What you don't realise is that using interest rates to control...

What you don't realise is that using interest rates to control inflation is not just about reigning spending of people who have borrowed money to invest in property/shares, etc.

This was covered in the cut and paste from the RBA website. There is a lot more great info on their website, if anyone is interested.

If you think because you don't have any borrowed money that interest rates don't affect you or mean anything to you, then you are in denial. If you participate in the economy, interest rates matter.

Currently, the best tool we have for controlling inflationary expectations is interest rates. If you are going to, off the cuff, call this "crazy", and anyone who doesn't agree with you an "imbecile", then it is in encumbered upon you to come up with a better solution. Or at the very least explain why inflation shouldn't be targeted.