The Reserve Bank’s Term Funding Facility was meant to support lending during COVID. Instead the funds might be ending up in the accounts of bank shareholders.
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The bank’s decision to focus on just one thing puts the onus on the government to take action to rein in home prices.
Without extra measures, aiming for wage growth in the aggregate will leave many Australians behind.
The Reserve Bank has limitless access to Australian dollars and a reputation to protect.
Now that we are recovering from recession, there’s no telling how low we could push the unemployment rate. One estimate is 3.5%.
Our continued recovery depends on how much we spend and how quickly we get the vaccine.
Governor Lowe believes the unemployment rate will need to fall well below 5% before inflation climbs to the point where he needs to jack up rates.
If the Reserve Bank had acted as it usually does, the cash rate would have dipped briefly negative in August.
Yes, the bank would effectively pay you to borrow money. But negative interest rates won’t please savers, nor will they meet the big challenges of economic recovery.
There’s more to that Coronavirus. Even before it, businesses weren’t keen to invest.
The most important change is a guarantee about the future, one the RBA can be held to.
Guaranteeing that it will overshoot its target for some time is the best way of getting inflation up.
Almost all of the Reserve Bank’s new Term Funding Facility has ended up in the hands of big businesses. There’s a way to make sure small businesses get it.
Its central scenario is the worst recession in 70 years. Its worst case scenario has the effects lingering for a decade.
The global financial crisis taught us recoveries needn’t be V-shaped.
Reserve Bank Governor Philip Lowe has laid out a road map for measures to drive a range of other interest rates down, now that its cash rate has hit effective zero.
Rather than offering early access to super, the government could allow people to borrow against it, at a zero interest rate.
After the Reserve Bank cuts its cash rate to effective zero, it’s considering something similar for other rates.
The Reserve Bank has scheduled an announcement for Thursday. The government will unveil a second coronavirus stimulus package within days.
Never has a virus featured so prominently in a Reserve Bank statement.
Top contributors
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Visiting Fellow, Crawford School of Public Policy, Australian National University
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Professor of Economics, UNSW Sydney
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Lecturer in Economics, Monash University
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Professorial Fellow, University of Canberra
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Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra
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Senior Lecturer, Research School of Economics, and Research Associate, Centre for Applied Macroeconomic Analysis, Australian National University
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Professor of Economics and National Senior Teaching Fellow, Griffith University
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Adjunct Professor, Swinburne University of Technology
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Emeritus Professor of Finance, The University of Melbourne
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Industry Professor, University of Technology Sydney
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Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University
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Professor, School of Economics, The University of Queensland
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Program Director, Trade and Investment, United States Studies Centre, University of Sydney
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Dean of Business School, University of Southern Queensland
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Vice-Chancellor’s Fellow, University of Tasmania
