Has monetary policy failed Australia's economy?

Why have low interest rates failed to boost the Australian economy? Has monetary policy failed us, or are we simply looking at the situation from the wrong angle?

It’s a complicated question and I won’t pretend that I have all the answers. But it’s an issue worthy of further discussion given the stance of monetary policy both domestically and overseas.

What’s the counterfactual?

Macroeconomics has always been hampered by the inability to observe the counterfactual of a change in policy. The counterfactual is basically the alternative scenario that would have played out had some policy decision not taken place.

In this circumstance, the counterfactual is: what would the economy be like if the Reserve Bank hadn’t commenced its easing cycle back in November 2011?

Read the full story here..  http://www.businessspectator.com.au/article/2015/4/8/reserve-bank-australia/has-monetary-policy-failed-australias-economy?utm_source=exact&utm_medium=email&utm_content=1272583&utm_campaign=kgb&modapt=