Treasurer, please sack the RBA governor and the Monetary Policy Board members – they have gone rogue
Once again the Reserve Bank of Australia has gone rogue. On Tuesday (July 8, 2025), it held its cash rate target (the interest rate that expresses its monetary policy stance) constant at 3.85 per cent despite all the indicators suggesting that it would cut that target rate. The financial markets are in uproar because they bet on the cut and will have lost money on a myriad of speculative bets based on that expectation. I don’t care about that. But what I care about is that the RBA decision continues to punish low-income mortgage holders and reward high income holders of financial assets, thus continuing one of the most pernicious redistributions of income in the history of our nation. Moreover, the logic expressed by the RBA indicates they really have no idea of what the reality of the situation is and are rather living in a world of fictional economics that reality has exposed to be false. The Treasurer should sack the Governor and her underlings as well as dismissing the Monetary Policy board who have, in my view, failed. Such systematic failures should require the RBA officials to be dismissed.