If there is one thing in the Australian economic discourse that drives TAFKAS batty it is the authority and deference afforded to the Reserve Bank of Australia and its officers.
(and when TAFKAS say batty, that does not mean coughing and sputtering with respiratory failure).
Breaking news – RBA officials are humans, flesh and blood with no special powers of insight and prediction. They have (presumably), 2 arms, 2 legs, 10 fingers and 10 toes.
There is nothing special about these people.
Perhaps they have access to better data than the rest of us, but that’s it. They don’t have a monopoly on wisdom or intellect. In fact, given some of their actions, there is evidence of a deficit on wisdom or intellect, but nevertheless. Their forecasts are as regularly wrong as those of the rest of the economic chattering class.
Despite this, they are too often offered privilege and protection by too many. Take for example this from Labor Senator Katy Gallagher questions at the Senate Inquiry into COVID-19:
Governor Lowe, I ask this in the most humblest of ways, but is there a way you could tilt your camera down a bit better.
It’s a request from the media.
My apologies for having to start that way.
The humblest of ways. Governor Lowe is a public servant not the Queen of England.
Oh Governor Lowe. Please. Pretty please. If you would grace us with your sapience?
Would Senator Gallagher be so deferential to any other public servant? Unlikely.
Governor Lowe is appearing at the inquiry because he was directed to and not the other way around.
For Pete’s sake!