Bullock’s silence let Chalmers off the hook on spending
Nobody is suggesting it is RBA governor Michele Bullock’s fault that politicians act expediently. But there is room for sensible, non-partisan observations to be made.
When Jim Chalmers appointed Michele Bullock to lead the Reserve Bank of Australia, he described her as an “outstanding economist” who would bring a fresh perspective to the institution.
A pillar of this fresh perspective was the treasurer’s RBA review, which recommended that an expert monetary board be established and that the governor hold regular news conferences after every interest rate meeting. The irony of this week’s cash rate U-turn is that Bullock has left herself open to the very criticism the new regime was meant to avoid: she has failed to communicate a complete picture of the economy.
Loading...
The Australian Financial Review’s succinct take on the principles at stake in major domestic and global stories – and what policy makers should do about them.
