Australia Treasurer Chalmers: Some RBA review proposals may need legislative changes

“Some recommendations from an independent review of the Reserve Bank of Australia’s (RBA) monetary policy decision-making and board make-up may require legislative changes to enact,” said Australian Treasurer Jim Chalmers on Thursday per Reuters.

Reuters also added that the review was called after the RBA undershot its inflation target of 2% to 3% for much of the last decade and issued guidance during the COVID-19 pandemic that rates were not expected to rise until at least 2024,” while also mentioning, “But the RBA has made 10 straight rate hikes since May to tame surging inflation.”

More to come