Howard lovers might also recall that it was the resolve of treasurer Keating and the RBA that killed high inflation in Australia in 1990/1. Ian Macfarlane the past governor of the RBA observes in his recent book The search For Stability that Paul Volcker the chairman of the USA Federal Reserve delivered low inflation to the USA ten years earlier in 1981. No prizes for guessing who was Australia's Treasurer in 1981 and in a position to hammer inflation and who failed.
