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Bullock’s interest rate powers ‘weakened’, ex RBA boss says

John Kehoe

New Reserve Bank of Australia governor Michele Bullock risks losing control of interest rates to outsiders on the board, under a “radical” recommendation accepted by the government, former RBA boss Ian Macfarlane has warned.

In his first-ever television interview, Mr Macfarlane said under a proposal by the independent review of the RBA, Ms Bullock and the deputy governor would be outnumbered by six “part-timers” and the Treasury secretary on the nine-person board.

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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com

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    Original URL: https://www.afr.com/policy/economy/bullock-s-interest-rate-powers-weakened-ex-rba-boss-says-20230920-p5e69o