The Wall Street Journal

Australia Reserve Bank reform descends into farce

Australia Reserve Bank reform descends into farce
The Greens wanted interest rate cuts in exchange for their support for reform. (Image: Getty)
The Wall Street Journal
By James GlynnThe Australian Government’s push to reform the Reserve Bank of Australia’s (RBA) policy-setting board is likely dead in the water, and few will mourn its passing.Unfortunately for Treasurer Jim Chalmers, who championed plans to introduce a dual-board system at the RBA with one for interest rate setting, and the other for the day-to-day governance of the bank, it is all ending in farce.The far-left Green Party, which Chalmers needs to pass the necessary legislative change to “modernise” the board, has demand...

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