![]() ![]() Selwyn Cornish, author of a history of the RBA and now with the Australian National University, said Hauser’s appointment was “unique” given the tradition of internal promotions. The Bank of England’s own performance in recent years was arguably less successful than the RBA’s, with inflation spiking higher in the United Kingdom than in Australia. “It’s not obvious that he’s a stronger candidate than Christopher Kent,” Hawkins said, referring to the current RBA assistant governor for economists. John Hawkins, a senior lecturer at the University of Canberra and formerly at both Treasury and the RBA, said it wasn’t clear Hauser had particular links or knowledge about Australia. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. At the time, though, Fraser was treasury secretary and automatically a member of the RBA board. The last outsider to be given a senior role was Bernie Fraser, who was appointed to governor in 1989. “There is a risk of groupthink within the RBA, which can be driven by concentrated policy and operational decision-making processes,” the review said.Ĭhalmers’ choice means the RBA board will return to its full nine members just as the bank shifts from monthly meetings to holding them every six weeks. One of its 51 recommendations was to “further encourage diverse viewpoints and constructive challenge”. ![]() ![]() Veteran RBA watchers said it was rare for outsiders to be appointed to senior positions, with Hauser’s appointment likely prompted by a review into the bank earlier this year. Hauser said markets were “mispricing” climate risk and the Bank of England could use its bond-buying scheme “to support net zero in ways that don’t compromise its monetary policy goals”. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup It requires action from everyone, including central banks”. In a paper delivered in May 2021 entitled It’s not easy being green – but that shouldn’t stop us, Hauser said “chieving net zero is a pressing global priority. The new appointee holds an undergraduate degree at Oxford and a masters of economics at the London School of Economics, an institution attended by Bullock. Hauser is currently the executive director in charge of markets at the Bank of England, and will take up the new position ideally before the RBA holds its first interest rates meeting on 6 February next year, Chalmers said. ![]()
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