The Coalition has confirmed it will walk away entirely from the key recommendation of an independent review of the Reserve Bank of Australia.
The Coalition's finance spokesperson Jane Hume says the opposition supports the current board structure.The Coalition says it would retain the Reserve Bank's existing board structure if it was elected.
But while Mr Taylor left open the possibility of taking his own RBA reforms to the next election, the Coalition's finance spokesperson Jane Hume told the ABC's Insiders on Sunday that was "no longer on the table." Jim Chalmers launches an extraordinary broadside after failing to land an agreement with the Coalition on plans to reform the Reserve Bank of Australia.
"And one way to achieve that is the separation of this monetary policy board or committee as other countries have, and we think this is well worth consideration."That bipartisanship frayed when Mr Taylor objected to two appointments Mr Chalmers made to the existing board. Earlier this year, he accused the treasurer of a strategy to "sack and stack" the current board and said the members should automatically carry over.
But after a burst of criticism of the Reserve Bank's decision-making from current and senior Labor figures, Mr Taylor abandoned negotiations, saying he could not "trust" the government to deliver reforms."I dealt with him in good faith," he said. The Coalition's decision means the government's only option for passing the bill is getting the support of the Greens and other Senate crossbenchers.
Federal Government RBA Jane Hume Angus Taylor Jim Chalmers
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