Former governor Bernie Fraser says the Reserve Bank of Australia's attempt to improve the welfare of all Australians has been undermined by decades of neoliberalism.
, he warned that the RBA would have to build broad community support for its new, anti-inflation objective and, to do that, it would have to build credibility in relation to its other objectives, namely delivering gains in employment and living standards.
"It would be ironic if one form of influence were to be substituted for another: If the short-termism of politicians were to be replaced by the short-termism of the financial markets," he said at the time."I think the bank has done a pretty good job, all in all," he told the ABC. "The distribution of that growth is another question but — in terms of generating growth and generating reasonably good employment opportunities and so on — it did a pretty good job."was "still as relevant as ever", and the bank had done a good job of balancing its objectives.
Bernie Fraser says the RBA has built up credibility in the inflation-targeting era, notwithstanding a mistake in the COVID-19 era.
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