Many economists expect RBA governor Philip Lowe to leave in September, but urged the government to preserve the bank’s sovereignty when it appoints a new chief.
when it abruptly ditched its pledge that interest rates would remain at a record low 0.1 per cent until 2024.
Michael Blythe at PinPoint Macro Analytics said the assumed 10 per cent unemployment rate and 10 per cent GDP decline forecast at the start of the pandemic were successfully averted at the hands of smart policy.Hindsight Economists also note that Treasurer Jim Chalmers must be careful, in that any upcoming changes resulting from the review will not threaten the central bank’s sovereignty.
“This is especially difficult in Australia given the longstanding politicisation of monetary policy, where every rate move is scrutinised by the broader community.”
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