Although Michele Bullock has been with the bank for four decades, the past two have been in areas remote from interest rate setting, meaning she won’t feel compelled to defend the mistakes of the past.
The budget’s back in surplus after 15 years, briefly, and there are measures to ease cost-of-living pressures, but can it tame inflation?
Just as we have the country’s smartest legal minds on the High Court, and our best health practitioners setting vaccine policy, the review wants the best economists to set monetary policy.
The Reserve Bank of Australia has delivered a “double-whammy” interest rate rise, and it’s likely there’ll be up to five more to come in 2022.
The government used to set interest rates, but no longer does. If the UAP really did try to deliver on an election promise to cap interest rates at 3% for five years, what would the consequences be?
Governor Philip Lowe says it’s “not unreasonable” to expect the cash rate to climb to 2.5%. That’s an extra $600 to service a $500,000 mortgage.
Do you have what it takes to be Australia’s No.2 central banker and heir-apparent to the Reserve Bank of Australia governor?
The Reserve Bank head is optimistic about 2022, in part because COVID has loosened the government’s purse strings.
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