Josh Frydenberg, Australias federal treasurer, has defended the Reserve Bank of Australia against criticisms launched by Paul Keating, a former Labor prime minister, that it isnt doing enough to help amid the COVID-19 economic crisis. “This was a very nasty, personal, vindictive, unnecessary, misguided attack by Paul Keating,” Frydenberg told ABC News Breakfast on Sept. 24. “The Reserve Bank has done very well through this crisis. Unlike other crises they didnt have room to move on monetary policy.” Frydenberg said the Reserve Bank pumped $75 billion worth of liquidity into the banking system to stabilise it and purchased $60 billion worth of government bonds from secondary markets. Keating, however, wants the Reserve Bank to purchase bonds directly from Treasury. But doing this would “undermine the credibility of the central bank,” according to Warrick McKibben, a former RBA board member. “This is a recession where its fiscal policy that really needs to take the lead,” Prof. McK..