1
00:00:00,280 --> 00:00:04,400
Speaker 1: Well, adrianaw has gone three years early. Deputy Governor Christian

2
00:00:04,440 --> 00:00:06,880
Speaker 1: Hawksby will step in as an acting governor until the

3
00:00:06,960 --> 00:00:10,160
Speaker 1: last day of this month. The Finance Minister Nicolas Willis

4
00:00:10,480 --> 00:00:13,560
Speaker 1: acknowledged his service, does never told us why he quit.

5
00:00:14,360 --> 00:00:17,520
Speaker 1: Here is Reserve Bank Board chair Neil Quickly last night.

6
00:00:18,040 --> 00:00:21,239
Speaker 2: The job of the Reserve Bank Governor is one where

7
00:00:21,480 --> 00:00:25,680
Speaker 2: you face unrelenting critique of your actions. No matter what

8
00:00:25,880 --> 00:00:28,640
Speaker 2: you do, there is a time when you think, having

9
00:00:28,720 --> 00:00:30,960
Speaker 2: achieved what you wanted to achieve, that's enough.

10
00:00:31,800 --> 00:00:34,839
Speaker 1: And now we're joined by independent economist Kem Bagriy Hey

11
00:00:34,880 --> 00:00:38,320
Speaker 1: Cameron a good wanning. Everyone's got a theory about why

12
00:00:38,360 --> 00:00:40,440
Speaker 1: Adrian all left? What's yours?

13
00:00:42,000 --> 00:00:45,760
Speaker 3: Oh, I don't have a theory, go to the rumor mills.

14
00:00:45,760 --> 00:00:50,519
Speaker 3: Obviously an overdraft, but it's a tough gick. Well, it's

15
00:00:50,560 --> 00:00:54,960
Speaker 3: a tough job and sometimes individual sort of reflect in

16
00:00:55,040 --> 00:00:58,320
Speaker 3: regard to whether you want to continue in a role.

17
00:00:58,360 --> 00:01:01,440
Speaker 3: And obviously Adrian sort of that it's time to move on.

18
00:01:01,760 --> 00:01:04,400
Speaker 3: He's moved on, and the important thing is that who's

19
00:01:04,440 --> 00:01:06,640
Speaker 3: going to be next in the job. And we can

20
00:01:06,680 --> 00:01:09,320
Speaker 3: go back and self reflect in regard to the job.

21
00:01:09,360 --> 00:01:11,120
Speaker 3: He's done. But yeah, let's let's move on.

22
00:01:11,240 --> 00:01:13,480
Speaker 1: And it's it's obvious that the current government didn't have

23
00:01:13,520 --> 00:01:16,160
Speaker 1: confidence in them and they've been having a war over funding.

24
00:01:16,360 --> 00:01:18,559
Speaker 1: Because that's the thing about the Reserve Bank under Adrian

25
00:01:18,720 --> 00:01:23,720
Speaker 1: or suddenly it has it's mushroomed in it's and it's

26
00:01:24,040 --> 00:01:26,280
Speaker 1: what wants to do and who it employs.

27
00:01:28,000 --> 00:01:32,240
Speaker 3: You know, the Reserve Bank has certainly mushroomed over the

28
00:01:32,280 --> 00:01:36,600
Speaker 3: past a few years, some for good reasons and maybe

29
00:01:36,800 --> 00:01:40,119
Speaker 3: for some others. But yeah, there's a you know, I think, yeah,

30
00:01:40,560 --> 00:01:44,080
Speaker 3: the start he counts increased by what yeah, factor of

31
00:01:44,120 --> 00:01:46,640
Speaker 3: your two point five something like that. Yeah, so you

32
00:01:46,720 --> 00:01:49,280
Speaker 3: got a lot more regular for your oversight. There's some

33
00:01:49,480 --> 00:01:52,360
Speaker 3: justification for that. There's a few questions that probably did

34
00:01:52,360 --> 00:01:55,400
Speaker 3: ask on the other side as well. But you know,

35
00:01:55,480 --> 00:01:57,200
Speaker 3: when I think about the Reserve Bank, Yeah, and this

36
00:01:57,320 --> 00:01:59,360
Speaker 3: is particularly going back that he had ten to twenty

37
00:01:59,400 --> 00:02:02,640
Speaker 3: years here. Their main role is to be at monetary policy.

38
00:02:03,400 --> 00:02:05,240
Speaker 1: Yes, well, that's the thing is there's quite a few

39
00:02:05,240 --> 00:02:07,480
Speaker 1: people in the leadership teams that seem to have absolutely

40
00:02:07,480 --> 00:02:10,840
Speaker 1: no economic experience, and there's that Adrian's legacy to leave

41
00:02:10,880 --> 00:02:13,040
Speaker 1: behind a woke bank that wasn't actually looking after the

42
00:02:13,040 --> 00:02:13,840
Speaker 1: dollars and cents.

43
00:02:15,520 --> 00:02:18,639
Speaker 3: Yeah one one thing. You can have your critiques and

44
00:02:18,840 --> 00:02:20,639
Speaker 3: that sort of stuff, but yeah, you go back and

45
00:02:20,720 --> 00:02:23,480
Speaker 3: these It's been a pretty tough job over the past

46
00:02:23,520 --> 00:02:25,959
Speaker 3: sort of three or four years. Facing COVID went into

47
00:02:26,000 --> 00:02:31,119
Speaker 3: an extraordinary shop in regard to and do they over

48
00:02:31,200 --> 00:02:34,920
Speaker 3: engineer the economic recovery? The answer is yes. Have they

49
00:02:35,000 --> 00:02:37,639
Speaker 3: the over engineer the economic down to and the answer

50
00:02:37,639 --> 00:02:39,480
Speaker 3: is yes, to sort of put us back on the

51
00:02:39,560 --> 00:02:45,440
Speaker 3: economic plane of normality and normality now beacons. But there

52
00:02:45,520 --> 00:02:48,080
Speaker 3: is obviously a lot of questions about how the reserve

53
00:02:48,080 --> 00:02:51,760
Speaker 3: banks potentially overreached in other areas. Probably the biggest one

54
00:02:52,200 --> 00:02:54,280
Speaker 3: it's what the Reserve Bank has done in regard to

55
00:02:54,880 --> 00:02:57,880
Speaker 3: you're getting the banks to hold more capital. Of course,

56
00:02:57,880 --> 00:03:02,679
Speaker 3: when the banks have held more capital, I've just shifted

57
00:03:02,720 --> 00:03:07,960
Speaker 3: their capital from the low risk into the low risk

58
00:03:07,960 --> 00:03:10,520
Speaker 3: housing market at the expense of the business sector, and

59
00:03:10,520 --> 00:03:12,600
Speaker 3: that's been a bit of an economic break and productivity

60
00:03:12,639 --> 00:03:13,400
Speaker 3: and economic growth.

61
00:03:13,480 --> 00:03:16,000
Speaker 1: You're quite right, though, Cameron. The only real question is

62
00:03:16,040 --> 00:03:17,880
Speaker 1: who's going to do the job next to you? Preparing

63
00:03:17,919 --> 00:03:18,519
Speaker 1: your CV.

64
00:03:20,400 --> 00:03:22,440
Speaker 3: Haven't had that call and quite heaped with what I'm

65
00:03:22,440 --> 00:03:23,519
Speaker 3: doing at the moment, good.

66
00:03:23,400 --> 00:03:27,120
Speaker 1: Only Cameron Bagriy, Independent Economists. For more from Earlily

67
00:03:27,200 --> 00:03:30,240
Speaker 2: Edition with Ryan Bridge, Listen live to News Talks at

68
00:03:30,320 --> 00:03:33,520
Speaker 2: B from five am weekdays, or follow the podcast on

69
00:03:33,560 --> 00:03:34,280
Speaker 2: iHeartRadio