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TUE 06 APR 2004
Reserve governor admits to politics
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IN two joint statements in 1996 and 2003, Treasurer Peter Costello and Reserve Bank governor Ian Macfarlane amplified the independence of the central bank in achieving the monetary policy objective of ``consumer price inflation between 2 and 3 per cent, on average, over the cycle''. But as the parents of teenagers will tell you, formal statements about independence are one thing -- real independence has to be renegotiated constantly. Mr Macfarlane rarely gives interviews to the media but, as ...
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