The central banks' race against the machines

This week's RBA and ECB rate decisions are the banks' best efforts in their fight against the impact of automation on employment, wages and inflation - and the deflationary spiral that happened last time around.

Yesterday the Reserve Bank, for the ninth time, left the cash rate on hold at the lowest level since 1960  lower than during all the terrible recessions in between.

Yet far from being in recession, GDP growth in today’s national accounts is likely to be 1 per cent for the March quarter, possibly more. What’s more, inflation is near the top of the RBA’s target band of 3 per cent.

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