Reserve bank monetary policy review ignores failure

The reserve bank's questions were technical and not about failing to meet its target. (Image: istockphoto)

Mon, 17 Oct 2022

A government agency spectacularly fails to achieve its stated objective; what should a review of that agency look like?I’d suggest nothing like the Reserve Bank of New Zealand’s current review of how its monetary policy committee is managing financial stability and keeping inflation under control.The reserve bank's twin targets are to keep inflation between 1% and 3%, and to maintain maximum sustainable employment, with a subsidiary requirement tacked on in the heat of the housing market boom requiring it to have regard to house...

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