Analysis: The Reserve Bank is facing one of its toughest periods as it deals with high inflation. But there are other problems ahead | swrighteconomy
For two hours in a parliamentary committee room, the Reserve Bank on Thursday came face to face with the reality created by the economic and political turmoil of the past two years.
Thursday’s Senate estimates hearing was a chance for MPs to directly challenge Bullock and assistant governor Christopher Kent about how the bank so markedly stuffed up. That a group of politicians, representing constituents dealing with the brunt of inflation and higher interest rates, put some tough questions to the people representing the institution whose job is to keep inflation under control was not surprising.But that’s not where they stopped.The LNP’s Matt Canavan’s opening gambit to Bullock was a simple question. “Is the RBA bankrupt?” he posed.
Greens’ treasury spokesman McKim, who has accused Reserve Bank governor Philip Lowe of “running cover for corporate interests”, argued the bank’s higher interest rates would add to inflation.
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