RBA likely annoyed by political rate talk

But while Macfarlane may have been peeved, the independent central bank would have stuck to "business as usual - fighting any perceived upturn in inflation, which according to the bank's own forecast is miles away, or dealing with the overheating in credit markets," Bell said.

"The bank makes its own mind up about interest rates...in terms of any formal relationships changing, I don't think there are any implications," of the campaign's interest rate focus, he said.

Bell is the author of the 2004 book, "Australia's Money Mandarins: The Reserve Bank and the Politics of Money," which tells the story of the RBA over the past two decades, including interviews with key figures like former RBA Governor Bernie Fraser, current Governor Ian Macfarlane and former Prime Minister Paul Keating.