That’s a helpful development ahead of Tuesday’s RBA board meeting and amid concerns over political pressure not to lift interest rates further.
as well as its monetary policy board for at least the next five years should shore up the authority of the new governor amid the structural shake-up of the central bank’s operations., the treasurer’s rejection of the proposal to appoint an external chair of the proposed governance board echoes Labor’s bad memories of the days when Sir Robert Gibson, the domineering chairman of the Commonwealth Bank , ran roughshod over the governor during the 1930s Depression.
The review’s critique that in-house groupthink led the Reserve Bank to keep interest rates too high amid the inflation undershooting of the pre-pandemic years is doubtful. But then came former governor Philip Lowe’s pandemicsaid at the time, that out-of-character declaration never passed the pub test. This led to Dr Chalmers’ decision not to extend Dr Lowe’s seven-year term, in contrast to the two previous governors.
The treasurer pointed to the government’s review of its inherited infrastructure pipeline. This must not become just a political exercise in winding back the projects favoured by the previous Coalition government. To be fair dinkum about fighting inflation, federal Labor should pull its $2.2 billion funding for Melbourne’smega-project, which has never passed a proper cost-benefit test and which is a boondoggle for the law-breaking CFMEU that controls Victoria’s Socialist Left state government.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA interest rates: Jim Chalmers joins the inflation fight ahead of the Reserve Bank of Australia rate moveTreasurer Jim Chalmers has flagged cuts to government infrastructure projects ahead of the Reserve Bank’s expected Cup Day rate rise.
Read more »
Australia’s 2024-25 budget to focus on supporting green energy industries, Chalmers flagsFederal treasurer says Australia’s energy transition is essential to meeting Paris agreement climate targets
Read more »
‘Difficult decisions’: Chalmers warns infrastructure projects likely to be cancelledTreasurer Jim Chalmers has warned that infrastructure projects will need to be cancelled or delayed as the federal government seeks to bring inflation under control.
Read more »
‘Difficult decisions’: Jim’s ominous warningTreasurer Jim Chalmers has warned the government will have to cut back on some infrastructure projects to help trim inflation.
Read more »
Melbourne Cup legend Jim Cassidy’s ultimate form guide and predicted first 4Horse Racing: Let's find you a winner! Take a look at some of the best lead-up runs by the top chances for the 2023 Melbourne Cup.
Read more »
Interest rates: NAB says borrowers will take next rate rise in their strideBorrowers will be in the spotlight this week with Westpac’s results on Monday, and a possible Reserve Bank rate rise on Tuesday.
Read more »