Treasurer Jim Chalmers has revealed the government’s appointments to the Reserve Bank of Australia’s boards as Labor seeks a pre-election rate cut.
Treasurer Jim Chalmers reveals new appointees in RBA overhaul as Labor remains hopeful on a pre-federal election interest rate cut
The reform – which was the signature recommendation of a 2023 independent review of the RBA - will come into effect from March 1. The Treasurer has also appointed ex-Business Council of Australia CEO Jennifer Westacott, former Telstra CEO David Thodey, ex-Business Council of Australia Chair Danny Gilbert and former Export Finance Australia CEO Swati Dave to the RBA's Governance Board.He claimed the changes would allow Labor to implement a"sack and stack" strategy to achieve favourable rates decisions.
Labor reopened talks with the Greens on the RBA overhaul in November after the minor party earlier in the year said it would back the legislation if the government invoked Section 11 in the Reserve Bank Act to enforce a rate cut.
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