Australia Lacks Political Will to Improve Productivity: Former RBA Governor

‘The issue isn’t a lack of good ideas. It’s a lack of political will to actually execute effectively some of those ideas,’ former RBA governor said.

Philip Lowe, former governor of the Reserve Bank of Australia, addressing the National Press Club at The Fullerton Hotel in Sydney, Australia, on Feb. 2, 2022. Lisa Maree Williams/Getty Images

Former Reserve Bank of Australia (RBA) Governor Philip Lowe says the country lacks the “political will” to improve stagnant productivity growth, which has ground to a slow crawl in recent decades.

During a webinar on July 4, Mr. Lowe shared his insights about Australia’s current economic situation with shareholders of the philanthropically-focused listed investment company Future Generation.