The Coalition has indicated it won’t support the reforms, which it says could let Labor allies take control of interest rates
The Reserve Bank of Australia governor, Michele Bullock. Labor is locked in a standoff with the Coalition over its attempt to overhaul the RBA.The Reserve Bank of Australia governor, Michele Bullock. Labor is locked in a standoff with the Coalition over its attempt to overhaul the RBA.The Australian government’s efforts to reform the Reserve Bank and bolster the expertise of those making decisions on interest rates are in limbo after the opposition declared it would block the proposals.
The existing and the proposed board would be made up of the RBA governor, Michele Bullock, the deputy governor, the Treasury secretary and six external members appointed by the treasurer. However, the external members on the new board would have to be experts in economic policy, whereas the current six are drawn from Australia’s boardrooms.
Coalition MPs say the government could install political allies on the monetary policy board, pointing to Chalmers’ appointment of two former union officials to the board in 2023. The opposition wanted Chalmers to guarantee that all six current external members, including the four appointed by Coalition governments, would join the new board.
Nick McKim, the Greens’ Treasury spokesman, has said he is willing to negotiate but has demanded Chalmers not only keep his power to override the Reserve Bank board but also use it immediately to cut interest rates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA interest rates: Inflation could become entrenched, former RBA research boss John Simon warnsThe central bank’s former top researcher, John Simon, says the decision not to raise rates further has not been adequately scrutinised by the board.
Read more »
Voters mark down Labor on economic management after RBA rates callThe electorate isn’t convinced by Labor’s handling of the nation’s finances in the latest Resolve Political Monitor, although the government’s primary vote rose.
Read more »
Labor opens door to negotiating with Greens on RBA reforms after Coalition blocks proposalPeter Dutton’s opposition also puts up new roadblocks to potential deal on government’s aged care reforms
Read more »
Voters mark down Labor on economic management after RBA rates callThe electorate isn’t convinced by Labor’s handling of the nation’s finances in the latest Resolve Political Monitor, although the government’s primary vote rose.
Read more »
RBA Deputy Governor cops fiery spray from former Labor ministerFormer Labor senator Stephen Conroy has taken aim at the Reserve Bank's new Deputy Governor Andrew Hauser in a heated live interview.
Read more »
Voters mark down Labor on economic management after RBA rates callThe electorate isn’t convinced by Labor’s handling of the nation’s finances in the latest Resolve Political Monitor, although the government’s primary vote rose.
Read more »