Treasurer Jim Chalmers has signalled the independent review of the RBA will recommend how the bank can improve public communication on interest rate decisions.
Treasurer Jim Chalmers has discussed with the independent review of the Reserve Bank of Australia how the bank can improve publicly explaining interest rate decisions, a move that could open the door for regular press conferences.report
Meetings between central bankers and financial market participants and academic economists are not unusual, allowing the parties to exchange views on the economy and for the RBA to understand how the market is perceiving the central bank. The appearance was before the comprehensive quarterly statement on monetary policy was released on Friday.
“The problem is the absence of public explanation, which makes private meetings valuable and gives rise to favouritism.” Separately, the RBA review panel set up last year will hand its findings to Dr Chalmers by March 31. The treasurer said he planned to release the report with an initial response from the government before the May 9 federal budget.is also considering recommending revamping the RBA board structure and appointment process, disclosing the votes of individual board members and if dissenting views should be revealed like some central banks overseas.
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