The governor needs to be the nation’s economist-in-chief, expressing a considered view about where our economy is, where it’s going, and what challenges we face.
Tuesday’s RBA decision to leave the cash rate at 3.85 per cent certainly surprised bond markets – even though it was a sound decision.
But there were no surprises – and there was no substance – in the board’s statement or governor Michele Bullock’s press conference. Just a bunch of weapons-grade bromides that make consulting-speak look like poetry. That’s a problem. And it’s indicative of a really serious issue.
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Richard Holden is scientia professor of economics at UNSW Business School. Connect with Richard on Twitter.
