Simply amazing what an inflated exchange rate will do !
Gutting export and import competing industries right across the nation.
And there is unlikely to be any improvement on that front whilst both sides of politics give a big thumbs up to APRA allowing our banking sector to guzzle on unproductive capital inflows (ZIRP/NIRP hot money) in order to dish out super low mortgage rates to the speculator class.
In that regard Mr Morrison is a determined cheerleader.
If we are serious about transitioning the economy from a lotus eating wonderland we need to stop kidding ourselves that there is any alternative to directing APRA to require the banks to wind down the unproductive capital inflow guzzling that has been keeping mortgage rates low.
That means specific direction and limits on their off shore borrowing habits to support their mortgage operations. Continue reading