00:00The government is essentially saying that the government of the day, whoever they are,
00:07will retain the power that they currently have to overturn a decision made by the RBA
00:13board.
00:14Now this is a power that no government has ever actually used, but it is something that
00:21the coalition wanted to retain in these reforms of the RBA that the government is currently
00:29undergoing.
00:30Now the government, as I said, has never used this power, Jim Chalmers wanted to remove
00:35it as was recommended by that review, but he has said that that can be retained in order
00:41to try and get the coalition to help it to pass this bill through the house.
00:47The reforms that are underway also split the Reserve Bank board into two.
00:53One will be called the Monetary Policy Board.
00:55That will continue to make RBA rates decisions.
00:59There will also be a second board called the Governance Board, which will run everything
01:03else to do with the Reserve Bank.
01:05Now the coalition wants all the current RBA board members to move to the Monetary Policy
01:11Board and keep making those rates decisions.
01:15Labor has essentially agreed that that can happen, unless one of those board members
01:21specifically asks not to be on the board.
01:23Here is the Treasurer Jim Chalmers talking about some of those negotiations with the
01:27coalition earlier.
01:29We've got our differences, myself and Angus Taylor, but in this instance I think he's
01:33got the right instincts and the right intentions.
01:36We've been engaging and negotiating in good faith and wherever there's been a lineball
01:40call, wherever there's been a view put to me by the opposition, I've tried to accommodate
01:45that view.
01:46I want these changes to be above and beyond partisan politics.
01:49I want them to be bipartisan.
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