An economic revolution comes late Down Under

In the limelight: Bullock speaks during the AusPayNet Summit in Sydney. She took over Philip Lowe as governor of the RBA. - Bloomberg

THE Reserve Bank of Australia (RBA), once the envy of the world for presiding over a three-decade economic expansion, has hurtled back to earth.

The first external review of the bank in a generation urged officials to undertake a reform that’s commonplace for monetary authorities across the globe, but which the RBA had fiercely resisted.