The Reserve Bank and I as the Bank’s Governor are held accountable for our performance in delivering the objectives which Government and Parliament have chosen, through a requirement to produce regular Monetary Policy Statements and to appear regularly before the Finance and Expenditure Committee of Parliament.
Having said that, as long as the present Act remains in place at least, the Government can not change the objective laid down for monetary policy without telling the public. In other words, any change in the objective must be totally transparent and, given that inflation is essentially a form of theft, that seems entirely appropriate.