The RBA’s monetary-policy responsibilities must be broadened to go beyond inflation targeting, and Treasury, the RBA, APRA and the Productivity Commission (PC) need to cooperate better. The Treasury should become a “Stackelberg leader”, assisted by a new Fiscal Policy Council. The other institutions should become “Stackelberg followers”. The RBA, in carrying out its broader role, should pay closer attention to the level of the exchange rate. The roles of APRA and the PC must also be re-examined.