Future make-up of RBA board a 'key consideration' going forward, says Federal Treasurer
2 years, 8 months ago

Future make-up of RBA board a 'key consideration' going forward, says Federal Treasurer

ABC  

Federal Treasurer Jim Chalmers has thrown his support behind calls for the Reserve Bank board to be more representative of the broader Australian community, following scathing criticism that it is out of touch with workers demanding wage increases. Key points: Treasurer Jim Chalmers has already committed to a review of the RBA But the terms of reference are still being finalised He says one of the key considerations going forward is "to also make sure that the right voices are represented around the table" During the week, ACTU Secretary Sally McManus took aim at RBA governor Philip Lowe, accusing him of indulging in a "boomer fantasy" in warning that wage growth beyond 3.5 per cent would further fuel inflation across the country. ACTU Secretary Sally McManus warns that the Reserve Bank is out of touch and living in "boomer fantasy land" if it thinks workers can afford real cuts to their wages. "There has been, I think, a welcome conversation about whether or not the Reserve Bank board is broad enough, representative enough, whether it's the right size," he told the ABC's Insiders. "When I announce the terms of reference for the Reserve Bank review, I think one of the key considerations should be board representation — whether it's broad enough, in geographic terms and gender and all the important considerations, but to also make sure that the right voices are represented around the table."

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History of this topic

Meet the new Reserve Bank executive who says it is unfair to blame record immigration for the housing crisis
3 months ago

Meet the new Reserve Bank executive who says it is unfair to blame record immigration for the housing crisis

Daily Mail  

A business leader who lobbied Anthony Albanese to ramp up immigration during a housing crisis has been appointed to a Reserve Bank board. Jennifer Westacott, the former head of the Business Council of Australia is one of four new appointments to the RBA's new governance board with five-year terms starting on March 1 next year. Australia's net overseas migration rate …

Australia Names Fry-McKibbin, Baker to RBA’s Rate-Setting Board
3 months ago

Australia Names Fry-McKibbin, Baker to RBA’s Rate-Setting Board

Live Mint  

-- Australia appointed Renée Fry-McKibbin, who participated in the review of the central bank, and former Bendigo and Adelaide Bank CEO Marnie Baker to the Reserve Bank’s new monetary policy committee. Treasurer Jim Chalmers made the announcement on Monday following the passage last month of legislation to split the RBA’s board into two entities. Fellow members Carol Schwartz and Elana …

'Any' change to Reserve Bank board would politicise interest rate decisions, warns shadow treasurer
3 months ago

'Any' change to Reserve Bank board would politicise interest rate decisions, warns shadow treasurer

ABC  

The membership of the new-look Reserve Bank boards could be determined as soon as tomorrow, with the Treasurer Jim Chalmers saying he is due to announce who will have the power to lift and lower interest rates in Australia. But Shadow Treasurer Angus Taylor has drawn the battlelines for a fight, warning any change to the RBA's existing monetary board …

RBA governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears
4 months, 2 weeks ago

RBA governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears

ABC  

Treasurer Jim Chalmers has received a blunt warning from Reserve Bank of Australia governor Michele Bullock about the inflationary consequences of any potential splashy pre-election spending promises as she left the door open to even higher interest rates. Mr Chalmers said in the wake of Labor's Queensland election loss, the coming federal election "was never going to be — from …

Greens demand hostile takeover of RBA in exchange for passing board reforms in likely death knell for treasurer's bill
5 months, 3 weeks ago

Greens demand hostile takeover of RBA in exchange for passing board reforms in likely death knell for treasurer's bill

ABC  

The Greens are demanding the government intervene to cut interest rates in exchange for their support on the Reserve Bank bill, an unprecedented condition that impedes Treasurer Jim Chalmers' effort to land his reform. However, in a new demand that will almost certainly result in Labor killing the initiative, Greens economic justice spokesman Nick McKim said Mr Chalmers should wield …

Reserve Bank restructure closer to reality after Treasurer Jim Chalmers offers olive branch to Angus Taylor
6 months, 3 weeks ago

Reserve Bank restructure closer to reality after Treasurer Jim Chalmers offers olive branch to Angus Taylor

ABC  

The Reserve Bank of Australia is a step closer to its biggest restructure in three decades after Treasurer Jim Chalmers assured his Coalition counterpart, Angus Taylor, that he would not seek to replace members of the powerful interest rate-setting board. Mr Taylor's suspicion that Mr Chalmers would use the restructure to "stack" the board with Labor-aligned members has been the …

What does the RBA review offer for Australians struggling with the cost of living? Not enough
1 year, 10 months ago

What does the RBA review offer for Australians struggling with the cost of living? Not enough

ABC  

In Australia, right now, we are at risk of entrenching deep inequality and further flaming the housing crisis. But given the Reserve Bank's key role of reducing inflation to within a range of 2 to 3 per cent, by raising interest rates, remains unchanged — notwithstanding a new focus on keeping folks in jobs — what on earth will this …

Does everyone welcome the Reserve Bank overhaul?
1 year, 10 months ago

Does everyone welcome the Reserve Bank overhaul?

ABC  

The push to overhaul the Reserve Bank of Australia could be a "watershed moment" in Australian economic policy, some economists say. The Australian Council of Social Service said it would be a "hugely important step" when the RBA had to give equal weight to its inflation target and full employment when setting interest rates. RBA says some changes won't be …

Labor to announce in-principle support for RBA review's recommendations, establish two new boards
1 year, 11 months ago

Labor to announce in-principle support for RBA review's recommendations, establish two new boards

ABC  

Treasurer Jim Chalmers is set to release the highly anticipated review into the Reserve Bank of Australia on Thursday and to announce that the government has given in-principle support to all of its recommended changes. Key points: The review of the RBA will recommend a separate monetary policy board and a governance board are created The treasurer says the federal …

Interest rate rise: Treasurer Jim Chalmers backs RBA boss as Aussies face mortgage stress
2 years, 3 months ago

Interest rate rise: Treasurer Jim Chalmers backs RBA boss as Aussies face mortgage stress

Daily Mail  

Treasurer Jim Chalmers has responded to calls for a major overhaul of the Reserve Bank as interest rates soar to a 10-year high. The RBA raised interest rates by a quarter of a percentage point to 3.1 per cent on Tuesday much to the distress of mortgage holders who have faced eight consecutive rate rises. Treasurer Jim Chalmers is supporting …

The Australian Greens say the Reserve Bank needs to be more democratically accountable
2 years, 4 months ago

The Australian Greens say the Reserve Bank needs to be more democratically accountable

ABC  

The Reserve Bank and the federal government need to jointly deploy inflation policy, using different tools to overcome different outbreaks of inflation, the Australian Greens say. Key points: The Reserve Bank should be helping to direct the flow of credit in Australia's economy to more productive ends It should help governments to transition to a low emission economy Monetary policy …

Former Reserve Bank of Australia research manager Peter Tulip says board lacks economic expertise
2 years, 7 months ago

Former Reserve Bank of Australia research manager Peter Tulip says board lacks economic expertise

Daily Mail  

The Reserve Bank of Australia keeps making the wrong decisions because 'part-time amateurs' are making calls on interest rates, a former bank insider says. The Reserve Bank of Australia keeps making wrong decisions because 'part-time amateurs' are making calls on interest rates, a former insider says Peter Tulip, who was the RBA's senior research manager from 2011 to 2020, said …

Reserve Bank review will scrutinise who sits on the board and whether their views should be more transparent
2 years, 8 months ago

Reserve Bank review will scrutinise who sits on the board and whether their views should be more transparent

ABC  

The core objectives of the Reserve Bank of Australia — what it tells the public and who sits on its board — will be scrutinised in the first review of the central bank and its operations in decades. Key points: Federal Treasurer Jim Chalmers says the review is to ensure "we have the world's best and most-effective central bank" Board …

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