Treasurer Jim Chalmers’ refusal to negotiate on the RBA board shows he is looking for a revolution, not evolution, in the running of the central bank.
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The treasurer’s refusal to negotiate with the Coalition to secure continuity of governance for interest rate setting is a sign he wants revolution, not evolution. The argument that the Governance Board also needs continuity does not hold muster: the entire rationale for the Governance Board’s creation is because the review found the current board rarely considers governance issues. Further, the nature of the legislation gives the treasurer the flexibility to appoint members to both boards concurrently.
Non-tradable inflation – that is domestic inflation – remains even higher, while non-discretionary and services inflation remain well above band.
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