By far the most intriguing, and important, observation among the many in the article is:

"Australia's terms of trade will stabilise or even fall when global growth slows from its recent unsustainable rate."

Henry Thornton, having made that statement, you infer that you know what a sustainable rate is.

Please let us know. The present six and a half billion people in the world are burning the candle at both ends in relation to renewable resources. These are fast depleting - via atmospheric deterioration, degradation of agricultural lands, fresh water depletion, and oceanic fisheries' collapse.

The number of six and a half billion, along with their needs, currently grows at a rate of 1.1%, meaning twice as many in less than 70 years.

If there is a sustaintable rate that gives rise to cheer, I would like to know about it, and to understand why. If there isn't such an animal, we may as well face it out in the open.

The way to take politics out of monetary policy is to privatise money. However in Australia private money is expressely prohibited by law. Obviously it had to be banned due to popularity.

"
The Australian Notes Act 1910 prohibited the circulation of State notes as money and the Bank Notes Tax Act 1910 imposed a tax of ten per cent per annum on 'all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed'. These Acts put an end to the issue of notes by the trading banks and the Queensland Treasury. The Reserve Bank Act 1959 expressly prohibits persons, including from issuing bills or notes payable to bearer on demand and intended for circulation.
"

Scotland has not outlawed private currencies. We should have a dose of free market reform in Australia instead of the usually Keynesian mush. Regulating the price of credit (as the RBA does through Open Market Operations) is anti free market. Prices regulation is so 1900s