Shadow treasurer Angus Taylor is hosing down expectations of a deal on the government’s stalled reforms to the central bank.
Already a subscriber?The Coalition is unconvinced Treasurer Jim Chalmers won’t “sack and stack” the Reserve Bank of Australia’s proposed interest rate-setting board with Labor-aligned appointees, hosing down expectations of a deal on the government’s stalled reforms to the central bank.
Shadow treasurer Angus Taylor on Friday stressed that no deal had been made with the government. He said the Coalition remained against any efforts by Labor to “sack and stack” the proposed RBA interest rate-setting board.Advertisement Labor has proposed shifting all six existing external RBA board members onto the new nine-member interest rate-setting board unless they specifically asked to move to the governance panel. Labor also agreed to retain a never-before-used federal government power to veto the central bank on interest rate decisions.
“The Reserve Bank governor then followed that up with private conversations with each of them, and I don’t really want to go into the nature of those private conversations,” Dr Chalmers said.Dr Chalmers’ proposed amendments would still leave open the possibility of at least one of the existing RBA board members moving to the governance committee, allowing the treasurer to appoint a fresh face.
“Every time that there’s an interest rate decision, for example, the Greens in their usual way will say that the parliament should override the decision. That’s a difference of opinion. What we want to do is to limit this override to genuine emergency circumstances.”
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