Has monetary policy lost it oomph?

Successive rate cuts to record lows have done very little to spur credit growth.

In the build-up to the Reserve Bank of Australia’s recent rate cut there was a plethora of commentary arguing that further reductions would have little to no effect on growth. ANZ CEO Mike Smith was certainly of that opinion, and something does seem to be wrong with the transmission mechanism. Even the RBA noted, as it cut, that credit growth “remained subdued” despite the lowest interest rates in a generation.

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