Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

The coalition will not be supporting this Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023. The coalition engaged in this process seeking to reach a bipartisanship position for over 18 months. However, unfortunately, after the Treasurer and Labor surrogates used the past week to wage war on the Reserve Bank, we cannot support these changes. We believe in a stable, credible, capable, independent Reserve Bank of Australia. I consistently and clearly raised the issue of the transition of the existing board members to the new interest-rate-setting board.

The government amendments leave open the option, unfortunately, for a stitch-up of the Reserve Bank board and it seems increasingly clear that that was actually the motive behind the government's approach to these reforms all along. Recent public comment not only from the Treasurer but from other senior Labor figures is attempting to blame the RBA for their own economic failures. Indeed, what they have had to say is deeply unsettling. Considering those recent events, the coalition has serious questions about the government's commitment to the continued independence of the Reserve Bank. We have deep concerns about the motives of the government when it comes to appointments and we saw that with the first two appointments. On the very day the review was issued, which laid out a very clear process for appointments to the board, the Treasurer completely ignored the process. There is a convention that there should be consultation with the opposition on these appointments. His consultation was to let me know about his decision. Well, that is not consultation. It was very clear from the beginning the Treasurer simply saw this as a way of implementing his sack-and-stack strategy and it was a stitch-up from the start.

The government has been at war with the Reserve Bank for the last week. It began with the Treasurer blaming the RBA for 'smashing' the economy. That is because he smashed the economy. I suppose you go and look for whoever to blame if you smash the economy, and that is exactly what the Treasurer has done. He ignores the fact the government has many levers to beat inflation, to bring down interest rates, to deliver that low inflation and strong economy we all want to see. He has many levers. He can focus on managing his spending habit, he can focus on getting immigration in line with our housing supply, he can focus on getting rid of red tape, on approving major projects in this country and he can focus on energy policy that will bring down the prices. I see our shadow energy minister here, who knows how badly the government has failed on that policy. All these are policy areas he can focus on, all of which can help deliver that low-inflation, low-interest-rate, strong economy we all want to see. But, sadly, this Treasurer has ignored all those levers and focused on blaming the Reserve Bank. He has been backed in by the Prime Minister, by members of the government frontbench and by Labor-aligned commentators like Stephen Conroy and Stephen Koukoulis—all backing him in.

Ted O'Brien (Fairfax, Liberal Party, Shadow Minister for Climate Change and Energy) Share this | Link to this | Hansard source

And Wayne Swan of course.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

Well, we'll get to Wayne Swan! And then he was backed in on Friday by the ALP President, Wayne Swan.

Sharon Claydon (Newcastle, Australian Labor Party) Share this | Link to this | Hansard source

This debate is interrupted in accordance with standing order 43. It will be resumed at a later hour and the member will have leave to continue speaking when the debate is resumed.