RBA tempers the doves as it sells its slow and steady strategy
The Reserve Bank’s deliberate plan to hold back on big cash rate increases worked as intended. Now its message is that the approach applies on the way down.
A lot can happen in nine months. When National Australia Bank executive Cathryn Carver introduced Reserve Bank governor Michele Bullock to deliver the annual Anika Foundation address on Thursday, she gave a snapshot of the world in September last year.
That was the last time the function was held to raise money to address youth depression. Kamala Harris had momentum in her run for the White House, while in Australia, the Albanese government’s grip on power looked shaky. The main act, Bullock, was yet to cut interest rates even as her central banking peers were lowering their settings. Australians were still feeling the strains of higher prices as cost-of-living pressures mounted.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
