OECD says now is the time for a review of the Reserve Bank

ahead of the pandemic. The RBA sets official interest rates and attempts to keep inflation between 2 and 3 per cent as part of its charter to deliver full employment while maximising the nation’s prosperity. It has missed its inflation target since 2015.

Ben Westmore, head of the OECD’s Australia and United States desk, said given the RBA’s failure to hit its inflation target for more than five years and changes in the macroeconomic environment caused by the pandemic, now was the right time to conduct a monetary policy review. The last review of the RBA occurred in 1981 as part of the Campbell inquiry that proposed reforms such as deregulation of the financial system and a free-floating currency. Globally, the central banks of the United States, the European Union, Japan, Canada and New Zealand have all undertaken reviews within the past four years.at calls from Labor and economists for a formal review as recently as last month, saying other central banks were moving towards its policy approach.

“The government could strengthen the transparency and accountability of fiscal policy by explicitly requiring an independent fiscal institution to regularly evaluate and monitor the fiscal strategy,” it said.

RBAInfo OECD Hmmmmm.... I wonder what THIS is all about? 🤔

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