November 19, 2020
GSFM’s Stephen Miller writes in a column for The Australian Financial Review:
Everyone, it seems, has a welter of advice for economic policymakers, including humble financial market scribblers.
Both the RBA and the federal government deserve commendation for the way in which they have managed the fallout from the COVID-19 pandemic.
Despite criticism from former Prime Minister Keating for “indolence”, I think the RBA has, by and large, acted with an appropriate balance of alacrity and caution. In so doing, it has avoided lurching into “doing something for the sake of doing something” and potentially exacerbating current problems with an over-reliance on monetary policy at a time when its efficacy is surely under question.