The Reserve Bank of Australia has finally admitted that “we did a terrible job.”
Note the weasel words of someone making an insincere admission. “Excessively cautious”, “benefit of hindsight” and the time limiting “after pandemic”.
If RBA members admit doing a terrible job, why have they not resigned? Or been sacked? Harper’s mea culpa is not credible unless he and the rest of them go quickly.
I have a reminder for RBA board member Harper. Many people knew that the RBA was doing a terrible job. We said so publicly, forcefully and in real time. We didn’t need the benefit of hindsight. Some of my posts critical of the RBA date back to 2016. A slice below.