As stagflation threatens Australia, is neoliberalism’s time up?

The Reserve Bank is warning that Australia could be heading towards a period of stagflation, a devastating economic situation characterized by high unemployment, high inflation and low economic growth. When the post-war consensus completely breaks down, could this herald a new economic orthodoxy?

If oil supply shocks from the US-Israeli war in Iran persist for much longer, the RBA will have to walk a fine line to avoid the worst effects of recession, let alone stagflation.