The Michele Bullock era tour has begun.
And it started with the Reserve Bank giving her as much room to move as possible while producing one bum note.
Since its creation, the RBA has been something akin to a bunch of mystics, sitting atop a cloud-enveloped mountain, who would occasionally deign to talk to the mortals with their mortgages or business loans.
RBA governor Michele Bullock says Taylor Swift’s Eras tour won’t add to inflation - as long as concertgoers are willing to give up spending elsewhere.Credit: Louise Kennerley, Getty
Now, under the biggest revamp to the bank since the 1980s, Bullock gave a press conference – her first – just after the RBA’s first two-day meeting. She spoke after the release of a statement, announcing the decision to keep the cash rate on hold, issued on behalf of the entire board rather than under the governor’s name.
In central banking terms, the changes are up there with Bob Dylan going electric in 1965.
The press conference, used by other central banks, gave Bullock the chance to paint the RBA as an understanding institution that is doing its best to bring inflation down while ensuring people hold on to their jobs.
Financial markets reckon the Reserve will have to start cutting interest rates through the second half of the year. The RBA’s economic assumptions are underpinned by that expectation.
But the statement issued by the board contained the line that while inflation is easing, a “further increase in interest rates cannot be ruled out”.
Bullock shakes off Taylor Swift inflation as she launches her own era
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06.02.2024
The Michele Bullock era tour has begun.
And it started with the Reserve Bank giving her as much room to move as possible while producing one bum note.
Since its creation, the RBA has been something akin to a bunch of mystics, sitting atop a cloud-enveloped mountain, who would occasionally deign to talk to the mortals with their mortgages or business loans.
RBA governor........
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