Today’s announcement of the Reserve Bank Board composition is not the path the Coalition would have taken.

The key goal of the government should be to achieve a sustainable reduction in inflation and interest rates.

The Coalition has been clear that with interest rates having risen 12 times over the last two and a half years and stubborn core inflation eating away at Australians’ living standards, it was critical to maintain continuity on the Reserve Bank’s rate setting board by carrying over all existing appointees.

The Treasurer did not take the consultation process with the Opposition seriously. We were clear in the names we provided – we wanted all members of the current board transferred across to the monetary setting board. Jim Chalmers chose to ignore this.

It is disappointing that the government has repeatedly broken bipartisanship throughout this process, including by telegraphing private meetings through the press and failing to respond promptly to constructive engagement in the legislative drafting.

Most recently, the government has preferred to deal with the Australian Greens who have been public in:

• Calling for the Reserve Bank Governor to be sacked

• Calling for the Reserve Bank to direct Australian businesses access to finance

• Calling for climate change to determine whether Australians should face higher interest rates

Australia deserves an independent, credible and capable Reserve Bank of Australia.

It is critical the government demonstrate its commitment to this principle. The jawboning of the Reserve Bank by the Treasurer, Labor frontbenchers and Labor surrogates must end.

The proof of these reforms will be in the outcomes over the next 12 months.

ENDS.