Greens Urge Treasurer to Use Powers to Slash Interest Rates

Published on September 23, 2024

Treasurer Jim Chalmers’ plans to reform the Reserve Bank of Australia (RBA) have hit another roadblock. The Greens party is demanding the government compel the central bank to lower interest rates. Greens economic spokesman Nick McKim stated that the party would withhold support for the legislation until interest rates are reduced. He called for Chalmers to use the government’s reserve powers to enforce a reduction if the RBA board does not cut rates. The RBA is expected to announce interest rates on Sept. 24. The demand to slash interest rates gained momentum after the U.S. Federal Reserve decided to cut them by half a percentage point on Sept. 18. In addition to the United States, around 10 key central banks, including those in Canada, the UK, the EU, and New Zealand, have been reducing their official interest rates since last year....

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