Major changes to the way the Reserve Bank operates and manages the economy will hinge on the federal government winning support from the Coalition, with Treasurer Chalmers declaring he doesn't want the Senate pulling apart any reforms to the institution.
before the COVID-19 pandemic.
Among the issues canvassed by the review is the removal of the power of the RBA board to set interest rates with this transferred to a committee of monetary policy specialists. A change of this nature would require a change to the Reserve’s operating act that was drafted in 1959. The last statement was signed between Lowe and then-treasurer Scott Morrison in 2016. Chalmers has been waiting on the RBA review before deciding on the next monetary policy agreement with the bank, which could be with a new governor.
But Chalmers said he believed the current arrangement around the monetary policy agreement between the treasurer and the governor, which is not legislated, worked well.
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