Government Eyes Bipartisan Support for RBA Reform Amid Fears of Board ‘Stacking’

Chalmers aims for the Bill to pass this year so the new Reserve Bank board can be operational from the start of 2025.

A large diamond discovered in Botswana is placed on a table inside the office of Botswana's President Mokgweetsi Masisi in Gaborone on Aug. 22, 2024. Monirul Bhuiyan/AFP via Getty Images

Treasurer Jim Chalmers has opened the door for possible alterations to how the Reserve Bank of Australia (RBA) will be reformed to ensure smooth passage through Parliament.

The proposed bill seeks to create two RBA boards instead of one: a board to make interest rate decisions, and the other to take care of corporate governance.