Former prime minister Paul Keating has savaged the Reserve Bank for not doing enough to help the unemployed, saying it is having a 'dalliance with indolence' | swrighteconomy
"The Reserve Bank might do as it was set up to do – help the government. Be a utility. Shoulder the load. And in a super-low inflationary world, that load is funding fiscal policy. Mountainous sums of it.Mr Keating said the bank was now having another of its "dalliances with indolence", afraid to consider unusual actions to help the economy.
He accused Dr Debelle of outlining "meandering thoughts" in his speech this week rather than reflecting on those Australians out of work and the 500,000 superannuation accounts of people under the age of 35 that had been cleared out since the advent of the pandemic."In an economic emergency of the current dimension that means putting the orthodoxy into perspective and doing what is sensibly required," he said.
"The only difference between the deity and those to be governed is that the governor and his deputies do not wear clerical collars and black suits. But that is the only difference in their comport and attitude."
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