Along those lines, I've had a go recently at suggesting (in 'Give the guy a break') that we should cut our Reserve Bank governor some slack. Yes, inflation is still below target. Yes, forecast inflation has been too high. Yes, the Bank raised interest rates in 2014 and (with hindsight) probably shouldn't have. But none of this is at all unique to New Zealand. It's not all, or mostly, or even a fair bit, down to Graeme Wheeler and the team at No 2 The Terrace.
What got me thinking about it again was today's Statement on Monetary Policy from the Reserve Bank of Australia. Here's one graph from it that's worth poring over. It shows that we are in the same boat as the rest of the world: with few exceptions (certainly in the developed world), inflation everywhere is lower now than it used to be, and lower than central banks would like it to be (Australia ditto). Local missteps or inaccuracies can't be any big part of the story.
Just as ours have. Here's the comparison between the March and June consensus forecasts for our 90 day bank bill rate (from the NZIER's latest consensus poll). You can see (near the bottom) the expected track has been revised down by 0.5%, which is a large change for a single quarter.
Of course we should avoid making any egregious errors of our own. And of course we should aim to do a bit better than the international average. But when things appear to have gone off the economic rails and we're tempted to bag someone for it, it will often be a good idea to take a deep breath and check whether we're wrestling with the same issues as everyone else.