Uploaded January 2021 | Updated September 2026, 1 week ago
In Australia, we often hear that our central bank, the Reserve Bank of Australia, is independent of the Federal Government, but in truth central banks the world over have very limited independence.
A mark of our current neoliberal period is the depoliticisation of decision making from both sides of politics. That is, the distancing of politicians from unpopular decisions by deferring responsibility to unelected technocrats. Despite the prevailing myth that the government and its central bank are entirely distinct entities, we can see that this independence is merely a facade designed to obfuscate who is really making the decisions.
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Sources:
Our Role - The Reserve Bank of Australia - https://www.rba.gov.au/about-rba/our-role.html
Central Bank Independence: What Does It Mean? - https://www.rba.gov.au/speeches/1994/sp-gov-231194.html
Reserve Bank Board: Members of the Reserve Bank Board - https://www.rba.gov.au/about-rba/boards/rba-board.html
A Brief History - The Reserve Bank of Australia - https://www.rba.gov.au/about-rba/history/index.html
Accountability - The Reserve Bank of Australia - https://www.rba.gov.au/about-rba/accountability.html
Statement on the Conduct of Monetary Policy: 6th December 2007 - https://www.rba.gov.au/monetary-policy/framework/stmt-conduct-mp-4-06122007.html
Collected Economic Papers: Volume 2 - Joan Robinson
Australian Reserve Bank Act 1959
https://www.legislation.gov.au/Details/C2015C00201
Treasury, Reserve Bank of Australia and Money - Dr Steven Hail (Part 2)
youtube.com/watch?v=scIlDd6lTOI
Credits:
Written by PEGS Institute
Spoken by Andrew Johnson
Edited by Jackson Winter
Icons made by MD Badsha Meah, www.wishforge.games, Charlie, icon king1, Raj Dev, fengquan li, Free Preloaders, Gayrat Muminov, Muhammad Haq from freeicons.io
Australia by Anna Hatzisavas, thumb tack by icon 54, Meeting by Gregor Cresnar, Strength by Nathaniel Smith, qr by Eucalyp and Scribble by Alice Noir from the Noun Project
All other graphics created by Jackson Winter
Music
Joy Ride by Bad Snacks
1940's Slow Dance (Sting) by Doug Maxwell, Media Right Productions
In Australia, we often hear that our central bank, the Reserve Bank of Australia, is independent of the Federal Government, but in truth central banks the world over have very limited independence.
A mark of our current neoliberal period is the depoliticisation of decision making from both sides of politics. That is, the distancing of politicians from unpopular decisions by deferring responsibility to unelected technocrats. Despite the prevailing myth that the government and its central bank are entirely distinct entities, we can see that this independence is merely a facade designed to obfuscate who is really making the decisions.
Come discuss this with us on
Twitter twitter.com/PEGSInstitute
Instagram instagram.com/pegsinstitute
Facebook facebook.com/PEGSInstitute
Watch on Odysee odysee.com/@PEGSInstitute:c
Support us on Patreon patreon.com/PEGSInstitute
Sources:
Our Role - The Reserve Bank of Australia - https://www.rba.gov.au/about-rba/our-role.html
Central Bank Independence: What Does It Mean? - https://www.rba.gov.au/speeches/1994/sp-gov-231194.html
Reserve Bank Board: Members of the Reserve Bank Board - https://www.rba.gov.au/about-rba/boards/rba-board.html
A Brief History - The Reserve Bank of Australia - https://www.rba.gov.au/about-rba/history/index.html
Accountability - The Reserve Bank of Australia - https://www.rba.gov.au/about-rba/accountability.html
Statement on the Conduct of Monetary Policy: 6th December 2007 - https://www.rba.gov.au/monetary-policy/framework/stmt-conduct-mp-4-06122007.html
Collected Economic Papers: Volume 2 - Joan Robinson
Australian Reserve Bank Act 1959
https://www.legislation.gov.au/Details/C2015C00201
Treasury, Reserve Bank of Australia and Money - Dr Steven Hail (Part 2)
youtube.com/watch?v=scIlDd6lTOI
Credits:
Written by PEGS Institute
Spoken by Andrew Johnson
Edited by Jackson Winter
Icons made by MD Badsha Meah, www.wishforge.games, Charlie, icon king1, Raj Dev, fengquan li, Free Preloaders, Gayrat Muminov, Muhammad Haq from freeicons.io
Australia by Anna Hatzisavas, thumb tack by icon 54, Meeting by Gregor Cresnar, Strength by Nathaniel Smith, qr by Eucalyp and Scribble by Alice Noir from the Noun Project
All other graphics created by Jackson Winter
Music
Joy Ride by Bad Snacks
1940's Slow Dance (Sting) by Doug Maxwell, Media Right Productions
