Treasurer Chalmers comments:
- Agreed on a new monetary policy statement with RBA
- Reserve Bank board
and govt agree that a flexible inflation target is appropriate
framework for achieving price stability - RBA, govt agree that
an appropriate goal is consumer price inflation between 2 and 3 per
cent - Reserve Bank board
sets monetary policy such that inflation is expected to return to the
midpoint of the target - The appropriate
timeframe for this depends on economic circumstances
—
This is just a shifting of the deckchairs.
More:
-
RBA to publish detailed forecast data and assumptions including for
the cash rate - Once the new
monetary policy board is operational it will publish an unattributed
record of votes and will publish board papers after five years - Monetary policy
board will convene and engage with an expert advisory group on
monetary policy to provide the board with a wide range of external
views
I posted views on the changes coming up at the RBA a few months ago:
This article was written by Eamonn Sheridan at www.forexlive.com. Source