The Reserve Bank’s unconventional monetary policies during the COVID-19 pandemic did not work well and its use of interest-rate targeting should never happen again, a former deputy governor has told the RBA review.
The Business Council of Australia supports the idea of replacing the long-standing 2 per cent to 3 per cent inflation target for a nominal income target and overhauling the RBA board to have more monetary policy experts.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
