The first thing National will need to do when it returns to government is repair the Reserve Bank. I'm confident it will.

Someone highly respected in the party remarked to me last week that it was hard to imagine any previous governor of the bank cutting interest rates drastically in our present circumstances. The economic outlook does not seem that dire.

No National figure will say this out loud of course because it is in the party's political interest to pretend the economic outlook is every bit as bad as the Reserve Bank's monetary policy committee thinks.


But few