Former governors and treasurers advise against removing government’s power to overrule RBA

Critics of treasurer Jim Chalmers’ proposed reforms say the Reserve Bank is independent enough

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Treasurer Jim Chalmers faces an uphill battle to get his Reserve Bank reforms through the parliament – with former treasurers, RBA governors and senior economists criticising key aspects of his legislation.

Chalmers accepted all the recommendations of last year’s RBA review board, including removing the government’s reserve powers to intervene and overrule the central bank if judged necessary, and appoint a second ‘governance’ board of economic academics.

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