While the treasurer and government of the day like to claim credit for the nation’s economic outcomes, much of the weight is actually borne by the RBA, its board and its governor.
But that’s a target it has failed to meet for the past five years. The cost of that failure can be measured in an unemployment rate higher than it needed to be, lower wages for workers and poorer outcomes for businesses. Around the world, central banks have responded to their failings via independent reviews. Earlier this year, the NZ Reserve Bank was directed toIt’s 40 years since the RBA was part of any formal review. We had $1 and $2 notes in our wallets, the government set the maximum interest rate on our mortgages and the go-to credit card for all Australians was Bankcard.
swrighteconomy 'The OECD wants to strip the entire jalopy down to its parts.' OECD or Mathias Cormann doing L-NP work from a distance; whats the real goal - less independence and more govt. control.
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