‘Embarrassing position’: Reserve Bank ‘consistently wrong’

Former Labor Senator Stephen Conroy says Treasurer Jim Chalmers will be “right about his inflation forecast” and not the “Reserve Bank”. “They have been wrong 80 per cent of the time about their inflation forecast, that is an embarrassing position for Michele Bullock to be backing up after Phil Lowe,” Mr Conroy said. “They have been consistently wrong, they’ve been consistently wrong because they’re modelling is wrong because they make assumptions about wages and how that feeds into the system. “That is why treasury has consistently … had different figures. “The economy has been crushed by interest rates that the Reserve Bank have a handle on the lever.”