This morning, we learned that consumer price inflation in the year to 30 September was 0.8%, the lowest in thirteen years.
Inflation is not the problem. Growth and exports are.
David Parker is right: the country's monetary policy is busy fighting the last war. It's a classic example of limited thinking, focusing on the past. We do it all the time, but sometimes we also have the imagination and wit to start working on the problems the future poses.
Hundreds of thousands of us are without enough work. Our incomes are too low. Our export economy is stuttering. Our economy wastes resources and abuses our environment.
Those are the challenges we need to be solving. Consumer price inflation isn't. We've beaten it. We need to keep an eye on it, but it isn't the central problem we face.
Our institutions and our policies should focus on the things that matter most. Jobs, development, progress.
Looks like a change of government will be required to bring that about.