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.
Morrison’s Objectives Not Clear; Sea Levels; O’Dwyer Resignation
In my Commentary for 17 January I noted that “there is no sign yet of a more comprehensive presentation of Coalition policies even though Turnbull has gone”. Recent developments have now raised the question of what Morrison is actually seeking to achieve as leader of the Coalition. For example, his three day visit to Vanuatu and Fiji, accompanied by his wife, and the announcement of financial provisions for extensive infrastructure and other aid have made it appear an important initiative for Australia
Dutton’s Exposure of Turnbull
In last Sunday’s Commentary I pointed out that, while in August Dutton challenged Turnbull for the leadership he did not really spell out the reasons for doing so, but Dutton had now covered much more ground than any former Cabinet minister has done since Turnbull’s departure in an article published that day written by a journalist. In particular that the Coalition would have lost 25 seats under Turnbull and that he was all talk and little action