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Parliament must hold the reigns over the RBA

“The Reserve Bank will get more experts for a separate board to set interest rates and will hold fewer board meetings with mandatory press conferences, as part of the first external review of the central bank and the operation of monetary policy in 40 years…….The independent review has come back with 51 recommendations. Here is what it found:

The RBA should continue to have operational independence for monetary policy, meaning the government should remove the power for the Treasurer to overrule RBA decisions.”

This is the worst outcome possible.

The Treasurer and the parliament that holds him to account must always be able to hold the reigns over the RBA.

This is just handing power over to unelected bankers and other “experts” who will quite often be nothing but lackeys.

Iain Ross, one of the new members of the RBA board is nothing but a union hack. He was the architect of superannuation with Kelty and Keating then become the Fairwork Commissioner that turned a blind eye to mandates.

Meanwhile the real issue of quantitative easing remains ignored.

AFR – All 51 recommendations from the RBA review

AFR – Iain Ross better than a union rep on RBA board: ACTU

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Gerard