Reserve Bank of Australia monetary policy board member John Edwards in a Wall Street Journal interview:
- "We've still got a rapid rate of growth of the workforce and GDP growth is just not quick enough to keep up with it. There is no doubt at this rate of 2.5%, it is below the rate that is necessary to prevent a rise in unemployment"
- "We've got to get to 3% (GDP growth) at least"
- "I think that yesterday's statement made it pretty clear that house price growth, particularly house price growth in Sydney...is a cause for concern. The last thing you want to see is monetary policy having a stimulatory effect in driving up house prices"
Article is here but may be gated: RBA's Edwards: Australia Not Growing Fast Enough to Cut Unemployment
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Note:
On Twitter the journalist who wrte the story is saying "WSJ Interview: RBA's Edwards: Australian Dollar Has a Bit Further to Fall " ... but I don;t see that in the article at all. But I'm pretty sure Edwards would agree
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ADDED - UNGATED copy of the article here: Jobless rate will climb further, warns RBA's John Edwards
