Mark Barnaba has rejected a key finding of an independent review used to shake up the central bank, arguing the board has “strong debate” and is not a “rubber stamp” for governor Philip Lowe.
Reserve Bank of Australia board member Mark Barnaba has rejected a key finding of an independent review used to justify a shake-up of the central bank, insisting the board has strong debates and is not a “rubber stamp” for governor Philip Lowe.and its pandemic stimulus would have benefited from more “expertise” to fully “test” the bank’s proposals.
He said that on several occasions board papers prepared by RBA officials before monthly meetings were issued without recommendation from Dr Lowe on his preferred monetary policy decision. The Perth-based executive will finish up as scheduled in August, making it easier for him than other RBA directors to speak publicly about the RBA review.
“The RBA’s decisive actions at the start of the COVID-19 pandemic were critical in supporting Australia through the crisis. “The fact is today unemployment is 3.5 per cent – the lowest print in nearly half a century and materially below every estimate of full employment – so I doubt changing a term or two on employment focus would alter this remarkably good result for our country.”
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