RBA Governor Philip Lowe, 2022 (Image: AAP/Bianca De Marchi)
RBA Governor Philip Lowe, 2022 (Image: AAP/Bianca De Marchi)

As we await another punitive rate hike from the Reserve Bank, thoughts turn toward the much-mooted review of the RBA being prepared by the government.

Until recently, the case for a review was dubious at best. Unusually, the bipartisan nature of calls for a review was evidence that something suspect was going on: all sides were bringing their baggage and political grievances to the table.

The review -- which began life as an idea from Labor and the Organisation for Economic Co-operation and Development (OECD) and later was adopted by then treasurer Josh Frydenberg -- would have allowed Labor to go after the bank for holding interest rates too high before the pandemic, allowed right-wing economists to go after it for holding rates too low and to try to get rid of full employment from the Bank's mandate, and allowed a Coalition government to go after governor Philip Lowe for his now-abandoned advocacy for more stimulus and higher wages.