The PM and the treasurer need to reinforce the independence of the new central bank governor, even when that is politically inconvenient.
in the prime minister’s parliamentary office as an accomplished and outstanding economist when they announced her history-making elevation as the first female governor of the Reserve Bank in its 63 years.
They need to end the Labor carping, which became amplified toward the end of Dr Lowe’s 12 cash rate increases. As part of this, the PM and the treasurer should heed Dr Lowe’s parting message that fiscal policy must play more of a role in taking pressure off monetary policy to manage the business cycle.
As new governor, Ms Bullock also has the job of acting as a change agent at the institution she has worked at since being hired as a graduate economist in 1983. That will involve various changes recommended by the review of the Reserve Bank board that need further public debate.if, as suggested, the governor chairs the Reserve Bank’s monetary policy board but not the proposed new governance board.
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