Michael Stutchbury of The Australian Financial Review traces history of communications at RBA:
The Reserve Bank’s adoption of a 2-3 per cent inflation target in the early 1990s opportunistically took advantage of a recession driven by high interest rates but not blamed on the central bank. The framework, including through the Reserve Bank’s new operational independence to deliver the target was the answer to the recognition that Australia’s political process had failed to constrain inflation over the previous two decades. The formalisation of the policy framework promoted a substantial increased supply of central bank communication to promote monetary policy transparency, accountability and effectiveness. Thirty years later, there is no shortage of central bank communication.
Combined with a floating exchange rate, a mostly-disciplined fiscal framework and the productivity dividend from a microeconomic reform program, the monetary policy regime helped deliver three decades of uninterrupted economic growth and rising national prosperity. In the process it greatly enhanced the credibility of Australia’s central bank and its communications, including by focusing on its low inflation objective rather than, the balance of payments.
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