Opinion
Get the animal spirits going or face secular stagnation
With the RBA out of interest rate ammo, fiscal and other government policy needs to push even harder to lift private investment from its lowest point in 60 years.
Alberto CalderonContributorTraditional monetary policy used to be relatively straightforward: when the economy was not doing well, interest rates were lowered, private investment went up and the economy grew.
The last time this worked in Australia was after the global financial crisis of 2008. Interest rates were cut in half, and as a result private investment and GDP grew during the years that followed. We also had China helping us out.
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