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  • Robert MacCulloch

What's Happening to our Public Institutions?

The qualifications of the leadership of the Reserve Bank of Australia (RBA) compared to the Reserve Bank of NZ (RBNZ) are as follows - note that MIT is regarded by most in the profession as the top economics department in the world:


RBA

Governor: PhD Massachusetts Institute of Technology (MIT)

Deputy Governor: PhD Massachusetts Institute of Technology (MIT)

Assistant Governor (Financial Markets): PhD Massachusetts Institute of Technology (MIT)

Assistant Governor (Economics): PhD, University of New South Wales


RBNZ

Governor: Masters in Development Economics, Leicester University

Deputy Governor: Masters, Australian National University

Assistant Governor (Economics, Financial Markets): Master of Commerce, Canterbury, NZ.

Head of Economics: Bachelor of Commerce, Auckland, NZ.


A PhD from a top university is no luxury for running a Central Bank - it's regarded in most serious countries as a vital professional qualification - a requirement for such an occupation. And a similar thing is happening across many Wellington government departments. Where did it all go wrong?