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Stephen Grenville

The government's bazooka is biggest, not the RBA's

There is only so much that the RBA can do to make lenders lend and borrowers borrow. Direct injections of cash are the government's job.

Stephen GrenvilleFormer central banker
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Dear Christopher,

From your column in AFR Weekend – It doesn't pay to fight the RBA, March 21-22 – I see that the RBA is back in your good books again, after initially being slow to follow your insistent advice. It largely acted as you instructed and we are saved.

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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.
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    Original URL: https://www.afr.com/policy/economy/the-government-s-bazooka-is-biggest-not-the-rba-s-20200324-p54dcu