Treasurer Jim Chalmers has made key concessions in negotiations over reforms to the Reserve Bank, as he seeks to address opposition concerns Labor was planning on 'stacking' the RBA board with political appointees friendly to the Albanese government.
Long-stalled negotiations between the Albanese government and opposition over reforms to the Reserve Bank have been given a shot in the arm, as Treasurer Jim Chalmers seeks to address concerns Labor was planning on"stacking" the RBA board with friendly political appointees.
Under the Treasurer's original proposal the current board would be split, but the six government-appointed external members would not immediately become part of the new interest rate setting committee. The Treasurer had initially countered by arguing the plan would allow for more new faces to join the RBA, citing the need for renewal as a key motivating factor behind the reform process, but on Thursday evening changed his tune and conceded to the opposition.
Mr Chalmers also backed away from a previous pledge to remove the Treasurer's ability to override interest rate decisions, another recommendation of the RBA's independent review, although he will still put new limits on that power.
RBA Angus Taylor Albanese Government Jim Chalmers Labor Greens Interest Rates
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Interest rates: Treasurer Jim Chalmers breaks with RBA on economic outlook and inflationThe warning came as Treasurer Jim Chalmers disputed the RBA’s assessment the economy was still too strong and big-spending governments were prolonging inflation.
Read more »
Reserve Bank of Australia: RBA board split not dead says Treasurer Jim ChalmersThe treasurer offers to shift all RBA board members onto a new interest rate-setting board, presenting a potential breakthrough in stalled Coalition negotiations.
Read more »
Treasurer Jim Chalmers makes Productivity Commission less productiveThe government’s independent economic adviser has only one active inquiry, which former officials say is extremely low by historical standards.
Read more »
Treasurer Jim Chalmers attempts to downplay rising inflationInflation in Australia remains stubbornly above the target range set by the Reserve Bank, although there are signs of a clear downward trend. The latest inflation data will be carefully considered by the Reserve Bank board in its decision on whether to lift interest rates next week.
Read more »
No election spendathon: Chalmers says he’s got the big calls rightTreasurer Jim Chalmers says he will use the pre-election budget to continue the inflation fight.
Read more »
No election spendathon: Chalmers says he’s got the big calls rightTreasurer Jim Chalmers says he will use the pre-election budget to continue the inflation fight.
Read more »