A Reserve Bank of Australia review is set to examine whether its long-standing inflation target should remain.
The core objectives of the Reserve Bank of Australia — what it tells the public and who sits on its board — will be scrutinised in the first review of the central bank and its operations in decades.Federal Treasurer Jim Chalmers says the review is to ensure "we have the world's best and most-effective central bank"
The review follows a difficult period for the RBA, which lowered the cash rate to a record low of 0.1 per cent during the earlier stages of the COVID-19 pandemic but has recently had to chase surging inflation with rapid hikes. However, it is considered a blunt tool, as changes to interest rates have a broad impact on the economy.
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