, energy, transport and food costs are rising, and the soaring Aussie dollar is literally killing businesses.
Instead, the RBA is looking overseas. They are looking at a U.S economic recovery and still robust Chinese growth. But they are looking in the wrong place. They need to turn their focus to the home front.
Anyway, it is what it is. It's no use crying over spilt milk. In the whole scheme of things, a cash rate of 4.25 per cent versus 4 per cent doesn’t change much. And life goes on…
reprinted with permission of our Foriegn Correspondent from - Looking into the Fisbowl...
What on earth is the Reserve Bank thinking? Perhaps Glenn Stevens spent his summer vacation lazing on Palm Beach, sipping coffee at Portsea, snorkeling off Hamilton Island or sailing at the Royal Perth Yacht Club.
As a reminder, amateur pilot Mr Stevens received a $40,000 pay rise in 2010 to take his salary up to $1.049 million – making him the highest paid public servant by more than $200,000.
Perhaps a trip out to the suburbs every so often might help the RBA get a look at the real world…where confidence is low, jobs are being cut, spending growth is non-existent, mortgage and rent repayments are hurting, energy, transport and food costs are rising, and the soaring Aussie dollar is literally killing businesses.
Instead, the RBA is looking overseas. They are looking at a U.S economic recovery and still robust Chinese growth. But they are looking in the wrong place. They need to turn their focus to the home front.
Anyway, it is what it is. It's no use crying over spilt milk. In the whole scheme of things, a cash rate of 4.25 per cent versus 4 per cent doesn’t change much. And life goes on…
reprinted with permission of our Foriegn Correspondent from - Looking into the Fisbowl...
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