Oz Government creates board to review RBA.

[billy the kid]

https://www.zerohedge.com/markets/rabobank-we-are-heading-more-crashes-bangs-wallops
Quote from the link:
"Tellingly, the AFR reports Treasurer Chalmers has overridden RBA Governor Lowe’s wishes and will appoint a panel of independent experts to review it, including a monetary policy expert from overseas. (NB, that won’t be me.) The review may consider the composition of the RBA board, the appointment processes, and the 2-3% CPI target. The AFR states, “some observers believe the board should have more professional economists to challenge the governor and deputy governor on technical monetary policy issues.” I would personally hope they have fewer economists and more logistics experts, and perhaps even a general. Then again, “some officials are concerned that any move to amend the legislation would risk the Greens in the Senate trying to add climate change and inequality to the bank’s mandate.”

The RBA is already conducting an internal review of its Covid policies, such as the 0.1% cash rate it pledged not to raise until 2024, as today Lowe stated 4% was unlikely but not entirely out of the question by year-end, and that inflation will remain above target “for years”. There are also questions over A$350bn in QE and A$188bn in cheap loans to commercial banks. Yet the RBA is also under attack for its claims of "stronger upward pressure" on wage growth, a view originating from its liaison program, which is criticised as statistically imprecise.

"I think the RBA had dug itself into a hole whereby it needed evidence that wages growth was starting to accelerate in order to satisfy its precondition for starting to raise rates, that underlying inflation was sustainably within the 2-3% target range," says former ANZ chief economist Saul Eslake. You mean a central bank might not ‘follow the science’?! Then again, the minimum wage did just rise 5.2%, and today’s minutes underlined that “The Board remains committed to doing what is necessary to ensure that inflation in Australia returns to the target over time.”
WHY is it necessary for a federal government recently voted in by the people of Oz to create a review
board to investigate the RBA....
We are in deep shit when our government has to investigate our RBA...
The question would therefore have to be asked...
Why didnt the Morrison government do this....

[billy the kid]

Are Central Bank Governors all incompetent...
Tiff Macklem, Governor for the Canada Central Bank admitted
recently they got it wrong wih interest rates...
Our screw up of a RBA Governor...Dr Lowe...(dunno what
his doctorate is...maybe incompetence..) is in the same boat...
Why do they all get it wrong...all the time....every year....for years...
Answer....they must be incompetent...only answer.....

[billy the kid]

https://www.msn.com/en-au/news/australia/rba-review-not-about-taking-shots-at-lowe/ar-AAYS00h?ocid=msedgntp&cvid=c7302299a4724396beb3d550a42d05ec
This is bulllshit....
Why is it necessary for a government to order a review of the countries
Reserve Bank...
Our illustrious treasurer, Mr. Chalmers says its to ensure that "monetary
policy settings are right."
Ummm...doesnt that in itself suggest that THEY ARE NOT...
The media should be all over this....they are not...
This can only be seen in one light....
It is a gross embarrassment for the RBA Governor...
The RBA has had the gone fishing sign up in Oz for a decade....
They are incompetent...

[billy the kid]

https://www.msn.com/en-au/news/australia/reserve-bank-of-australia-governor-philip-lowe-laughed-at-during-zurich-inflation-conference/ar-AAYU7b8?ocid=msedgntp&
Well this is not news...
Doesnt everyone laugh at this fool...
Doesnt everyone laugh at Australia and its politicians....
And the moron is paid over a million bucks a year....
Unbelievable....

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