Phil Lowe embraces lowflation

Via the RBA’s Phil Lowe:

Thank you for the invitation to deliver this year’s Sir Leslie Melville lecture. When Ian Macfarlane delivered the inaugural lecture in this series in 2002, he said: ‘any objective assessment of achievements would place Sir Leslie among the most distinguished Australians of the past century’. It is a great privilege for me to be able to honour those achievements today.

Leslie Galfreid Melville had a long and close association with the Reserve Bank of Australia. He was a member of the Reserve Bank Board for most of the time between 1960 and 1975. And before joining the Board, he played a critical role in the debates that shaped the mandate given to the Reserve Bank in 1959. It is six decades now since that mandate was passed by Parliament. It has more than stood the test of time. From this perspective alone, we have a lot to thank Leslie Melville for.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.