Australia's Treasurer has a new monetary policy statement with Reserve Bank of Australia

<p>Treasurer Chalmers comments:</p><ul><li>
Agreed on a new monetary policy statement with RBA</li><li>Reserve Bank board
and govt agree that a flexible inflation target is appropriate
framework for achieving price stability</li><li>RBA, govt agree that
an appropriate goal is consumer price inflation between 2 and 3 per
cent</li><li>Reserve Bank board
sets monetary policy such that inflation is expected to return to the
midpoint of the target</li><li>The appropriate
timeframe for this depends on economic circumstances</li></ul><p>—</p><p>This is just a shifting of the deckchairs.</p><p>More:</p><ul><li>
RBA to publish detailed forecast data and assumptions including for
the cash rate</li><li>Once the new
monetary policy board is operational it will publish an unattributed
record of votes and will publish board papers after five years</li><li>Monetary policy
board will convene and engage with an expert advisory group on
monetary policy to provide the board with a wide range of external
views</li></ul><p>I posted views on the changes coming up at the RBA a few months ago:</p><ul><li><a href="https://www.forexlive.com/centralbank/former-rba-governor-says-changes-to-be-made-at-the-bank-are-a-disaster-very-bad-policy-20230920/" target="_blank" rel="follow">"very bad policy"</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.