This Month
Why the Fed’s independence is worth fighting for
We should be both alert to and alarmed by political attacks on central banks and their implementation of monetary policy.
September 2024
There’s a straightforward way to clear RBA board logjam
An alternative structure for the new monetary-policy-setting board could satisfy Labor and the concerns of the Coalition and former governors.
July 2024
Reserve Bank’s path to a soft landing is very narrow indeed
Further rate rises would make it harder for the RBA to achieve the trifecta of a small rise in spare labour, with employment still increasing and inflation back at target.
May 2024
We need to prepare in good times for the next big shock. These are the good times
We are a long way from even a balanced budget. If we are going to have a fiscal war chest for the next big shock, we need to prepare now.
March 2024
Want better returns? Cut back on shares, bonds
University endowments and the Future Fund indicate that long-term bets on private equity and other unlisted assets produce better returns.
February 2024
The evidence is that immaculate disinflation is unlikely in Australia
Economic conditions indicate the cash rate has not been high enough, increasing the risk inflation will persist, and this means it will take longer before the RBA can cut rates.
August 2023
How to vaccinate the RBA against groupthink
The Reserve Bank’s new monetary policy committee should operate like the diverse body of health experts that approved the COVID-19 vaccines.
April 2023
Australia’s central bank gets a new culture of debate
A panel of experts at the very pinnacle of the RBA will lift the standards expected in the bank’s internal analysis.
RBA needs more data and more debate
Monetary policy is as much an art as it is science. But it needs deeper research and the broadest possible debate if it is to work well.
March 2023
Global experience says a two-tiered RBA board is better
The Reserve Bank needs inside experts to decide monetary policy and well-credentialed outsiders to help supervise a very complex organisation.