I have received correspondence from the Treasurer outlining proposed amendments to his RBA reform legislation.  

As you would expect, we will take our time and work through the detail.  

While it is disappointing to see these discussions unfold in the media, the Coalition is committed to continuing these negotiations in good faith and in confidence.  

The transition of the existing RBA Board to the new Monetary Policy Committee has been consistently raised with the Treasurer and his office since the first meeting in September 2023.  

We remain resolute in our belief a sack and stack strategy is not appropriate.  

Our Reserve Bank hasn’t always got it right.  

But continuity, stability and independence of interest rate setting is critical during these inflationary and uncertain economic times.  

Further, the legislation allows members to serve on both the Governance and Monetary Policy Boards concurrently, providing continuity on both boards. 

A Senate Inquiry into the reforms also heard from former RBA Governors including Ian MacFarlane and Bernie Fraser, as well as Peter Costello and Paul Keating, who raised concerns about the removal of Section 11.  

It is clear from the correspondence received yesterday that the Treasurer has realised his previous positions were untenable.  

Despite long delays, it is promising to see movement, but we will take the time to ensure issues are resolved with due diligence. 

We remain committed to good faith negotiations in confidence.  

ENDS.