Treasurer Jim Chalmers is set to release the highly-anticipated review into the Reserve Bank of Australia on Thursday and to announce that the government has given in-principle support to all of its recommended changes.
abc.net.au/news/rba-review-jim-chalmers-recommendations/102242208Treasurer Jim Chalmers is set to release the highly-anticipated review into the Reserve Bank of Australia on Thursday and to announce that the government has given in-principle support to all of its recommended changes.
Its final report comes after a difficult year for the RBA, which has seen the bank raise interest rates 10 times in a row, despite comments from RBA governor Philip Lowe, during the height of the pandemic, that rates were unlikely to rise "Mr Chalmers will release the review on Thursday morning, along with the government's initial response to its recommendations, and announce the appointment of two new board members.
Outgoing board members Wendy Craik and Mark Barnaba have not sought to be reappointed. They were both appointed by the former Coalition government. It is expected the Albanese government will support all of the report's 51 recommendations in principle, although some of the changes will fall to the RBA to implement and some will require legislative changes.
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