We are pleased when the Reserve Bank keeps interest rates on hold at their low, low levels. For we know that low interest rates encourage consumer spending and that is good for the economy. Where did we learn these fallacies? And why are they perpetuated by our politicians and financial journalists? Our new Prime Minister, Malcolm Turnbull, has indicated that he wants us to be optimistic about the future and his government’s ability to create a prosperous, high wage economy. Now a high wage economy cannot be achieved by fiat. It cannot be achieved by increasing the minimum wage and having that flow though our industrial relations award system. The price of labour operates like all other pric
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