Treasury plans to fill the RBA’s interest rate vacuum

Is it cause for alarm, or an inevitable trend, that the Treasury is planning to take over key elements of the traditional role of the Reserve Bank as the main economic stabiliser that offsets economic shocks like the current corona pandemic? Not that readers of Australia’s finance media would be aware of this intention that received no publicity despite being clearly stated last week by Treasury secretary Steven Kennedy in his post-budget speech to Australian Business Economists.