The problem with an excellent speech covering something as broad as the Australian economy is that valuable bits are overlooked when they deserve greater attention.
So it was with Luci Ellis' speech on Wednesday, titled "Where will the Growth Really Come From?". Aside from being swamped by the marriage equality result, the Reserve Bank assistant governor was guilty of covering too much too well with that unfortunately rare thing outside the RBA, perspective.
While the headline from the speech was about growth, there also were valuable warnings about the folly of our apparently rising political tide of popularist/protectionist/anti-immigration ratbaggery.
As befitting the Stan Kelly Lecture, Ms Ellis delivered a brief and updated primer on the folly of protectionism. A single graph says much – it took the unwinding of protectionism to get Australian manufacturers out there, to make them world class.
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