The Reserve Bank doesn't know what it's doing
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Why Did the Reserve Bank Go So Hard?
The Reserve Bank of Australia has raised interest rates by 50 basis points. It is the first increase in more than a year, and comes amid speculation about its ability to keep inflation under 2%. The board that makes these decisions is made up of three abureaucrats and five senior business people who have no formal qualifications as economists. One former r b member said they are very bright but don't have the training for the job.
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