Key events:
“Best possible combination:” RBA review headed by Treasurer’s top 3 picks
Chalmers says it was a deliberate choice to have majority of women on the panel.
He says it’s the “best possible combination” with the first three people he asked filling the roles.
He says he’s pleased the review did turn out to be a majority of women, as is the Reserve Bank board he highlighted.
He says there is an issue with women’s participation in the profession, and has affirmed “anything I can do, I will do” to improve women’s participation in economics.
How did you select the panel of people who’ll be conducting the review, and was it a deliberate choice to have a majority of women?
“It was.. I made a list of the 3 people I really wanted and these were the 3 first choices I had”
– @JEChalmers, Treasurer
— RN Breakfast (@RNBreakfast) July 19, 2022
‘Now is the right time’ for RBA review, treasurer says
Jim Chalmers was on ABC radio this morning revealing what he wants the review of the Reserve Bank of Australia to deliver:
We face a complex and changing economic environment … and now is the right time to ensure we’ve got the world’s best, the most effective central bank.”
The review will report its findings in March.
The treasurer praised the RBA as a “quality institution with quality people” but says no central bank, like no government, gets “everything bang on”.
Do you think the RBA has got things wrong?
“the RBA is independent … the RBA is qualified and competent enough to explain their decisions and Governor Phil Lowe has done a heap of that in recent months in particular”
– @JEChalmers, Treasurer
— RN Breakfast (@RNBreakfast) July 19, 2022
He says he wants to “make sure institutional arrangements are right.” He’s not interested in “second guessing” the RBA.
He says it’s been a “really long time” since the last review, and not since the current regime was set up in 1990s.
Tory Shepherd
Fake picture deliberate attempt to distract from China’s human rights abuses, report says
A shocking tweet from a senior Chinese Communist party diplomat with a fake picture of an Australian soldier cutting a young person’s throat was a deliberate attempt to distract from human rights abuses in Xinjiang, a new Australian Strategic Policy Institute report says.
And the swift and angry response from then prime minister Scott Morrison was part of the plan, researchers argue.
Foreign ministry spokesman Zhao Lijian was tweeting amid criticism over China’s treatment of Uyghurs and in the wake of the Brereton report. Zhang said he was “shocked by murder of Afghan civilians & prisoners by Australian soldiers”.
The ASPI report says this was “whataboutism”. The research shows media interest in the tweet swiftly shot up to become four times greater than media interest in Xinjiang, and the effect lasted for a couple of months.
In the report, Assessing the impact of CCP information operations related to Xinjiang, authors Albert Zhang and Tilla Hoja analysed information including Chinese government documents and speeches, hundreds of thousands of Facebook posts and media articles and millions of tweets.
They found the CCP is using ever more targeted techniques to counter what they call the “lie of the century” – the incarceration of the Uyghur minority – and to spread the propaganda that people there are happy:
This includes using increasingly sophisticated online tactics to deny, distract from and deter revelations or claims of human rights abuses, including the arbitrary detention, mass sterilisation and cultural degradations of minorities in Xinjiang.
It found in the case of tweet, it was an “effective short-term distraction” but only partly successful.
Treasurer announces terms of reference for RBA review
![Sarah Martin](https://i.guim.co.uk/img/uploads/2019/04/17/SARAH_MARTIN.png?width=300&quality=85&auto=format&fit=max&s=98a9dacd2bf352e04b90619340b31b4a)
Sarah Martin
Jim Chalmers has announced the terms of reference of a review of the Reserve Bank of Australia, which will include examining whether changes are needed to the bank’s inflation targets.
It is the first review of the bank since the monetary policy arrangements were set up in the 1990s and will report to government with “clear recommendations” by March.
The review will be lead by three independent experts: Prof Carolyn Wilkins, a former deputy governor to the Bank of Canada; Prof Renee Fry-McKibbin, a leading macroeconomists at the Australian National University; and Dr Gordon de Brouwer, secretary for public sector reform and a long-serving senior public servant.
Chalmers said the review fulfilled the government’s commitment to conduct a broad-based review of how monetary policy was managed in Australia:
This is an important opportunity to ensure that our monetary policy framework is the best it can be, to make the right calls in the interests of the Australian people and their economy.
The review will call for public submissions, and will consider the “RBA’s objectives, mandate, the interaction between monetary, fiscal and macroprudential policy, its governance, culture, operations, and more”.
It will also assess the “continued appropriateness of the inflation targeting framework” of the bank, which is set at between 2% and 3%, and which drives the bank’s cash rate decisions.
It will consider the interaction of monetary policy with fiscal and macroprudential policy, “including during crises and when monetary policy space is limited.”
According to the terms of reference, the panel will also assess the RBA’s “performance in meeting its objectives, including its choice of policy tools, policy implementation, policy communication, and how trade-offs between different objectives have been managed”.
The RBA has faced criticism for a series of rapid increases to the cash rate to try to curb inflation, after previously indicating rates would remain steady until 2024.
Good morning!
As Covid-19 hospitalisations continue to rise across the country, the numbers have become “pretty scary,” Dr Omar Khorshid, the president of the Australian Medical Association says, as Victorian hospitals have seen a 99% increase since 22 June.
The AMA chief has called for mask mandates, but the chief medical officer Paul Kelly still only “strongly suggest[s]” that Australians wear masks, as he encourages working from home.
The government has announced a review into the Reserve Bank of Australia, the first major review into the central bank since the current regime was set up.
Treasurer Jim Chalmers today releases the terms of references for the review, which will examine the RBA’s inflation target, as well as the structure of its board.
If you see anything you think should be on the blog you can get it touch on Twitter @natasha__may or email [email protected].
Let’s get going.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Covid-19 News Click Here