Warren Hogan, managing director of EQ Economics, published an article in the Australian Financial Review arguing that the Reserve Bank of Australia’s (RBA) monetary policy board has failed in its core mandate of price stability, allowing inflation to remain above target for five consecutive years.
Hogan claims this failure stems from poor forecasting, weak leadership, and an unwillingness to raise interest rates sufficiently to control demand.
Hogan notes that inflation never fell to the RBA’s 2–3% target band in 2024 or 2025.
