Tim Wilson walks back suggestion Liberals would rethink RBA full employment mandate

Shadow Treasurer Tim Wilson has walked back a suggestion that the Liberal party would rethink the Reserve Bank of Australia's (RBA) full employment mandate. Wilson initially indicated the opposition would review the RBA's legislated mandate, which requires the bank to balance keeping inflation within a 2-3% target band with achieving full employment. This statement, made just two days into his new role, was interpreted as a shift towards prioritizing inflation control, potentially leading to higher interest rates and unemployment. Wilson has since clarified that he does support the RBA's dual objectives, despite his earlier call for a more targeted focus on taming inflation. The initial statement drew criticism, with accusations that it reflected an "extreme ideology."