You could be forgiven for thinking the only thing that matters for Australian economic growth, unemployment, inflation, wages growth and the price of a litre of bread (credit Mad As Hell) is what the Reserve Bank board eats for lunch on the first Tuesday of the month.
Contrary to the concentration on what the RBA might do next (increase the cash rate a little) and when (sometime), monetary policy is not the biggest influence on production and living standards – it’s fiscal policy, what the federal government does, that matters most.
