Cometh the hour, cometh the man (or woman). There’s no doubt the COVID-19 crisis has brought the best out of our policy leaders, including the Reserve Bank of Australia’s governor and deputy governor, Phil Lowe and Guy Debelle, and the nation’s brilliant banking regulator, Wayne Byres.
A step behind them in the shadows has been Treasury’s no-less-impressive secretary, Steven Kennedy, who is perhaps playing the most significant part via one of the world’s most powerful fiscal stimulus programs (as a share of GDP).
RBA governor Phil Lowe and his deputy Guy Debelle are part of an Aussie tribe that refuses to accept defeat. Alex Ellinghausen
Australians have been protected by this Praetorian Guard of outstanding public servants during the pandemic. I am proud of them, and you should be too. As hammy as it might sound, it has truly been a Team Australia effort with politicians like Prime Minister Scott Morrison and Treasurer Josh Frydenberg rising to the challenge, as have leading bankers like CBA’s Matt Comyn.
It reminds one of the unconquerable Aussie spirit and what it means to be a member of our uniquely creative, resilient and multicultural tribe. A tribe that refuses to accept defeat, and always finds a novel way to prevail over adversity.
During the week Lowe explained how the RBA was going to adapt its approach to unprecedented conditions. Martin Place has three goals: price stability; full employment; and maximising the economic prosperity of the Australian people.
Read Christopher Joye’s full column here.