Some observers believe that the RBA's monetary policy tools are more powerful than those of many other central banks because the country's mortgages are mostly at variable rates and household debt is high. HSBC chief economist Paul Bloxham said this meant that in the post-COVID-19 pandemic era, the RBA would not have to tighten monetary policy as much as before to achieve the same effect. However, a recent speech by RBA assistant chairperson Kent shattered this myth. Kent said there was nothing special about the effectiveness of RBA policy relative to other central banks. This is in line with HSBC's view that because the RBA has tightened less than other central banks, it may take longer to cut interest rates. Bloxham warned that the Reserve Bank of Australia may not cut interest rates at all.