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Australian (populist swill) politicians are now actively moving to remove RBA independence

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The Australia ‘Greens’ party want RBA independence ended. The Greens said they’ll support changes at the RBA only if interest rates are cut.

Australian Treasurer Chalmers is trying to create a new monetary policy board at the RBA, but do so he needs support of the Greens Party.

The Greens preface their demands with the misleading:

  • “The Reserve Bank board are not infallible high-priests of the
    economy who are above criticism”

LOL, the RBA have been anything but above criticism!

Greens go on:

  • “That is why, by
    making lower interest rates a condition of our support, the Greens
    are consciously and deliberately putting the RBA into the centre of
    political debate, where they belong.
  • “Both yourself and
    the Reserve Bank governor have said you want this legislation passed.
    Now you both know what has to be done to secure these changes.”

Populist swill.

I suspect Chalmers will bin his reforms if this is the condition. Australian financial markets will be smashed if the Green politicians get their way.

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The RBA September statement is due tomorrow at 2.30 pm Sydney time

  • 0130 GMT
  • 2130 US Eastern time

I posted last week on expectations for slowing inflation:

And preview of the RBA statement due tomorrow:

AUD:

And, when to expect a rate cut from the RBA:

Current cash and inflation rates

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