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In the final episode of The nestegg Podcast for 2021, host Maja Garaca Djurdjevic checks in with our three experts to hear their final thoughts on the year that’s passed and their hopes for the next 12 months.

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Steve Waters, director of Right Property Group, talks Christmas selling season and opens up about the key lessons that he’s learnt this year that he will gladly take forward with him into 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers meme stock ETFs as well as provides her thoughts on next year’s economic outlook.

Finally, tax and super guru Timothy Munro shares his end of year financial checklist and some handy tips that could help you keep your credit card in check over the gifting season.

Tune in to hear more below.

Have a question for our experts? Get in touch at [email protected], and you might get featured on the next episode.

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Are we reaching the end of the monetary policy rope?

By Cameron Micallef

October 02 2019
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Invest

Are we reaching the end of the monetary policy rope?

By Cameron Micallef
October 02 2019

Following yesterday’s reduction of the official cash rate to a new historic low, the effectiveness of monetary policy without fiscal stimulus is being questioned.

Are we reaching the end of the monetary policy rope?

By Cameron Micallef

October 02 2019
Share

Following yesterday’s reduction of the official cash rate to a new historic low, the effectiveness of monetary policy without fiscal stimulus is being questioned.

The Australian Institute has taken the stance that monetary policy becomes less effective as the official cash rate falls, due to investments losing their responsiveness as each reduction takes place.

According to the institute, the Reserve Bank of Australia’s (RBA) governor has “virtually” said monetary policy in Australia is no longer effective, and the institute has expressed the opinion that such an economic burden should be taken up by more active fiscal policy.

It referenced the RBA’s own thinking, citing Dr Philip Lowe’s comments from July, where he said that while “monetary policy does have a significant role to play and our decisions are helping support the Australian economy… we should not rely on monetary policy alone”.

As the flow-on effects of less effective monetary policy start to be seen, the Australian Institute said the situation will occur where the government “only has one arrow left in its quiver”.

“It must use fiscal policy to stimulate the economy,” it concluded.

The case for fiscal stimulus

It therefore begs the question, how effective is fiscal stimulus as a policy?

Antipodes’ client portfolio manager, Alison Savas, previously explained why fiscal stimulus has worked for foreign markets.

She outlined how in markets where fiscal stimulus has been required, monetary policy has not generated any economic activity.

“If you haven’t owned assets, it (monetary policy) has not benefited you,” she flagged, stating that ultimately, the answer is fiscal stimulus.

While the world is worried about following Japan into negative interest rates, Ms Savas offered up a perspective that monetary stimulus has not generated economic activity globally.

Ms Savas even noted that the European Union said it had reached its limits to what monetary policy can do.

The portfolio manager is not alone in arguing for fiscal stimulus, citing the president-elect of the European Central Bank, Christine Lagarde, who has urged countries that have surpluses to start spending.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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Wrapping up an eventful 2021...

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There is $17.5 billion in lost and unclaimed super across ...

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Are we reaching the end of the monetary policy rope?

Invest

Are we reaching the end of the monetary policy rope?

Are we reaching the end of the monetary policy rope?