Business
‘Late to the party’: Keating says RBA is failing the unemployed in scathing assessment – Sydney Morning Herald
Former prime minister Paul Keating has savaged the Reserve Bank for not doing enough to help the unemployed, saying it is having a “dalliance with indolence”.
The bank is extending a line of credit worth up to $200 billion to commercial banks while buying more than $50 billion government bonds on the secondary market to bring down the interest rates on this debt.
But Mr Keating, who as treasurer saw its conversion to an independent central bank, said the RBA’s own charter required it to focus on full employment and price stability.
He said with inflation so low “one would need a microscope” to find it, the bank should be buying “mountainous” amounts…
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