Jim Chalmers RBA overhaul faces push back in the Senate

Elements of Treasurer Chalmers' RBA overhaul informed by an independent review are facing pushback. Former treasurer Peter Costello, and former RBA governors Ian MacFarlane and Bernie Fraser canvassed concerns at a Senate hearing into RBA changes Thursday. A number of economists echoed the same concerns. The removal of the RBA governor's power to overrule bank decisions, as well as the instalment of a monetary policy committee within the RBA, has been brought into question. Experts fear Dr Chalmers' RBA overhaul could lead to too much government influence in the independent institution.