This interim report shows that the big four banks considered various factors as they decided whether to pass on the RBA’s June, July and October 2019 rate cuts. But recovering profits was central to their decisions to not always fully pass through the lower rates to mortgage customers.

This paper examines how monetary policy affects housing prices across local areas. It also explores three related questions - How differently do housing prices respond to monetary policy across areas? What can explain these differences across areas? Does monetary policy cause changes in the housing wealth distribution?

This paper argues that monetary policy in Australia is no longer effective and the task of stimulating the economy should be taken up by more active fiscal policy leadership from the Australian government.

This report argues that quantitative easing (QE) is an operating instrument for policy, rather than a monetary policy as such. As with policy conducted via official interest rates, QE’s effectiveness depends on the policy framework in which it is located, as well as how the policy is communicated and executed.

This paper considers interest rate caps, what is known about their use and impact in other jurisdictions, and how might they contribute to a fairer consumer credit regime in New Zealand.