Michael O’Connor questions why the national bank took so long to cut rates.
Our economy has had 20 years of growth thanks to our resources boom. But the casualty has been other sectors of the economy, including manufacturing. The CFMEU’s national secretary Michael O’Connor tells 3Q the Reserve Bank waited too long to cut rates and should be cutting more. And he’s not alone in his criticism.
According to him, the Reserve Bank has forgotten its obligation under its Act to maintain full employment in our two-speed economy. And he says mining companies should be more accountable in their engagement with local industry by ensuring access to the huge market for mining services and infrastructure.