Lowe Says `Missing Ingredient’ in Aussie Economy Is Investment

  • China’s challenges “are not getting any easier,” Lowe says
  • Aussie dollar has adjusted considerably, aiding transition

Reserve Bank of Australia Deputy Governor Philip Lowe said business investment is the “missing ingredient” in the economy’s adjustment from mining, while adding that the nation needs to get used to “something a little less extraordinary” in China’s growth.

“A material lift in non-mining business investment still seems to be some way away,” Lowe said in the text of a speech in Melbourne Wednesday, again calling for renewed economic reform. “There is no magic bullet here, but surely the investment climate would be improved through a strong focus by both business and government on innovation, productivity, human capital and entrepreneurship.”…

Lowe Says `Missing Ingredient’ in Aussie Economy Is Investment

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