Larry Williams Drive

Now, we need to talk about the Reserve Bank's excuses for how it completely stuffed up its job and let inflation get away on it during Covid. We spoke about this on the show yesterday, it's done the review and it says, quote, - "in hindsight, an earlier and more aggressive tightening might have reduced inflation sooner." Yeah. Really, Sherlock?  But this would have been difficult given the data available at the time. Now, basically what they're saying is: yeah, we could have done better if we could see what was happening at the time, but we couldn't see what was happening at the time. Which is a crock, isn't it? Because there were people who could see at the time what was happening, and they said so. They said it publicly, they said the Reserve Bank needs to start tightening up - in some cases, months, if not even more than a year, before they did. I mean, the New Zealand Initiative first identified that Covid could cause inflation in April 2022 - that's a year and a half before the Reserve Ban