Treasury secretary Steven Kennedy is less concerned about a wage-price spiral and could give more weighting to achieving low unemployment - closer to the desires of the Labor government and trade unions.
former Fair Work Commission president Iain Ross and former AustralianSuper chairwoman Elana Rubin, to replace expiring board members Wendy Craik and Mark Barnaba.Trade unions last week slammed Ms Bullock for warning that unemployment would need to rise to about 4.5 per cent over the next 18 months, from 3.6 per cent, to reduce inflation to the bank’s target band.Dr Chalmers said her comments reflected forecasts by the RBA and Treasury.
Dr Chalmers’ deliberations over the future of the RBA governor follow the independent review of the RBA recommending the central bank give “equal consideration” to a new dual mandate of price stability and full employment. But there is a niggling sense from some observers that it could give the Labor government more wriggle room to give more weight to jobs over inflation.
The possibility of Dr Kennedy being appointed as RBA governor has waxed and waned in recent months. It is understood he had planned to continue at Treasury for a few more years and not seek a move to the RBA in Sydney. He is respected by both sides of politics. He was appointed Treasury secretary by the Morrison Coalition government and worked in the prime ministerial offices of Labor’s Kevin Rudd and Julia Gillard more than a decade ago.
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