Jim Chalmers should keep the treasurer’s power to override Reserve Bank of Australia interest rate decisions to help secure a legislated overhaul of the central bank, the Coalition and Greens have recommended in Senate reports.last year recommended that the section 11 veto power in the Reserve Bank Act be removed to guarantee the independence of the central bank.The power has never been used.
“There is a concern that the treasurer intends to essentially spill the board and appoint a suite of new members,” the Coalition senators said in their dissenting report. Dr Chalmers has said the government would consult the existing six external board members to gauge their interest on serving on the new monetary policy board or new governance board that will oversee the bank’s human resources, technology and finances.The Labor chair of the inquiry, Jess Walsh, recommended the legislation be passed unchanged.
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