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Australia Whats likely to be lower is near-term growth after gross domestic product shrank in the third quarter; its expected to have rebounded in the ensuing three months. Read Philip Lowes first interview since becoming RBA Governor Australias economy showed a starkly different picture at the turn of the decade: it was Queensland and Western Australia that were the centers of growth. But in the past five years, house prices have climbed 73 percent in Sydney and 52 percent in Melbourne, pushing private debt to record levels. In Western Australia, the jobless rate rose 2.5 percentage points to 6.6 percent. Given the RBA doesnt want to push the east higher or the west lower, the appeal of doing nothing is clear. AAA Angst Standing pat would bring Lowe into line with developed-world peers who appear to have mostly concluded that monetary policy is nearing its limits of effectiveness. From here, governments will need to invest in infrastructure or undertake other growth-driving reforms, some economists are urging. Such investment in Australia has been hamstrung by a government trying to curb its budget deficit and keep its prized AAA rating.Prime Minister Malcolm Turnbulls main reform is instead a 10-year plan to lower corporate tax rates to encourage spending and hiring. His concern is that developed-world peers, such as the new U.S.