OPINION: The populist pile-on against Philip Lowe should really be directed at Canberra. We are now paying the inflation and interest rate price of the borrowing and spending through the pandemic.
Treasurer Jim Chalmers has produced an economic blueprint for the Albanese government. His aim is to reinvent the economy. Chalmers is also promising to “renovate” the Reserve Bank and to “renew and revitalise” the Productivity Commission.prosperity and progress – as if these things were somehow disconnected. As if it didn’t already do this.
The government would have us believe that European wars and pandemics and supply chain disruptions are the cause of our inflation. They certainly haven’t made things any easier. But I would like to draw some attention to Australian money supply data. All those economists who were talking about no trade-off between public health and the economy neglected to also tell us there are no free lunches.Sure, he gave out bad guidance – but let this be a lesson to all those macroeconomists who mindlessly parrot the RBA instead of doing their own homework.
A government agency, staffed by government employees, pursuing government policy, using powers conferred by government is simply not independent in any sense of the word. The RBA is somewhat unique in having outsiders – usually business people – on its board determining interest rates. We are led to believe that these people lack the skills to make good decisions.
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