The Reserve Bank doesn't know what it's doing
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The Reserve Bank Act Is a Black Box
The reserve bank act, back in 19 59, instructs the banks board to conduct monetary policy quite to the greatest advantage of the people of australia. But i think the bigger issue here is just the fact that the r b a is something of a black box. Board members are actively discouraged from speaking publicly. We don't have detailed reasons published. And you know, frankly, do we really think it's good enough that the only insight we have ever had into the way the board operates came to us from a Government cable made public by julian asange? I don't think so.
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