The most significant recommendation of last year’s Reserve Bank Review – the creation of a monetary policy board to decide on interest rates – is on shaky ground. Two former RBA governors have publicly expressed opposition to it. The federal opposition looks unwilling to play ball. And nothing good ever comes out of the government negotiating with the Greens.

Cards on the table, I was one of the folks agitating for the review. And I agree with the review’s conclusion that “the external members of the [existing] Board have been outstanding leaders in their fields. However, collectively they have less economic and financial market expertise, and spend less time on monetary policy, than decision-making bodies at comparable central banks.” That’s not even a point of contention, actually. It’s just a statement of fact.