Philip Lowe’s emperor-has-no-clothes moment

Treasurer Jim Chalmers deserves a lot of credit for the landmark review of the Reserve Bank of Australia he recently released.

He committed before the election to the first root-and-branch review in the institution’s history. He chose three credible experts to serve on the review panel, none of whom would pull punches. And he gave them comprehensive terms of reference enabling the kind of wide-ranging reforms the RBA needs.