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It follows an address this week by RBA deputy governor Guy Debelle, left. McGuinness, to depict the central bank’s political subservience and policy impotence.įormer prime minister Paul Keating says the RBA has become a self-appointed deity, too worried about central bank orthodoxy and not enough about the plight of the nation's unemployed. Yet the same Reverse Bank semi-Spoonerism was regularly used earlier in the '80s, by The Australian Financial Review’s former editor in chief, P.P. It was because the “high priests” of Martin Place were slow to rein in the boom and then slow to cushion the bust that turned into the recession we had to have. Paul Keating recalls that in his Treasurer’s office in the late 1980s and early ‘90s, Australia’s central bank was dubbed the Reverse Bank.