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‘Idiots’ at the Reserve Bank ‘consistently wrong’ on forecasting: Stephen Conroy

Former Labor senator Stephen Conroy says the Reserve Bank of Australia “consistently” get their forecasting wrong. Mr Conroy said they are “wrong on wages” and “wrong on inflation”. “It has been consistently wrong,” he told Sky News Australia. “The Reserve Bank get to make decisions on interest rates, and when they get it consistently wrong you got to start questioning their forecasting and modelling … they just keep getting it wrong and they set the interest rates, and that’s just not acceptable. “The idiots at the Reserve Bank who are doing these forecasting based on models and faulty modelling… they just keep getting it wrong and they won’t accept they’re getting it wrong.”