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."

Thursday, September 15, 2011

RBA further politicised: Next Governor to get massive pay cut

First the conventional independent academic researcher--the last such member being Professor Warwick McKibbin--was dumped from the RBA's Board (replaced by a former labour advisor and market economist). Now Wayne Swan has taken away the RBA Board's ability to set the Governor's pay, according to The Australian. Swan was reportedly very critical of Glenn Steven's sub-market (although above-politician) pay packet, which is a fraction of what Stevens could earn at a major bank (as I showed here). Yet another chapter in the ineluctable politicisation of the RBA since 2007, and the gradual whittling away at its hard-won independence. One would hope that Joe Hockey can reverse some of these mistakes upon his appointment as Swan's successor.