Opinion | Stephen Miller

Bullock shouldn’t be reticent about calling out Chalmers on inflation

The governor has arguably leant a little too much on diplomacy in articulating where government policies have led to higher interest rates.

Stephen MillerFormer adviser to Paul Keating

Feb 5, 2026 – 9.09am

The Reserve Bank of Australia’s announcement of a 0.25 percentage point increase in the policy rate to 3.85 per cent has brought forth a flurry of recriminations aimed at policymakers.

Fair enough. There is plenty of blame to go around.

Stephen Miller is an investment strategy advisor to GSFM and formerly a Treasury officer who served on the personal staff of the then-treasurer Paul Keating from 1985 to 1987. The views expressed are his own.