Former Labor minister Stephen Conroy says the RBA is 'getting it wrong' and needs to change how it does business, accusing the central bank of placing too much weight on what the business community says.
Mr Conroy spoke to Sky News Political Editor Andrew Clennell on Tuesday, following the RBA’s decision interest rates at 4.1 per cent, with Governor Philip Lowe explaining that the pause would give the RBA “time to assess the impact” of its 12 cash rate increases since May 2022.
“When we talk about the annualised number, it's still based on a whole bunch of high numbers from last financial or last calendar year,” Mr Conroy said. Former Labor minister Stephen Conroy says the RBA needs to change how it does business. Picture: Sky News Australia “The business community just constantly tell them there's massive wage outbreaks coming, massive wage outbreaks coming - oooh a bogeyman - but the problem is they've never turned up,” he said.The former Labor minister said the problem was more extensive than just RBA Governor Philip Lowe and would continue until the RBA changes the way it does business.
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