Business
Former RBA boss warns low rates haven’t done ‘any good’ – The Australian Financial Review
In a very rare public critique of the RBA by a former governor, Ian Macfarlane warns ultra-loose monetary policy will have long-term costs for pensioners and in…
The Australian dollar would have jumped “through the roof” if the RBA refused to follow other central banks cutting interest rates to near-zero, to buy government bonds and deploy other extraordinary monetary stimulus, he said.
“Once the majority do it, you really have no choice,” Mr Macfarlane said in long interview on The Jolly Swagman podcast.
Monetary policy hasn’t lost its power, it’s used up all its power and there isn’t any more room.
Ian Macfarlane, former RBA governor
Mr Macfarlane,…
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