The RBA is considering raising the official cash rate for the first time since 2010 and the outcome will have big ramifications for the federal election
has nine members, all of whom have been appointed by the Coalition government in their current roles. Lowe, though, first joined the board as a deputy governor in 2012 during the Labor government led by Julia Gillard.
Ian Harper, director of the Melbourne Business School, held roles including the inaugural fair pay commissioner, and is also on the board of the right-leaning Robert Menzies Institute. James Morley, a University of Sydney professor who has worked on central banks from North America to New Zealand, said having the treasury secretary on the board set Australia apart from similar countries, such as Canada. Even so, the RBA is “still a fairly independent central bank”.Unlike in the US or the UK, the RBA doesn’t disclose how board members vote.
“So the idea that we kind of just go along and I say, ‘Interest rates aren’t changing,’ they say, ‘Yes. Yes, let’s go to lunch.’ That’s completely fanciful,” he said, adding that a “collective exploration … [is] the way that I like to do things”.
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