Greens will move amendment to retain s11 of RBA Act


The Greens will move an amendment in Parliament to retain s11 of the RBA Act which gives the Treasurer the power to override Reserve Bank decisions.

“As the Reserve Bank was smashing renters and mortgage holders with interest rate rises, Jim Chalmers was working on a scheme to remove his own power to intervene, “ Greens Economic Justice spokesperson Senator Nick McKim said.

“Dr Chalmers wants to throw renters, first home buyers and mortgage holders under the bus by getting rid of his powers to set interest rates.” 

“His attempt to wash his hands of responsibility for interest rate rises is looking increasingly friendless and self interested.”

“Not one of the 78 public submissions to the Review of the RBA recommended removing section 11 and yet bizarrely it seems to be Dr Chalmers’ top priority.”

“The Greens will move an amendment in Parliament to ensure that this power is retained.”

“We now have three current and former RBA Governors who say that the bank is independent enough.”

“We also have Dr Chalmers’ hero Paul Keating, and former Liberal Treasurer Peter Costello who are against this move.”

“It seems that the only person who wants this change is Dr Chalmers himself.”