Jim Chalmers’s proposed changes to the central bank would insulate it from the fundamental check-and-balances essential to our democratic institutions
The RBA review Chalmers commissioned has been painted as a major overhaul of the RBA. This is true, but not for the reasons that have received the most attention.is a minor adjustment. Of far more consequence is the proposal to remove the fundamental check-and-balances that Chifley put in place.However, section 11 of the RBA Act gives the treasurer the power to overrule the RBA.The RBA makes decisions that are of massive consequence to most, if not all, Australians.
It removes pressure on him to act to reduce inflation and redistribute wealth to make our economy fairer. In this fantasy world, interest rate decisions are simply a matter of getting the right data to the right people so they can, free of political influence, come up with the right number.between half and three-quarters of the current bout of high inflation is a result of supply shocks
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