Australia's central bank review missed its mark

Real RBA reform is needed, beginning with a rethink of its independence

Satyajit Das

June 5, 2023 05:00 JST

True reform requires governments taking full responsibility for monetary and fiscal policy as well as bank regulation. Central banks should assume an instrumental role. © Reuters

Satyajit Das, a former banker, is author of "A Banquet of Consequences: Reloaded" and "Fortune's Fool: Australia's Choices."

The recent review issued on the performance of the Reserve Bank of Australia is likely to be the first of many amid waning faith in central banks globally.