The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Friday, March 25, 2011

Congratulations to RBA's Financial Stability Department...

I have been regularly critical of the RBA's willingness to stump up and deliver hard assessments on financial stability risks and the ADI sector more specifically. The RBA's Financial Stability Department is run by Dr Luci Ellis, and staffed by her very talented team. I incorrectly predicted that Dr Ellis would become the RBA's first-ever female Assistant Governor, having myself been the first to publicly note this very important lacuna in the RBA's current and historical hierarchy. As it turned out, Michele Bullock took out that honour before Luci had a chance to. And good on her. The Financial Stability Department has been especially effective in presenting outstanding analysis on the health of ADI balance-sheets and the risks associated with different classes of borrowers. I felt, however, that too much emphasis had been placed on defending the integrity of the system, and not enough on canvassing future hazards. In the latest Financial Stability Review, the RBA has well and truly stepped up to the plate and remedied that imbalance. Well done, team!