Greens Urge Treasurer to Use Powers to Slash Interest Rates

Finance Minister Katy Gallagher said the party has gone ‘out of control.’

A man walks past the Reserve Bank of Australia in the central business district of Sydney on June 7, 2022. - Australia's central bank raised interest rates by a higher-than-expected half percentage point on June 7 and warned of more increases, trying to rein in "significantly" increased inflation. (Photo by Muhammad FAROOQ / AFP) Photo by MUHAMMAD FAROOQ/AFP via Getty Images

Treasurer Jim Chalmers’ plans to reform the Reserve Bank of Australia (RBA) have hit another roadblock. The Greens party is demanding the government compel the central bank to lower interest rates.

Greens economic spokesman Nick McKim stated that the party would withhold support for the legislation until interest rates are reduced. He called for Chalmers to use the government’s reserve powers to enforce a reduction if the RBA board does not cut rates.