As the RBA ponders further interest rate rises to tame inflation, there are larger forces at work that will determine rates over the next decade. And those forces are the subject of a debate between two of the world’s most distinguished economists.

For three years, the Australian and world economies have been defined by the COVID-19 pandemic and the fight against inflation that has followed. With determined central banks raising interest rates and supply chains unclogging, this fight looks set to be won. Perhaps this year.