How the RBA can have it all

Glenn Stevens' view that lower rates may encourage risk-taking and overstimulate housing is no reason to keep rates elevated. Instead, regulation should change to limit these possibilities.

This major misreading of the economy has been uncomfortable, rather than disastrous, because unemployment has remained subdued despite hours worked hardly changing over the last year. People have stopped looking for work and employers have reduced hours worked rather than sacked people. The mining booming disguised how slowly the rest of the economy was growing and how far rates needed to fall to generate reasonable non-mining growth.

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