Paul Miron – Managing Director:
This week marked one of the most controversial Australian Economic events, officially entering into the Quantitative Easing (QE) club.
The first week of November commences with the Melbourne Cup and it traditionally marks the start of the silly season, with the realisation that Christmas is only a few weeks away and mild panic sets in, trying to finalise semi completed projects and important decisions before year’s end.
How our world has changed this year, we are at War – deep in the trenches, fighting an invisible pathogenic enemy with social distancing, mask wearing and keeping our hands clean as our front-line defence. Our economic defence measures are loan deferrals, job seeker, job keeper, and aggressive monetary and fiscal policy.
COVID-19 has turned everything upside down. The biological difference that sets humans apart from animals is our cognitive ability to rationalise events logically into a story, justifying actions. However, no matter how much one beats their chest with confidence, we are diverging massively from traditional economic management and classical economic theory.
