Despite its essential service to the country, the Reserve Bank of Australia is rarely acknowledged apart from when it changes official interest rates - largely thanks to three decades of economic growth before last year’s recession.
But now the RBA has come under fire from leading economists and monetary policy experts who believe the bank held interest rates too high for too long ahead of the pandemic, contributing to the challenging economic circumstances the country now faces.
On this episode of Please Explain, Nathanael Cooper and senior economics correspondent Shane Wright look at the role of the RBA and the calls for a review into its practices.
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