Why Australia's economic debate doesn't rate

Contrary to the RBA's primitive belief, there's more to controlling the economy than tinkering with the interest rate. Rates alone won't correct the conflicting signals emitted by the housing bubble, the dollar and inflation.

Douglas Adams’ brilliant comic farce The Hitchhiker’s Guide to the Galaxy describes Earth as residing in sector ZZ9 Plural Z Alpha, one of “the uncharted backwaters of the unfashionable end of the Western Spiral Arm of the Galaxy” and being inhabited by “ape-descended life forms” who “are so amazingly primitive that they still think digital watches are a pretty neat idea”.

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