That point can be reinforced by examining the behaviour of credit and money over time. What Has Money Been Doing and Why? https://www.rba.gov.au/speeches/2018/sp-ag-2018-09-19.html  7/16  20/09/2018  Money – Born of Credit?
| Speeches | RBA  Given that money is used for transactional purposes and as a store of value, it makes sense that most of the time it would at least keep pace with growth in the value of nominal spending.