It’s a lesson the Reserve Bank doesn’t appear to have learned:
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It’s not just spending on its website where more doesn’t equate to better.
The increase in employees (7% in the three months to September 2024 and an increase of 155 since June 2018) has coincided with years in which the bank failed to keep inflation within the 1-3% range its mandate requires.
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The increase in employees (7% in the three months to September 2024 and an increase of 155 since June 2018) has coincided with years in which the bank failed to keep inflation within the 1-3% range its mandate requires.
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The bank let the official cash rate (OCR) get too, low, kept it too low for too long, flooding the economy with too much money with the inevitable result of inflation getting out of control.
It then raised the cash rate and stalled the economy and now it is being too slow in lowering the OCR again.
Those running the bank not only haven’t learned that more isn’t necessarily better, they haven’t learned from history and the work done to tame inflation led by Don Brash when he was bank governor,
I doubt that he would want the job back, but the country would be much better off if the bank learned from, and followed, his example of concentrating on its mandate and making sure it kept inflation under control.
Ele Ludemann is a North Otago farmer and journalist, who blogs HERE - where this article was sourced.
1 comment:
Maybe not Don Brash but certainly someone who thinks like him. Mr Orr seems incompetent but no one wants to fire him.
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