RBA to Set up New Board for Interest Rates, Scrap Treasurer’s Overruling Powers

Published on November 28, 2023

The Reserve Bank of Australia (RBA) will have a new board solely responsible for setting interest rates, while the treasurer will no longer have the power to override the central bank’s monetary policy decisions. Australian Treasurer Jim Chalmers on Nov. 27 announced a suit of reforms to strengthen and modernise the Reserve Bank was coming to parliament this week under the Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023. This is the centre-left Albanese government’s response to a major RBA Review in April, which was a culmination of extensive consultations with RBA board members and staff, and experts. The legislation stipulates that the RBA’s overarching goal is to “promote the economic prosperity and welfare of the people of Australia, both now and into the future.”...

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