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If The RBA Were A Company, The Governor Would Be Out Of A Job!

Where should accountability lay for the decisions of the Central Bank? There are many arguing that more independence is needed, so politicians can claim arms length influence only. On the other hand to date, this approach has not been working, and in a New Daily article Alan Kohler makes some interesting observations.

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40 Comments

  1. I hate interest rate rises as much as the next person, but I also understand from examples of hyperinflation in other countries that raising rates is the lesser of two evils. Historic low rates could't last forever and it could be bad if they did.

  2. It incredible that its expected of government to serve and be accountable yet here we have dessert before entree with the main meal given in a doggy bag, the chq totals a table not yr own and the chef is the owners dog.
    Btw- Mr Squiggle was the mastermind in plain sight all along.

  3. Iā€™m not ok with the Phil Lowe pile on. The RBA review seems to be the government avoiding accountability for their part. Poor government policy, constant government interference, a once in a life time pandemic, board stacking by governments at the time and putting mainly business people ( who would be clearly biased about rates) are all significant factors. The housing bubble should never have gotten this far that now raising rates by small amounts is having significant crippling impacts due to absurd prices and a bubble. It took a long time to get where we are now. Laying blame at one persons feet is avoiding what created the problem. If labor does not do anything to fix this I will vote green next. I never thought Iā€™d vote green but they are the only party talking about issues people my age are worrying about.

  4. The central banks have always been set up to work against the freedom of the people; it's part of the globalist superstructure (BIS, UN, Steering committees, IMF, mega corporations etc.) that is moving us in to a neo- feudalist technocratic system as it has been designed to do. We the people have always been subservient to it and therefore will never be able to hold the RBA to account. You'll own nothing and you'll be happy.

  5. Martin I think it is obvious that central banks are "central banks" and have no connection with the people of Australia or any other country. They are communist institutions controlled by a global communist system. And the people, the governor, the board, the Australian politicians, have sold their souls. Not my problem. They are going to have to answer for that.

  6. You can pretty much take anything Alan Kohler says with a grain of salt, the same applies to Lowe he is a career RBA employee which should have excluded him from the position in the first place.

    If you don't agree with me perhaps you should listen to his back catalog of podcasts "The Money Cafe" – start in Sep/Oct 2021 and I guarantee you will piss yourself laughing at how wrong any future predictions he and his guests make . With the exception of Stephen Mayne, he is the sole voice amongst a group of know nothings. Alan and his other cohorts just ramble on in an echo chamber myopic drivel. Don't confuse their podcast with the Australian Money Cafe, James Kirby, which is worth a listen but not if you're looking for insights.

    I've been following Martin since he looked like his thumbnail, he is one of a few who have been bold enough to provide insight in a meaningful manner and for that Martin I thankyou, hope you enjoy the GWR express šŸ™‚

  7. "No one has been able to work out how to make central banks accountable for their decisions",come on Martin,this commentator (as you know) has had the solution for a long time,in short close down present RBA operation and have all future decisions through better arrangement under fully accountable elected politicians.

  8. Given your record on predicting economic conditions what with the famous 60 minute interview predicted the up to 80% crash all those years ago and more recently you and Steve Van predicting deflation only 2 yrs ago I wouldnā€™t apply to replace him Martin šŸ˜‚

  9. Well Martin, you got to applaud to the RBA, they accomplished their mission:
    House prices did not go down significantly and will go upwards from here driven by structural factors. Low stock, high immigration and a wide range of government programs and subsidies did the job. Inflation will continue to easy and with a low cash rate house prices will go back into double digit grow. Everyone is happy – its the Australian dream. I got to say, I was not sure for a while whether they can pull it off but they did: a soft landing by the book.

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