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Government reappoints two RBA board members  — 1 minute read 07 July 2021 Treasury has announced that two board members of the central bank will have their tenures extended. In a statement, Treasurer Josh Frydenberg said Guy Debelle had been reappointed as deputy governor of the RBA for five more years commencing September, while Ian Harper had also been reappointed as a part-time board member of the central bank for a further five years. "Dr Debelle has been the Deputy Governor of the RBA and Deputy Chair of the RBA Board since 2016 and has provided str...

Open borders are the next big regime change The RBA’s policy will have to traverse the complex and deflationary transition from closed to open borders over the next year. Save Share A crucial new development in the COVID-19 debate has been state governments declaring their hands on when Australia should resist lockdowns and gradually reopen its borders. All roads lead to “herd immunity”, which will loom much faster than you think. Last week this column argued that herd immunity would arise when all Australians who wanted to be vaccinated had been vaccinated, which should equate...

Phillip Lowe, the governor of the Reserve Bank of Australia, gets many letters and emails from retirees complaining they can’t live on the interest from their savings when interest rates are so low. “I read these letters, many of them are very heartfelt and I feel very bad for the people who are in this situation,” he told the House of Representatives standing committee on economics in February. “So I try and say we understand. The second thing I do is explain why we’re in this situation.” Low interest rates have other critics. The idea that central banks have increased wealth i...

The bond market has told the Federal Reserve there won’t be much in the way of inflation to deal with down the track if it lifts rates a bit early.

Share The strength of the economy will force the Reserve Bank of Australia to normalise monetary policy and lift the cash rate in late 2022, Commonwealth Bank head of Australian economics Gareth Aird says. The CBA prediction is in line with futures market expectations and follows Westpac chief economist Bill Evans, who brought forward his prediction to early 2023 after a “phenomenal” jobs figure in May. “For the past six months CBA’s economic forecasts for the Australian economy have been at odds with the RBA’s ’2024 at the earliest’ forward guidance on the cash rate,” Mr Aird...