Business
The ‘Reverse Bank’ has to quickly rediscover the gear stick – Sydney Morning Herald
When a real crisis is upon us, the RBA is invariably late to the party, writes former prime minister Paul Keating.
As a measure of my voluntarily agreeing to give the Bank more discretion over interest rates, as Prime Minister, I wore the Bank increasing interest rates by 2.75 per cent, 275 basis points, in 1994 at great political cost to me.
No one in Australian public life had done more to lift up the Reserve Bank while giving it a singular discretion over interest rates than I did. And no one carried a greater cost of it.
The Reserve Bank of Australia.Credit:Peter Braig
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