RBA deputy governor warns against overconfidence in economic predictions and emphasizes importance of learning from errors.

Reserve Bank of Australia (RBA) deputy governor, Andrew Hauser, cautions against overconfidence in economic predictions, warning that claiming certainty in an inherently uncertain and ambiguous outlook is a risky game. Hauser emphasized the importance of learning from errors and the potential dangers of such certainty, as it may lead to incorrect analyses and decisions that could harm the welfare of all Australians. Critics accusing the RBA of passivity amid high inflation have been labeled as "false prophets" by Hauser.

August 12, 2024
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