The latest inflation figures confirm that inflation has peaked and the Reserve Bank was correct not to raise rates earlier this month.
The recent review of the Reserve Bank recommended a new board with “experts” on monetary policy to decide interest rates changes rather than the current “amateur” board. And yet, were such a board already in place, given the advice of many economists such as the Crawford School of Public Policy’s “Shadow Board”, the RBA would likely have raised rates earlier this month.
