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Jim Chalmers, Angus Taylor and the future of the Reserve Bank

Sep 16, 2024

Jim Chalmers, the concerned treasurer tackling the impact of interest rate hikes, and Angus Taylor, a key political figure, dive into the contentious relationship between the Treasury and the Reserve Bank. They highlight the tensions arising from Chalmers' sharp critiques of rising interest rates "smashing the economy." The discussion also uncovers the fallout from a failed bipartisan plan to fix the Reserve Bank and the implications of leadership changes, including appointing Michelle Bullock as its first female governor.

21:52

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Episode guests

Jim Chalmers

Angus Taylor

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Episode notes

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Quick takeaways

Jim Chalmers' critique of interest rate hikes reflects a growing tension between the government and the Reserve Bank of Australia.

The Coalition's exit from RBA reform negotiations highlights the fragility of political alliances amid critiques of the central bank's independence.

Deep dives

Chalmers' Blame on the RBA

Jim Chalmers' assertion that interest rate hikes are harming the economy has become a focal point in ongoing discussions about the Reserve Bank of Australia (RBA). His comments, which coincided with the release of disappointing economic growth figures, frame the RBA's policies as being detrimental. Critics have portrayed his statements as an attempt to shift blame for the economy's struggles onto the central bank, stirring tension between government and RBA leadership. Despite attempts to downplay these tensions, public perception has been shaped by how Chalmers' remarks resonate with broader frustrations about rising interest rates.

Intro

2min

Tensions Between Treasury and Reserve Bank Over Economic Performance

2min

Navigating Reforms: The Reserve Bank's Leadership and Bipartisan Efforts

3min

Negotiations and Tensions Over Reserve Bank Changes

3min

Political Turmoil Over RBA Reforms

7min

When Jim Chalmers said that interest rate hikes were “smashing the economy” he was either stating the obvious or starting a war, depending on who you ask.

For weeks – in question time and in the news – a picture has been forming of an aggrieved treasurer, angry at the governor of the Reserve Bank. At the same time, senior unnamed Labor insiders have called Michelle Bullock a “nutter” and the RBA board “weirdos”.

But behind the apparent breakdown between the government and the Reserve Bank, there’s a much more bitter feud going on: between Jim Chalmers and Angus Taylor, who has recently walked away from a bipartisan plan to fix the Reserve Bank.

Today, special correspondent for The Saturday Paper Jason Koutsoukis on how the deal unravelled and what it means for the future of the Reserve Bank.

Socials: Stay in touch with us on Twitter and Instagram

Guest: Special correspondent for The Saturday Paper Jason Koutsoukis

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