Why retailers need two budget deficits rather than one

Picture of two protest signs at a rally.

In his song Trouble Man, Marvin Gaye sings about taxes, death, and trouble.

Today, the chorus of media commentators, politicians, economists and the Reserve Bank sing a similar tune – one about interest rates, sluggish economic growth, and the deficit.

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Low interest rates & structural sclerosis

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Most of us have an interest in interest rates, one way or the other.

For example, the current record low rates, negative in some countries, mean that those with mortgages and other loans rejoice while those who live off their investments don’t fare as well.

Consequently, one question looms: when will interest rates rise, and by how much?

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