Australian Quote by Paul Keating
![“[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the…” quote by Paul Keating](https://sms4smile.com/quotes/img-quotes/295/paul-keating-8731_australian_australian-reserve-bank-governor-macfarl_2047355.jpg)
“[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the same fellow that gave them the 15 years of good growth and high wealth that came from it?”
About This Quote
Source Speech: Interview on Australian monetary policy, 2023
The speaker argues that raising interest rates, though unpopular, was essential for long‑term growth and wealth, similar to historic anti‑inflation successes.
In simple terms: Raising rates can be a hidden catalyst for prosperity.
Key Takeaway
Recognize the long‑term benefits of tough policies.
Themes
economics
policy
growth
inflation
leadership
Mood
reflective
defensive
Type
analytical
persuasive
When to use this quote
- central banking decisions
- public communication
- financial planning
Key Concepts
monetary policy
inflation control
economic cycles
Questions to Reflect On
- What long‑term outcomes justify short‑term hardship?
- How can policymakers better explain tough choices?
A Different Perspective
Critics may focus on short‑term pain, overlooking future stability.
