The Reserve Bank of Australia’s annual policy conference this week showed that it is catching up to what some call the second revolution in central bank communication.
But this confronts a basic central bank failing. Amid all the increased messaging and intense focus on monthly interest rate decisions, most people still don’t understand why inflation broke out around the world in the first place.
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Michael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024). Email Michael at mstutchbury@afr.com
