31 March 2011

Swan's explanation for replacing Professor Warwick McKibbin doesn't add up

Federal Treasurer Wayne Swan cited the length of time Professor Warwick McKibbin and Don McGauchie served on the Reserve Bank Board in the justification he gave to Ross Greenwood on 2GB for replacing these vocal critics of the Labor government’s fiscal policy.

Can I just make this point about the two departing members. They’ve been there for 10 years. I don’t think there’s ever been a situation where someone has been on the board longer than 10 years.

This is not true. Jillian Broadbent has been a member of the Reserve Bank Board since 1998. Swan didn’t have a problem reappointing her for a third five year term in May 2008.

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