Thursday, 13 February 2020
That the Senate:
(a) notes that:
(i) the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, has consistently urged government to use the cheapest money in history to invest in productivity – enhancing infrastructure, new data technologies, human capital, clean energy production and distribution, and measures to protect Australia from climate change, and
(ii) the Government's neglect of fiscal policy and its over-reliance on monetary policy is encouraging the inflation of asset prices and is helping push home ownership further beyond the reach of young Australians; and
(b) urges the Government to adopt the advice of the RBA and drive a government-led plan of investment to create new jobs and new industries in order to create a more sustainable economy and a more equitable future for Australians.
The 2019-20 MYEFO confirms that, since the budget, the government has made policy decisions to provide an additional $8.3 billion over the forward estimates, including $2.4 billion in 2019-20. This includes $4.2 billion in accelerated infrastructure projects over the forward estimates, which is part of our $100 billion 10-year infrastructure pipeline.
Question agreed to.