Alan Kohler: The undemocratic independent Reserve Bank

The ghosts of Friedman and Volcker appeared at the foot of Philip Lowe’s bed and turned him into Ebenezer Scrooge, writes Alan Kohler.

Last week’s ‘Statement on Monetary Policy’ from the Reserve Bank makes it pretty clear there are likely to be two more rate hikes, probably in March and April.

Nothing to do with me, said the Treasurer Jim Chalmers, the Reserve Bank is independent.