Eminent economist Ross Garnaut is urging the Reserve Bank to reconsider its “arbitrary” timeline for getting inflation back to target and said it was possible the central bank could achieve its aims without unemployment rising.
The RBA is aiming to get inflation to 3 per cent by June 2025. Governor Philip Lowe said on Wednesday the central bank was “deadly serious” about getting price pressures under control, and would take a tougher stance if it looked as though the RBA was going to fall short of its forecasts.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
