Some of these reservations are understandable, but there are reasonable responses to them. It should also be observed that it is not the first time we have seen most of these arguments: they tend to recur each time we reach the top end of the inflation cycle and monetary policy has to control it.
Having said all that, it is important to keep some perspective about the situation in which we find ourselves. We have been living through one of the largest transformations in the structure of the global economy, as far as Australia is concerned, for a century.