When Reserve Bank board members sit down at 9am on Melbourne Cup Day to contemplate a move to proper quantitative easing, they will have about 4.7 trillion reasons to move.
That figure, based on varying estimates, is the Australian dollar amount of QE announced over the past six months by central banks around the world – from Britain to the US, Japan to India, and it's starting to weigh on the RBA.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
