For many years Australia has dragged the chin on unconventional monetary policy. Back in 2012, MB campaigned for zero interest rates, QE and macroprudential tightening. This would have shifted the recovery from house prices to tradables, a much more healthy pattern of growth.
The RBA was useless for many years on this question, always looking to boost asset prices instead of the real economy and driving up the AUD as s result.
Yesterday some of that wisdom arrived in the Australian Parliament courtesy of Dr Andrew Leigh: