The Reserve Bank of Australia has used the coronavirus threat to accelerate its move toward radical monetary policy. To prevent further distortions to the Australian economy the government should lower the RBA’s inflation target that is driving economically harmful intervention.
Last year, RBA Governor Philip Lowe tested the waters with talk of quantitative easing and negative interest rates with the proviso, “our current thinking is that QE becomes an option to be considered at a cash rate of 0.25
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