Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser has expressed his surprise at the resilience of public trust in the central bank amid aggressive interest rate hikes. Speaking in Canberra on Thursday, Hauser noted that the RBA’s overall trust measure has remained stable or even slightly improved over the past 18 months. This stability is particularly striking given the RBA’s efforts to combat inflation, which has risen well above its 2-3% target range.
Hauser described the public’s continued confidence as a “welcome, but frankly quite surprising, result.” The RBA has been raising interest rates to curb inflation, a move that typically strains public trust due to the economic pain it inflicts. Despite this, Hauser emphasized that the institution’s credibility has held firm.
The remarks come as the RBA continues to navigate the delicate balance between controlling inflation and maintaining economic stability. Hauser’s comments highlight the unexpected durability of public trust in central banks, even during periods of significant monetary policy adjustments.