Over the medium term, I do expect to see a time when Australia's strong economic conditions once again justify higher interest rates. But today, during a global pandemic when a lot of people have lost their jobs and many businesses are struggling, is not the time for that.
The fourth and final change on the monetary front is the return to a world in which quantities, not just prices, matter. Over recent decades, monetary policy has been about the price of money, or the short-term interest rate. Little attention was paid to the quantity of money.