John Simon, the former head of the Reserve Bank’s Economic Research Department, makes a good point about the deal Treasurer Jim Chalmers has offered Shadow Treasurer Angus Taylor to get his stalled central bank shake-up across the line.

This follows the Reserve Bank’s misjudged “forward guidance” about keeping interest rates ultra-low until 2024 which damaged its credibility and public standing. That prompted the Labor-commissioned independent review that proposed a dual board structure to improve the central bank’s interest rate policy decision-making. And it comes amid the debate about whether the bank has raised interest rates high enough to tame inflation – and how quickly it should move to provide rate relief.