A tweet from Warwick McKibbin, who was a member of the Reserve Bank of Australia policy board for a decade and is now a Professor of Economics at the Australian National University, is gaining attention here in Oz this morning:Breaking down that tweet shows why the RBA will hike rates today:Inflation in Australia is due to demand>supply. To cut inflation: raise supply (through productivity) ... the RBA can't do anything about thiscut demand through less government spending ... the RBA can't do anything about thisor higher taxes ... the RBA can't do anything about thisor raise interest rates ... and, here is the one thing the RBA can do. So far policy has been to subsidise demand and leavin
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