Major national political and economic players have made the unprecedented decision to call a truce in the traditional “blame game” on economic management.

The first sign of the shift in the national economic debate came in a weekend speech by Reserve Bank of Australia (RBA) Governor, Michele Bullock, in which she openly admitted that “nobody runs the economy”.

In her remarks while officially opening a school fete in Sydney’s eastern suburbs, Ms Bullock said comments during the week by Labor Party figures interpreted as being critical of the RBA had missed that key point.

“The RBA has one lever when it comes to economic management – interest rates,” she said. “In fact since I’ve been Governor I’ve literally had a big lever installed in the bank board room for our monthly meetings. (main picture)

“It’s a reminder to all board members that we sometimes might as well just throw a dart at the wall when setting interest rates and, quite frankly, some months we do just that.

“I hope that going forward other people involved in public debate recognise the simple fact that the economy is like an industrial bin fire screaming downhill and it’ll take its own direction,” she said to polite yet puzzled applause from her audience comprised largely of lower primary school students dressed in costumes ready to take the stage for a musical tribute to the popular cartoon character Bluey.

Latching on to Ms Bullock’s comments, federal Treasurer Jim Chalmers said he was relieved that she had decided to embraced a totally open and honest approach to economic debate.

“I fully agree with the RBA Governor,” Mr Chalmers said. “I haven’t got a clue about who runs the economy. It certainly isn’t me. Since May 2022 I’ve said and done all sorts of things as Treasurer but the place is still totally rooted.”

Former federal treasurer and Labor Party national president, Wayne Swan, agreed.

“I’m glad that the RBA Governor has decided to adopt a new approach which should allow the Albanese Government to get on with the serious and demanding job of not running the Australian economy,” Mr Swan said.

Shadow federal treasurer Angus Taylor welcomed the new approach taken by Ms Bullock and Mr Chalmers.

“Oh, thank goodness for that,” Mr Taylor said when contacted. “Now I’ll no longer have to give interviews and news conference and pretend I know what the fuck I’m talking about.”

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