RBA watchers will find the hour well spent.
Two key points relevant to current policy:
** Price shocks — including the carbon tax — should be looked through; and
** The RBA board does not take any particular series seriously — there has to be a sustained move for a period of time to change the board’s assessment.
And a general point related to modelling:
** You should not be wedded to any particular model, but rather should be looking for the next one — as it’s always something from outside your model that gets you.