Reserve Bank of Australia - Treasury Research

There is still no explanation why the research functions of these organizations did not pick up on sub-prime mortgages or the dangers of Lehman Bros junk investments. The markets should have been continuously monitored and advice published as a continuous practice. Local Councils, which are missing $700m +, should be suing the Reserve Bank. The breach of trust involved was a egregious. The RBA was under statutory duty to act to protect the Australian public and no number of exchange of letters between it and Treasury makes the slightest difference to the RBA's duty. The only questions is whether the civil law of negligence applies. This matter hopefully will eventually receive the attention of the High Court of Australia.