The RBA has ushered Australia into the era of quantitative easing by arguing that inflation must rise, and it can’t rise until wages and jobs do.
The Reserve Bank governor Philip Lowe yesterday laid out a very clear path for what has to happen to get Australia back to something like economic normality — and for the bank to exit its new program of quantitative easing.
The board will not increase the cash rate until actual inflation is sustainably within the target range. It is not enough for inflation to be forecast to…
