Most Australians wouldn’t have given too much thought to the Reserve Bank of Australia.
Apart from when it changes official interest rates following its monthly meetings, the role and importance of the RBA, and its governor Phil Lowe, is little understood or even acknowledged.
But the Reserve Bank is now facing rare criticisms by leading economists for not having met its core targets for nearly a decade.
And this week, international think tank the OECD has called for a review of the RBA. A call since endorsed by Treasurer Josh Frydenberg, who said he’d consider a review after the next election.
And with the Federal ALP previously calling for an independent review of the Reserve Bank in April, it’s increasingly likely the RBA will next year face its first independent review in 40 years.
Watch Brendan Coates, Economic Policy Program Director, discuss the role of the RBA and whether it should be reviewed with Kat Clay, Head of Digital Communication.
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