The RBA's pragmatic push-back

Officials in the Reserve Bank are increasingly frustrated at claims it has lost control of monetary policy, and recent comments make it clear the actions of the individual banks are being factored in.

In recent months, senior Reserve Bank officials, including the governor Glenn Stevens, have gone out of their way to say that the central bank remains in control of monetary policy despite the increasingly independent setting of rates by the major banks. Today deputy governor Philip Lowe took that argument a significant step further.

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