"To err is human" wrote 18th century poet Alexander Pope, and given central banks are made up of humans, there is a fair bit of erring going on in the field of economic forecasting there.

Key points: RBA deputy governor says better data is needed from the Australian Bureau of Statistics

RBA deputy governor says better data is needed from the Australian Bureau of Statistics The ABS is is set to shed almost 500 jobs over the next 2 years and cut surveys

The ABS is is set to shed almost 500 jobs over the next 2 years and cut surveys Most developed countries have monthly inflation figures, Australia has quarterly releases

Given central banks are populated with humans, it is not surprising they get things wrong as, Reserve Bank deputy governor Guy Debelle conceded in a speech on uncertainty made to fellow economists.

Dr Debelle accepted some of the blame on behalf his Martin Place colleagues, but he gave the distinct impression things would be better with some more help from the Australian Bureau of Statistics.

While going out of his way to say his speech was not intended as a criticism of the ABS, it was pointed nonetheless.

"Take the case of output and inflation, two of the most important summary statistics on the economy," Dr Debelle said.

"It is now late October. But we won't receive an official read on GDP in the current quarter until the December quarter national accounts are released in early March of next year.

"That's more than four months away," he added helpfully for the less statistically astute.

It is a similar story for inflation, with the current quarter's result not available for another three months.

"In most other countries, the CPI [consumer price index] is published monthly, so the wait to get an assessment on current inflation is not so long elsewhere," he said.

Given targeting inflation is central to most central banks — the RBA's mandate is to keep it corralled in a band of 2-to-3 per cent — this is a big deal.

This week's unexpectedly low inflation perhaps exacerbated Dr Debelle's frustration.

Three months ago the RBA thought it was making headway in getting back into its comfort zone, but with the 1.8 per cent September quarter growth it notched up its second year below the band.

If it wasn't for sudden surge in energy prices in the quarter, the RBA's forecasts would have been even further from the mark.

ABS under pressure from funding cuts

Dr Debelle is not from the less-is-more school of data.

"In the case of inflation, a more frequent estimate would help to identify changes in the trend in inflation sooner," he said.

"At the moment, we need to wait three more months to gain a better understanding as to whether any particular read on inflation is signalling a possible change in trend or is just noise."

It is unlikely that the RBA will get its wish for more timely and accurate data to frame the nation's monetary policy.

Earlier this month, in laying out the ABS's forward work plan, chief statistician David Kalisch announced another 480 jobs would be cut from his already stretched workforce.

"The Australian Bureau of Statistics will cut staff numbers by 17 per cent over the next two years, as the organisation continues to struggle under the weight of government funding reductions," Mr Kalisch wrote.

Of course this will occur once the Federal Government's resource heavy marriage equality survey is wrapped up.

It means existing surveys will most likely suffer and others ditched — such as new car sales — or altered and downgraded.

The poet Pope also offered the idea that was forgiveness was divine.

There was no sense of forgiveness in Dr Debelle's speech, just resignation that the nation's key economic lever-puller could do with a bit of help.

As the recently retired RBA governor Glenn Stevens noted a few years ago, the forecasters down at the Bureau of Meteorology have a relatively less problematic career compared to central bank forecasters.

"One big difference in economics is that some decisions based on forecasts may alter the outcomes — as in the case of economic policy decisions, or spending decisions by businesses and households," Dr Stevens said.

Getting unexpectedly caught out in the rain is one thing, but over-heating an entire economy or letting let it whither when it needs a bit of monetary nurturing is an entirely different level of pain.