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Australia to Review RBA as Lowe Seeks ‘Credible’ Inflation Path

  • Panel to examine monetary, fiscal, macroprudential interaction
  • Review will issue recommendations by March 2023 at latest
Jim Chalmers
Jim ChalmersPhotographer: Mark Graham/Bloomberg
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Australian Treasurer Jim Chalmers announced the terms of a wide-ranging review of the Reserve Bank amid mounting criticism over its economic forecasting and recent policy decisions.

A three-person panel, including a former senior Bank of Canada official, will conduct the review, Chalmers said Wednesday. In a speech shortly after, RBA Governor Philip Lowe welcomed the announcement and also signaled a steady series of interest-rate rises as he seeks a soft landing for the economy.