We will have a new governor whose first day of work is my birthday!
Here is Issac Gross on Bullock. I am with Ross Gittins. Why you ask? The RBA was consistently wrong on rates BEFORE covid. Rates were too high for too long and thus unemployment was higher than it should have been. Bullock was part of the problem there and with and after covid.
Look to Bernie Fraser. By far the best governor we have had. As Harry Callaghan would say he knew his limitations. As at treasury he allowed the bright young things their heads on almost any topis. The RBA having an inflation possibly the most important. He was innovative.
The RBA needed an outsider who was innovative who would lead another intellectual renaissance. The obvious candidate was David Gruen. A man who is the brightest of the brightest but allows people to think outside the square. his term thus far at the ABS shows him to be an innovator.
A sort of Bernie Fraser with an intellect. The RBA needed to be 'stirred up' and Bullock will not do it.
Let me add another policy measure when tightening is needed. Increase the SGC temporarily. People have less money in their pockets b\ut more in their super. It cuts consumption but makes people better off in the future. something to think about.
The Fadden by-election was a snooze. nothing much happened so everyone won!
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