Coombs

• That decision is to commit future governments and the Reserve Bank to full employment, and, more importantly, spell out what that means.
• Tuesday’s Reserve Bank decision not to increase interest rates further makes it more likely we could end up with a more ambitious target.

Australia’s daunting post-war challenge

• In the 20 years leading up to the war, more than 10% of workforce had been out of work, climbing to 25% during the depression.
• Their challenge was to find jobs for the 1 million defence staff who would be returning to civilian life.
• It was also one Coombs himself adopted as the first head of the Reserve Bank of Australia from 1960.

Finally setting a jobs target

• That final report pointed out the bank’s target for inflation is specific – defined in a written agreement with the treasurer as “2-3% on average, over time”.
• In contrast, the bank’s target for employment has no numbers attached – resulting in inflation getting prioritised.
• While it is true that putting a number on a target doesn’t guarantee an outcome, the number put on the inflation target does seem to have helped bring it down.

Moving unofficial targets of the past

• And it’s worth clarifying that the target can’t be an unemployment rate of zero.
• There will always be some temporary unemployment as people move between jobs.
• That was its estimate of the “non-accelerating inflation rate of unemployment” (also known as NAIRU), the rate needed to stop shortages of useful workers pushing up inflation.

The lower our target, the more secure we will be

• A lower target of 3% (not too far above the 2% Australia achieved from 1940 to 1974) would do much more than put people into jobs and better use our resources.
• It would help us adapt to change in the way we are going to need to.

Creating confidence to face change

• Hawke agreed with him that the economy would have to change and some industries would have to die.
• When people knew they could get another job, they would accept change.
• If Chalmers and the Reserve Bank adopt an ambitious target, they’ll create it and set us up for the challenges ahead.

• Paul Coombs has been named CEO of NOMAD Transportable Power, bringing the accomplished executive leader to the mobile energy solution provider from KORE Power, where he led efforts to bring in millions in private capital to support domestic lithium-ion battery cell manufacturing.
• View the full release here: https://www.businesswire.com/news/home/20230613401605/en/
  NOMAD CEO Paul Coombs (Photo: Business Wire)
  “NOMAD is entering a period of significant growth and is expanding beyond its founding as a partnership between KORE Power and the former Northern Reliability.
• Coombs, who was a co-founder of KORE Power, came to the energy storage industry after decades of leading growth, securing capital, and managing mergers and acquisitions for projects across the globe.
• NOMAD’s business objective is to sell mobile energy storage systems and provide energy storage as a service.

• The company currently has four unique brands serving high-growth real estate markets: Alliance Title & Escrow, AmeriTitle, Pacific Alliance Title, and Kittitas Title and Escrow.
• Being a part of JM Family Enterprises will allow us to continue our tradition of operating as a privately-owned, independent title agency, said Larry Matney, CEO of Futura Title & Escrow, LLC, who has been with the company since 2000.
• Futura Title & Escrow, LLC is the largest independent title and escrow group in the Pacific Northwest.
• Headquartered in Boise Idaho, Futura is the parent company of Alliance Title & Escrow, LLC; AmeriTitle, LLC; Kittitas Title and Escrow; and Pacific Alliance Title and Escrow.