Australian Economy Australian interest rates

Evil RBA snuffs out economy

Thursday 26 March 2026

It doesn’t usually make much sense to think of a central bank in terms of good and evil.

But that is before you have met the fantastically inept Reserve Bank of Australia.

This bank has one function: to use economic insight to look into the future so that it can make calls on setting interest rates today that influence that future.

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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.