Australia's central bank will be reviewed for the first time in decades, an inquiry looking into its performance, inflation targets and appointments to its board. ShubaSKrishnan Read More: auspol
The review will include considering if the Reserve Bank's inflation targeting framework is appropriate.The Reserve Bank, subject to a major review announced by federal Treasurer Jim Chalmers, is the guardian of controlling inflation in Australia."The Reserve Bank matters more to Australians than it’s ever done because we’ve borrowed more than ever," he told SBS News."The decisions have a bigger impact on the finances of families than it’s ever done.
But the higher the interest rate rises, the more money a person pays on top of the amount they have already borrowed, like the mortgage on a home. The cash rate has reached 1.35 per cent, meaning homeowners are feeling the pinch as cost of living pressures rise.Recently, the Reserve Bank’s role has become the subject of intense scrutiny.
Mr Richardson said the central bank wasn’t “negligent” in its actions but it was “wrong” about the forecast. “I don't want it to be primarily about second-guessing decisions that the board has taken, particularly in the recent past,” he said.‘Boomer fantasy land’
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