Ross Garnaut’s “Reset” provides another valuable contribution to the debate on Australia’s post-COVID-19 future. But in reviewing the past, he mis-assesses macro-policy in explaining what he calls the “Dog Days” of 2013-2019. It was fiscal austerity, not monetary policy, that restrained growth in this period.
Professor Ross Garnaut has been critical of the RBA’s rate stance. Louie Douvis
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Stephen Grenville is a former deputy governor of the Reserve Bank of Australia and a non-resident fellow of the Lowy Institute.
