Treasurer Josh Frydenberg and shadow treasurer Jim Chalmers are baying for a review of the RBA, but it’s not clear there’s anything wrong with the central bank.
Watch out Josh and Jim. The shock departure of Reserve Bank deputy governor Guy Debelle, widely acknowledged as one of the country’s most brilliant financial minds, should make you careful about tinkering with the country’s central bank.
All the same, Debelle is probably politically astute enough to realise bipartisan support for holding a review of the RBA when neither side of politics can actually articulate what they see as the problem indicates that there’s a niggling dissatisfaction in Canberra with the RBA’s performance.At 55, Debelle is at the upper end of the age range to begin a new executive career.
But Debelle’s departure should make both Josh and Jim think a bit more clearly about the changes they’re proposing to make at the RBA. And while Josh and Jim are no doubt enjoying the opportunity to vaguely criticise the RBA, without ever specifying what they believe is wrong with the central bank, they need to be aware of the potentially negative consequences of their actions.
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