The RBA could soon see a major overhaul, amid accusations that its nine-member board lacks economic qualifications writes Frank Chung over at news.com.
As inflation skyrockets and borrowers grapple with sharply rising interest rates, a series of “embarrassing” missteps have focused public attention on the Reserve Bank like rarely before.
With the new Federal Government preparing to undertake a “once-in-a-generation” review of the RBA, former insiders have delivered a blunt assessment of the institution responsible for setting Australia’s monetary policy.
“The board is failing, and the reason it fails is because it lacks expertise,” said Peter Tulip, former head of research at the RBA.
Well, we argue the much needed review MUST be extended to include APRA and the Council Of Financial Regulators, the peak body chaired by the RBA as well.
A raft of poor policy and decisions have led us to create an over-leveraged society, at risk from rising interest rates. And there must be accountability and transparency, unlike at the moment.
But will the proposed review get to the heart of the matter – we doubt it.
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