It is no coincidence that the three people filling the key monetary policy roles at the Reserve Bank through the pandemic will no longer be there in a few months’ time. We learnt last week that governor Philip Lowe’s term will not be extended despite recent convention and his own desires.

Deputy governor Guy Debelle, the heir apparent, left the bank in early 2022, just as inflation was taking hold across the Australian economy. Last week the RBA’s head of economic analysis, assistant governor Luci Ellis, was announced as the next chief economist of Westpac, replacing the highly successful and longstanding economist Bill Evans.