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Australian (populist swill) politicians at the moment are actively shifting to take away RBA independence

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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