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Economics update | 22 July 2022
21 Jul 2022
Review of the Reserve Bank
Earlier this week the treasurer, Jim Chalmers, announced a wide-ranging review into the Reserve Bank of Australia. This is the first review of the Reserve Bank since 1981, when the current monetary policy arrangements, including the 2 per cent to 3 per cent target band for inflation, were introduced.
The review will assess monetary policy arrangements and its interaction with fiscal policy and macroprudential arrangements, that ensure the stability of the financial system. It will also review the past performance of the Bank, its governance and accountability.
The Bank has come under a lot of criticism in recent years for falling short of its inflation target prior to the pandemic and more recently for announcing it would not raise the cash rate from the extraordinary pandemic low of 0.1 per cent until 2024.
Many are questioning the timing of the review, in the middle of a dramatic shift in monetary policy to reign in rapidly rising inflation, following the highly supportive settings during the pandemic. But there is never a good time. The review is an important step in strengthen performance and renewing confidence in the Reserve Bank for the years ahead.
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