RBA passes test but Australia needs fairer policies, says former governor | The Business | ABC News

Former RBA governor Bernie Fraser says the independence of the Reserve Bank of Australia and its inflation-targeting framework have served the country well and should not be abandoned, but its performance has been undermined by governments pursuing neoliberal policies.
Mr Fraser - who was RBA governor from 1989 to 1996 - says Australia's central bank has helped to deliver an average inflation rate of 2.5 per cent over the past 30 years. He says that degree of price stability should have been the foundation upon which policymakers built a fairer society.
Instead, he says, governments have changed housing policies, and the tax system, and labour laws, in ways that have made wealth and income inequality noticeably worse.
0:00 Introduction
0:45 How’s the RBA been performing?
2:15 The big ‘miscalculation’
3:10 How do we improve the RBA?
4:45 On the impact of neoliberalism
7:18 Have governments held up their end of the bargain?
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