"...monetary policy by itself cannot solve chronic growth problems. Both US Fed Ben Bernanke and his designated successor, Janet Yellen, have said as much, though they have not shouted it."Indeed, they're explicitly using monetary policy to compensate for short-sighted fiscal policy that is pre-occupied with cutting this year's spending."
"...despite a lift in building approvals and strength in housing auction clearance rates in key cities such as Sydney and Melbourne, last week's construction survey suggests actual home building activity failed to rise again last quarter, and has shown no growth in 2013 so far."
"Lower interest rates merely reinforce the existing economic structure, rather than promote structural change. That's why attempts by monetary policy to generate economic growth will only generate short term, inflationary growth, with the inflation showing up in property prices and bank profits."