The Reserve Bank is toying with the idea of simply voting on changes to monetary policy instead of first having to try to seek a consensus, acknowledging a danger of “groupthink” on the committee that makes those decisions. However, it appears to be minded towards maintaining the status quo. The bank’s decisions, and the way it reaches them, have both come under growing scrutiny in the wake of ongoing criticism that it was too slow to dampen inflation pressures last year and could now be overcompensating by engineering a recession. Its current charter requires the seven members of its monetary policy committee (MPC), ... (full story)