Treasurer Jim Chalmers’ efforts to create a specialist monetary policy board at the Reserve Bank appear all but dead after the Greens declared they would not support the reform until governor Michele Bullock cuts interest rates, either voluntarily or through legislative force.

With most economists not expecting a rate cut until February, it appears increasingly unlikely Dr Chalmers will be able to complete his overhaul of the RBA before the next federal election after the Greens made lower interest rates a key condition for their support.