Two things made Tuesday’s Reserve Bank board unusual, apart from the fact that it was in Perth: First, it was a week before a budget that will contradict their work, at least to some extent, and second, it was their first gathering since being humiliated by the RBA Review and sacked by the Treasurer.
Did these two elephants in the boardroom influence the decision to hike interest rates for the 11th time? Well, the minutes probably won’t tell us that in a fortnight, but those sitting around the table would have been thinking of little else.
