I assume this was not meant as a compliment, and, moreover, it is not even accurate. The Market Economy Foundation, the foundation awarding this prize, campaigns for regulatory policy and market-oriented thought and is thus making a vital contribution to the economic policy debate. And it is precisely this approach that sits more comfortably with the Bank’s own stance.
But for sustained growth, there will also need to be a role for innovation and prudent risk taking in the private sector – even though, at present, that is in retreat. Turning closer to home, the Australian economy has seen a significant change in circumstances over the past six months.