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Legislative changes could be coming to RBA: Treasurer

The Reserve Bank could be facing legislative changes under a review, due to be handed to Treasurer Jim Chalmers on Friday.

March 30, 2023
By Tess Ikonomou
30 March 2023

The Reserve Bank could be facing a legislative shake up following its first review in decades, with Treasurer Jim Chalmers vowing to build up its “respect and reputation”.

The review of the central bank will be handed to Dr Chalmers on Friday, who intends to publicly release the findings next month.

He said the government wanted to build up its “respect and reputation” over a long period of time, flagging possible changes.

“The Reserve Bank has been held in high esteem particularly globally,” he told ABC radio on Thursday.

“We want to make it the best version of itself and some of the recommendations that will be in the Reserve Bank review will require legislative change if we go down that path.”

Dr Chalmers said the government was seeking bipartisanship, and had ensured that opposition treasury spokesman Angus Taylor along with the crossbench, had received information from the panel undertaking the review.

“Ideally, we’d make a meaningful change that lasts, so if we want to do that is to get some bipartisanship,” he said.

“It should be about the best Reserve Bank that we can possibly have for our country, no matter who’s in government.”

Dr Chalmers said he will be making an announcement about RBA Governor Philip Lowe’s future “closer to the middle of the year,” after consulting with cabinet and having considered the review.

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