Why does the federal government think the Reserve Bank will perform better with less accountability, asks Gareth Hutchens.
In a world of constant change and uncertainty, it would be unwise to cede democratic control over one of the most powerful economic institutions in the country.
It just asserted: "This power detracts from the independent operation of monetary policy and the credibility of the monetary framework."How has that overrule power, which most Australians didn't even know existed, and which has never been used, been undermining the credibility of our monetary framework?The famous atheist Christopher Hitchens used to say that extraordinary claims required extraordinary evidence.
And there was the design of a new framework — inflation-targeting — that was adopted in 1993 and which is still in operation.
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