One Nation’s radical plan to lower inflation
One Nation treasury spokesman Barnaby Joyce has proposed a radical restructuring of the Reserve Bank of Australia to give it more power to pressure the government on spending and inflation. Joyce argues that the current central bank mandate is too limited and that the government benefits from inflation through bracket creep.
Why it matters
The proposal represents a significant shift in economic policy discourse in Australia, challenging the traditional independence of the central bank.
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Share A A A One Nation treasury spokesman Barnaby Joyce has signalled a radical reshaping of the Reserve Bank of Australia as one of the party’s top priorities, arguing that the institution should have powers to pressure governments to reduce inflation by cutting spending and red tape.
While admitting that One Nation had not yet become a credible party on economics, Joyce told this masthead that the populist insurgents would review the RBA’s operations and scope, which could lead to a more hawkish inflation target than the current 2-3 per cent band.
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