Central bankers say concerns about the new RBA governor having less power are only a risk if Treasurer Jim Chalmers appoints “radicals” to the board.
Veteran central bankers say concerns raised by former Reserve Bank Australia boss Ian Macfarlane that an overhaul will weaken the governor’s power are only a risk if Treasurer Jim Chalmers appoints “radicals” to the board.
on the board because Ms Bullock and the deputy governor would be outnumbered by six “part-timers” and the Treasury secretary on the nine-person committee. Former governor Philip Lowe, who departed the bank last week, said this month the proposed monetary policy committee was, “exactly the same as the model we’ve had for 60 years”.
Under the proposed model, members will be encouraged to seek out different views and challenge the governor. De-identified vote tallies will be publicly disclosed, and board members expected to give one speech a year.A former central banker said Dr Lowe was correct that the board composition appeared to be the status quo.
“Now he objects to board members having expertise and the capacity to challenge the governor,” Dr Tulip said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Costello warns on ‘watering down’ RBA inflation goalThe RBA review’s push to broaden the central bank’s focus beyond price stability would distract from its core role of managing inflation, the former treasurer said.
Read more »
‘Stabilise the state’s finances’: NSW Treasurer discusses state’s budgetNew South Wales Treasurer Daniel Mookhey joined Sky News Australia to discuss the state’s budget. Mr Mookhey says what the government has done with the budget is “carefully balance” the need to fix “the essential services people rely on, provide help to families during this once-in-a-generation cost of living crisis and stabilise the state’s finances”. The NSW Treasurer said the Minns’ government was the “first government since 2020/2021” to “not spend every single dollar” pouring into the state’s treasury. “What we are doing is putting away some of that money for a rainy day – to help us rebuild the public’s finances,” Mr Mookhey said. “I am the first treasurer in a couple of years to present a budget in which our expenses aren’t growing as fast as our revenue.”
Read more »
RBA concerned as China’s slowdown weighs on Australian, global economiesThe RBA is worried the slowdown in China’s economy could hurt Australia as the OECD warned the Chinese government may have limited tools to counter it.
Read more »
RBA concerned as China’s slowdown weighs on Australian, global economiesThe RBA is worried the slowdown in China’s economy could hurt Australia as the OECD warned the Chinese government may have limited tools to counter it.
Read more »
RBA concerned as China’s slowdown weighs on Australian, global economiesThe RBA is worried the slowdown in China’s economy could hurt Australia as the OECD warned the Chinese government may have limited tools to counter it.
Read more »
Surging oil raises risk of RBA cash rate increaseNever mind what the market is pricing, some economists predict the central bank will lift the cash rate by November.
Read more »