AUSTRALIA'S ECONOMIC CENTRE HAS SHIFTED FROM SYDNEY TO CANBERRA

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 It was 38 years ago that day-to-day management of the Australian economy began shifting from Treasury's Parkes Place building in Canberra to the Reserve Bank's building in Martin Place, Sydney.

As a result of the pandemic, it is starting to shift back.

In the policy struggle over the float of the Australian dollar in 1983, the Reserve Bank of Australia went to war with the Australian Treasury. Before the float, Treasury had substantial control over the setting of the exchange rate. The Reserve Bank had to deploy its weapons of influence over interest rates, the money supply and the foreign exchange market to attain the foreign exchange rate target. Treasury tightened its grip on the central bank with targets for money growth intended to be consistent with both the Australian budget balance and the exchange rate target. Bound hand and foot, the RBA was compelled to execute macroeconomic policies made in Canberra.

Read more: https://www.lowyinstitute.org/publications/australia-economic-centre-has-shifted-sydney-canberra



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