Glenn Stevens, Governor, Reserve Bak of Australia bats for accommodative money policy.:

Monetary Policy Decision left Australian cash rate unchanged at 2 %.
Quotes

• Key commodity prices are much lower than a year ago, in part reflecting increased supply, including from Australia. Australia's terms of trade are falling.
• Overall, global financial conditions remain very accommodative.
• monetary policy needs to be accommodative. 
• regulatory measures are helping to contain risks that may arise from the housing market.
• In other asset markets, prices for commercial property have been supported by lower long-term interest rates, while equity prices have moved lower and been more volatile recently, in parallel with developments in global markets. 
• The Australian dollar is adjusting to the significant declines in key commodity prices.

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Stevens to Yellen ... are central bankers duty bound to accommodate ? Have they usurped the mantle of the fiscal authorities? While we measure fiscal deficit,  are we letting monetarists get away with  accommodative monetary kiting? Is there a 'moral hazard' in cheap money policy?