Swan song for the RBA

The power of our independent Reserve Bank to set interest rates is crumbling, and the only person left outside of the big four with full control is Wayne Swan – not that he has sought it.

One of the pillars of the Australian financial system, the independence of the Reserve Bank of Australia to set interest rates, is crumbling. It will soon be apparent to all that if anyone outside the big banks has the power to set interest rates in Australia, it is Treasurer Wayne Swan.

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