Spoiler: The fact that the ALP is Neoliberal is kind of the point of the article.

You’ve laid out the RBA position fairly enough.

Part of the subtext of this piece is an ongoing debate, historically through the second half of the 20th century and into the GFC it seems that countries that adopt excessively tight monetary and fiscal policy have a lower quality of life long term in a way that is difficult to reverse, whereas the long term consequences of a slower, or even labile, return to target levels of inflation is likely nothing.

This is something that professional economists disagree on and I abandoned economics the second I got my bachelor’s but the historical evidence is compelling.

Because the interest rate has a direct impact on quality of life. Everything else being equal a lower interest rate is better.

Cross post from https://lemmy.ml/c/dataisbeautiful

Thanks !aptoast@lemmy.ml