The Reserve Bank of Australia is hierarchical, insular, supercilious, hubristic and exceptionally slow to respond to its own mistakes. It must be overhauled, writes Christopher Joye.
First a shout-out to the UFC’s pound-for-pound king, Alex Volkanovski, for retaining his number one position across all weight classes following his fight in Perth with Islam Makhachev, whichI am confident that the UFC’s featherweight champion, who hails from the mean streets of Wollongong, will comfortably prevail over the Dagestani in their inevitable rematch and claim his deserved double-champ status.
The RBA’s leadership, culture, and organisational structures are all desperately in need of a massive overhaul. And this can only be executed by a highly experienced and respected leader that does not originate from the organisation itself.First, you have a circa two-decade period from the early 1990s to the 2008 global financial crisis where Australia was blessed with
The human tendency to luxuriate in this acclaim was amplified by the central bankers’ fixation with their perceived “credibility”. The idea here was that central bankers wanted their statements about maintaining low inflation to be credible with the public: if they were not, expectations regarding future inflation pressures could become unmoored, resulting in a self-fulfilling bout of even higher actual or realised inflation outcomes.
Another challenge has been the implicit contract that the RBA strikes with the media, whereby it will relentlessly feed favoured journalists with highly sensitive information on its thinking in exchange for compliant coverage. I think it would be a mistake to replace Lowe with someone from the RBA, a former RBA executive, or an individual from the Commonwealth Treasury.
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