Internet reports that some observers believe that the Reserve Bank of Australia's monetary policy tool is more powerful than the tools of many other central banks because most of the country's mortgages use variable interest rates and household debt is high. Paul Bloxham, chief economist at HSBC, said that this means that in the post-COVID-19 era, the Reserve Bank of Australia does not have to tighten monetary policy significantly as before to achieve the same effect. However, a recent speech by RBA Assistant Chairman Kent broke this myth. Kent said the effectiveness of the Reserve Bank of Australia's policies was nothing special compared to other central banks. This is consistent with HSBC's view that since the Reserve Bank of Australia has tightened less than other central banks, interest rates may take longer. Bloxham warned that the Reserve Bank of Australia may also not cut interest rates at all.