It’s independent of government, has enormous power over our lives and hasn’t been reformed in 25 years.

But yesterday, the Reserve Bank bowed to a scathing review and even Governor Philip Lowe conceded parts of the RBA had been out of step with modern expectations.

But will a new board of experts improve the way interest rates are set? Can workers have a seat at the table? And what does it mean for the future of Philip Lowe?

Today, columnist for The Saturday Paper Paul Bongiorno, on why the government took such bold action on the RBA, but won’t stop it inflicting more pain.

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Guest: Columnist for The Saturday Paper, Paul Bongiorno.

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