Kathleen McCarthy tells the Property Summit cash flow is key for getting through the tightening cycle; Morgan Stanley’s Tim Church expects more pain will come for the commercial property sector. Follow updates here.
Economist John Edwards has criticised an idea put forward by outgoing RBA governor Philip Lowe that the government should establish a new, independent body to manage fiscal policy.
Edwards, a former RBA board member, agreed monetary and fiscal policy could be better synchronised, although he said parliament was “very unlikely to confer authority on an independent body”.“The amount of money involved in the operation of fiscal policy … can be very, very large. It can amount to 3, 4, sometimes 6 per cent of GDP.
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