Stacking with ‘his mates’: Coalition attacks Chalmers on RBA reform

Shadow treasurer Angus Taylor has accused Jim Chalmers of trying to stack with “his mates” the new committee that will set official interest rates, threatening to block the biggest overhaul of the Reserve Bank in more than a generation.

According to the review, members of the current board should be given the choice of moving to the interest rate-setting committee or remaining on the bank’s overall governance board.This has prompted concerns within the Liberal Party that Chalmers would stack the rates committee. He said the issue around the shift of RBA board members to the rates committee had been “consistently” raised with Chalmers since the issue arose.

Taylor said there was nothing to prevent members of the governance board from sitting on the rates committee. Chalmers, who wants to avoid doing a deal with the Greens on RBA reform over concerns they may make demands that undermine its independence, said Taylor was at odds with Bullock.“The government has been clear it wants to see continuity on the new RBA boards – that means continuity on both the monetary policy board and the governance board,” a spokesperson said.

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