Bring it on. At the AFR is Warwick McKibbin:
Australian National University economist Warwick McKibbin said the Reserve Bank should evolve away from its quarter-century-old 2-3 per cent inflation target towards a “nominal income target” that would allow the economy to better cope with climate change policies, digital disruption and the changing global economy.
“If the argument is ‘we can’t raise rates because if we do we could make the housing market a lot worse’, or prick some other asset bubble and cause a shock – if that’s the problem – it’s better to raise rates now than wait six months,” he said.
