Should corporate Australia be responsible for the next leg of growth

Should corporate Australia be responsible for the next leg of growth? Glenn Stevens has generated substantial debate following his remarks that it is now up to companies to spur on growth. The comments significantly over simplify the situation. Firstly, the value of cash globally has been eroded, therefore, more than ever investors are seeking yield wherever they can. Secondly, in a fragile and low growth environment it seems somewhat irresponsible to encourage growth for growth's sake regardless of the returns management can or can't see. Investors are rewarding companies that are returning capital via dividends or buy backs. At the end of the day these are the owners of the business. It seems like an odd place for the RBA Governor to be intervening. I am sure he would not take responsibility should companies invest poorly and destroy shareholder wealth. More debate here via AFR Sunday: (VIEW LINK)