We have gone from a world where economic downside was a part of life and even directly confronted when necessary (Volcker, Keating etc) To one where it is avoided like the plague, even if it means blowing hundreds of billions for little good long term reason. This is part of the origin of Burnout Economics. The theory that economic downside is now so politically unacceptable that govt will gladly keep their foot planted on the accelerator while central banks slam their foot on the brakes. The problem is economic downside is never fully avoided, only deferred. And that is where Australia is now. A nation where housing market reckonings have been avoided again and again for almost two decades. Where in the process of avoiding that downside growth in the per capita private sector economy is more or less non-existent in the post-mining boom era. Now those same policymakers are trapped in a world of their own making, where there are no more good options, only less bad ones. Welcome to late stage Burnout Economics, where things get challenging until the cycle starts all over again.