#83: The Silent Hero Of The Australian Economy – Ian Macfarlane

2 min read
#83: The Silent Hero Of The Australian Economy – Ian Macfarlane

Ian Macfarlane was Governor of the Reserve Bank of Australia from 1996 to 2006. He is the author of The Search For Stability and Ten Remarkable Australians.

Show notes

Selected links


Topics discussed

  • Why did Ian write Ten Remarkable Australians? 5:26
  • The state of Australian biography. 9:49
  • Harry Hawker, the young aeronautical genius. 11:16
  • George “Peking” Morrison, the well-connected adventurer. 13:56
  • Frederick Septimus Kelly, the concert pianist who rubbed shoulders with prime ministers and died on the Somme. 17:21
  • Why does only one woman feature in Ian’s book? 21:59
  • How does Ian view his role as a historian/biographer? 23:39
  • Why did Ian study economics? 25:38
  • When the RBA rejected its future Governor. 27:10
  • When Ian got FOMO. 28:14
  • The boom and bust of the 1980s. 30:02
  • Whose fault was “the recession we had to have”? 34:51
  • Are bubbles caused by credit supply shocks or crazy beliefs? 37:07
  • The stud budgie bubble. 39:41
  • What did Ian learn from the 1980s booms and bust? 40:40
  • The mechanics of central banking. 44:54
  • The RBA’s objectives. 51:11
  • Should the current RBA use the wealth effect as a channel for monetary policy? 51:56
  • The intergenerational implications of housing booms. 55:00
  • The early-2000s housing bubble. 57:08
  • Defining “bubble”. 58:11
  • Ian’s fateful decision to begin “leaning against the wind” in 2002. 1:04:21
  • When Ian sent junior RBA staff to attend property spruiker seminars. 1:08:06
  • Can you actually make much money betting on property price growth? 1:10:51
  • Did Ian prevent an out-of-control housing bubble? 1:13:43
  • Should central banks “lean against the wind”? 1:14:37
  • The poignant truth of public policy and silent heroes. 1:16:30
  • Did Ian see the global financial crisis coming? 1:20:24
  • Was the 2012-2017 run-up in house prices as bubbly as the early-2000s run-up? 1:23:05
  • How America’s teaser rate loans got “lost in translation” and overlooked by the Aussie regulators. 1:24:59
  • Does Ian see risks in today’s housing market? 1:28:58
  • The Melbourne land bubble of the 1880s. 1:30:54
  • Did the biographical subjects of Ten Remarkable Australians, all born in the late nineteenth century, view themselves as “Australian”? 1:33:13