‘Wrong, wrong, wrong’: RBA slammed for ‘moronic’ cash rate decisions

Former Labor senator Stephen Conroy says the Reserve Bank has got its modelling “badly wrong” for the last couple of years. The Reserve Bank of Australia made the decision to keep the cash rate on hold at 4.35 per cent. “This is an emperor who has no clothes – it doesn’t matter whether it’s Philip Lowe or Michele Bullock, they are cut from the same cloth,” Mr Conroy said. “They’ve been wrong, wrong, wrong on their underpinning assumptions over the last 12 months, and they are wrong again today. “They should be getting ready to cut rates very soon after the completely moronic rate rise that they engaged in in October. “They just don’t want to learn their lesson.”