Treasurer Josh Frydenberg and Reserve Bank of Australia governor Philip Lowe (Image: AAP/Mick Tsikas)

The independence of the Reserve Bank (RBA) is supposed to be a bipartisan policy in Australia. Accepted by Keating -- who suffered politically from the bank's inflation zealotry -- and formalised by the Howard government, the central bank is supposedly above politics.

Except, as we've seen repeatedly in recent years, the Liberal Party is happy to trash core beliefs if they prove inconvenient.

Bringing trade unions into the centre of the economy and working with employers in the national interest? That 1980s idea has long since been abandoned as part of the hatred of industry super funds. A commitment to markets and price signals? Not when there's political opportunity in opposing a carbon pricing scheme. Fiscal discipline? Not when there's a chance to hand a lot of money to big business (see Josh Frydenberg and JobKeeper). Deregulation and small government? Not when fossil fuel donors have to be looked after.