Day

March 14, 2019

14
Mar
2019

RBA Publishes Surprise Pre-election Analysis Of CC

I was surprised yesterday to see a report on a speech made by the RBA’s Dep Gov, Guy Debelle, on climate change and the possible implications for the economy and monetary policy. I judged that, with just a few weeks until the election, it would be wrong to publish an analysis on how to treat changes in climate when that subject is probably the most controversial between the political parties. Statements by government bodies which can influence attitudes, add to the controversy and possibly favour one party, should not be made at this time. This generally accepted rule applies to the Reserve Bank notwithstanding its claim to be “independent” and the more so as Debelle claims climate change influences monetary policy.