The future composition of the RBA board is a ‘key consideration’ in the future, says the Federal Treasurer

Written by Javed Iqbal

Federal Treasurer Jim Chalmers has thrown his support behind calls for the Reserve Bank (RBA) board to be more representative of the wider Australian community, following scathing criticism that it is out of touch with workers demanding wage increases.

During the week, ACTU Secretary Sally McManus targeted RBA Governor Philip Lowe, accuses him of indulging in a “boomer fantasy” by warning that wage growth beyond 3.5 percent will boost inflation across the country..

Mrs McManus’ assessment was extended to the RBA board as she claimed that there were no members with experience “in wage negotiations or the wage-setting system on the part of the workers.”

“Now, it’s a pretty big problem if you’re making assumptions or trying to understand, trying to analyze how things work,” she told ABC on Thursday.

Chalmers raises a hand with a decorative bracelet on his wrist while speaking in front of a lectern.
Treasurer Jim Chalmers says there has been a welcome conversation about whether the Reserve Bank board is broad enough.(ABC News: Luke Stephenson)

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Javed Iqbal

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