The RBA has not wanted to take “basic first-year economic advice” about why they’ve been “so wrong, so consistently” and will need a new governor to challenge the institution, says former Labor senator Stephen Conroy.
“I think it’s important that they pick someone from outside the existing loop,” Mr Conroy told Sky News Political Editor Andrew Clennell.
“I think the failure of the Reserve Bank over the last twelve months has been catastrophic for the Australian community. “It needs to be someone strong enough to go in there and challenge the underpinnings that they’ve been using for the last 20 years because they’ve just been getting it wrong.”
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