Australian Treasurer Jim Chalmers downplayed differences between the government and the Reserve Bank of Australia (RBA) on interest rates, but highlighted a stark divide with the Greens. The government aims to pass legislation giving the RBA greater independence while the Greens demand the right to override rate decisions.
‘The differences between the RBA and the government are slight. But between Labor and the Greens they are more stark.’‘The differences between the RBA and the government are slight. But between Labor and the Greens they are more stark.
Chalmers said both the RBA and government are “trying to get on top of inflation without ignoring the risks to growth in our economy” and “overall, we’re on the same page”.So, the differences between the RBA and the government are slight. But between Labor and the Greens they are more stark.
“For weeks the treasurer has acknowledged the economy is being smashed, and that mortgage holders are being smashed by high interest rates – yet to date he’s done nothing about it despite having the power to reduce interest rates,” McKim said.It’s exactly the dynamic Chalmers had hoped to avoid: of independent RBA decisions being debated not just by economists, or between the bank and the government, but in the political sphere.
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