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The Forum > Article Comments > Tough gauntlet ahead for new Reserve Bank chief > Comments

Tough gauntlet ahead for new Reserve Bank chief : Comments

By Graham Young, published 21/7/2023

The RBA's target is now going to get even vaguer because it is being given the mutually incompatible twin targets of inflation between 2 and 3 percent and full employment.

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Thirty eight years working for the RBA. She will be imbued with all the bad habits, then. I worked in the public service on and off for over 40 years myself, and I know how stunting and mind-numbing it is. Like politics, no one should be allowed to hang around for too long; fresh, un-brainwashed people, still with initiative and new ideas, should regularly replace the old drones. And, that was my opinion before I got to Graham's third paragraph.Great minds .
Posted by ttbn, Friday, 21 July 2023 8:54:27 AM
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As I like to say, it is Steven Kennedy Treasury, setting the economic "levers" for astonishing population growth, lousy productivity growth, profits (and wealth) hogging the GDP, and steady economic decline.

Interest-rate hikes are about done. RBA "lifer" Michele Bullock is barely relevant. Her most useful function? Woke Well Being Chalmers will keep on blaming RBA, for economic adversities that are all of his own doing.
Posted by Steve S, Friday, 21 July 2023 10:01:55 AM
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Mutually incompatible targets are a recipe for failure and a scapegoat for future governments to target, as opposed to actually doing something themselves, although politically unpalatable.

What they can do but won't! Is embrace nuclear energy as MSR we build, own and operate.

Financing and facilitating energy co-ops to enable the most cost effective, free market, private business model, to succeed and prosper itself and the nation, all while destroying inflation.

The other thing they should do is build the very rapid rail. And put a hold on anything but temporary guest migration to fill real skill shortages here. TBC.
Alan B.
Posted by Alan B., Friday, 21 July 2023 11:47:54 AM
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The Australian public 'service' can't even get the MyGov app to work properly. The Australian public 'service' employs people, not according to qualifications or ability, but according to gender, race, disability and ideology. Hence all the useless dills.

Centrelink epitomises the horrors of the APS. Robodebt is only the tip of the iceberg. Anyone having to deal with Centrelink knows this.

Fortunately we plebs don't have personal dealings with the RBA.
Posted by ttbn, Friday, 21 July 2023 12:08:57 PM
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Thanks Graham Young. The Albo Govt wants the new Chair of the new RBD Board to achieve two mutually impossible outcomes. Should not be a problem because JC will step in and sort things out - the Board is no longer independent of course.
Posted by Pliny of Perth, Monday, 24 July 2023 2:32:23 PM
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Not sure if Phil Lowe was the 'Wizard of Aussie' or the Mad Hatter from 'Australia In Wonderland', but he's on his way out.

Love that euphemistic jargon from the right; "remove red tape". What they are really saying is give the Capitalist the unfettered right to unhindered control of market activity to their own ends. Heard the saying; "the rich get richer, and the poor get poorer" that's what these free marketeers want, wealth distribution that massively favours the rich. They are foolish adherents to the discredited theory of 'Trickle Down Economics".
Posted by Paul1405, Monday, 24 July 2023 3:30:55 PM
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