Core Viewpoint - The Reserve Bank of Australia (RBA) adopts a flexible approach to its dual mandate of maintaining employment and controlling inflation, as articulated by committee member McKibbin in a recent article [1] Summary by Relevant Sections Monetary Policy Review - McKibbin, who joined the monetary policy committee in March, previously led an independent review of the RBA's operations for 2022-2023, which recommended comprehensive reforms including reducing the frequency of monetary policy meetings and establishing a governance committee [1] Misinterpretation of the Review - Recent comments have misrepresented the review's recommendations regarding the RBA's dual mandate, with critics incorrectly asserting that inflation and unemployment should be given equal weight [1] - The review explicitly states that both "price stability and full employment should be given equal consideration," clarifying that this does not imply equal weighting in all circumstances [1] Policy Framework - The distinction between "equal consideration" and "equal weighting" is emphasized, with the former requiring assessment of both goals in decision-making, while the latter suggests a mechanical balance in all situations [1]