The New Zealand central bank is leading the world with its unalloyed and politically independent commitment to crushing inflation by imposing a recession and driving up unemployment to put downward pressure on wage growth and rampant services costs.
This makes the Reserve Bank of Australia look silly given its surprising cheerleading of an inflationary budget and its unwillingness to lift rates in line with peers for fear of boosting unemployment.
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Christopher Joye is a portfolio manager with Coolabah Capital, which invests in securities, including those discussed in his column. Connect with Christopher on Twitter.
