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The Reserve Bank, its operations and its key policy objective of holding inflation between 2 and 3 per cent would be the focus of a review under a Labor government amid warnings the institution is being left behind by overseas central banks.
Oppositions and critics often call for reviews of particular policies, but demanding a review of a cornerstone of economic policy such as the Reserve Bank is highly unusual.
But in a sign of how much economic policy is in flux in the wake of both the global financial crisis and the coronavirus recession, the step by Labor to promise its own review of the bank is one that has some support within the government and the broader economic community.