RBA Board Split on Rate Decisions Nearly One-Third of the Time

RBA board members were divided on monetary policy decisions nearly one-third of the time over the past decade, according to recently departed Reserve Bank board member Ian Harper.

Harper revealed that there was 'very vigorous' debate among the nine board members under Michele Bullock and her predecessors Philip Lowe and Glenn Stevens, contradicting a 2023 independent review's suggestion that part-time members did not challenge the central bank's leadership at meetings.

The revelation challenges long-held assumptions of central bank unanimity, suggesting that monetary policy decisions are more complex than previously thought.