Australia, along with other OECD countries, is mired in mediocrity – and the RBA seems intent on keeping us there

‘Next week the Reserve Bank will meet, and all signs are that it will “be vigilant” and keep the cash rate steady at 3.6%. And I have to ask myself, why would that be at all acceptable unless mediocrity was the aim?’ writes Greg Jericho. Photograph: David Gray/Reuters

As Rebecca Shaw so perfectly put it, the world is being burned down by losers, but when did we decide to be OK with mediocrity? When did we decide to aim no higher than the middle – whether in politics or economics?

This week the OECD released its latest report on the global economy, where the pretence is that things are mostly normal and fine. The report’s title was Finding the Right Balance in Uncertain Times. And I had to think, “balance” between what?