johno1234:
All very easy to say this in hindsight but these people are required to carry the responsibility, and Treasury advise has been routinely ignored.
Stagflation now looms.
People who insist this was only something we can see with hindsight ignored the enormous amount of discussion at the time about RBNZ's lack of movement on interest rates when house prices exploded, or when they argued the inflation building in the economy was transitory. And it wasn't just punters either, there were comments from former senior RBNZ staff trying to ring alarm bells, which to my knowledge, doesn't happen often enough that we should just dismiss as noise when it does happen.
The reality is that there simply isn't any direct consequences for getting this as wrong as they did. It makes you wonder how badly an institution like this would have to perform for someone to not get reappointed, let alone pressured to consider 'spending more time with their family'.