Treasurer Jim Chalmers’ ambition to “renovate” the Reserve Bank has received a boost, with Angus Taylor open to appointing full-time central bankers to focus on inflation as in the US and UK.
Treasurer Jim Chalmers’ ambition to “renovate” the Reserve Bank of Australia has received a boost, with shadow treasurer Angus Taylor open to appointing full-time central bankers to focus on inflation as happens in the United States and United Kingdom.
“We would do that in a bipartisan way because I’m not just trying to make the Reserve Bank better, more robust, to improve its structures and processes and objectives for the next few years. Ideally, we’d make a meaningful change that lasts, and the best way to do that is to get some bipartisanship,” Dr Chalmers said on Thursday.
It is understood Mr Taylor is favourably disposed to appointing more monetary policy experts to a specialist committee that focuses on inflation targeting, similar to the US Federal Reserve and the Bank of England. Under either potential board model, the governor’s powers would likely be diluted to share responsibility with board members for oversight of the RBA’s operations beyond setting interest rates monthly.
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