And if you are going to "own" someone, you'd at least want to get your facts right.
"Reserve Bank governor Glenn Stevens does not think he faces an emergency. He told a parliamentary committee in February his cash rate was near 2009 levels, ''not because we face an emergency like we did back then but because we face some other forces of a more slowly evolving nature''. He estimated retail rates are 1.5 percentage points higher than they were relative to the cash rate. So he has to cut the cash rate further.''The normal level of the cash rate is lower than it otherwise would have been,'' he said. ''A 3 per cent cash rate today is not the same as a 3 per cent cash rate in the past.'' Mr Hockey is right to say Mr Stevens is cutting rates because he is worried about the economy. But he is wrong to suggest the rates he is targeting are yet at emergency lows."
