The federal government will introduce legislation in parliament this week to overhaul the Reserve Bank of Australia.
Treasurer Jim Chalmers is set to axe his power to override Reserve Bank decisions on interest rates.
Mr Chalmers will use new legislation this week to repeal the Treasurer’s power to overrule monetary policy decisions.
Government to introduce new bill to overhaul RBA
As part of the bill, the bank will also establish a Monetary Policy Board and a separate Governance Board.
The reforms are in response to a review of the RBA – which was released in April.
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