Time for Jim Chalmers to reveal name of new RBA governor

Treasurer Jim Chalmers has made an extended soap opera out of the appointment of the next RBA governor which has been grossly disrespectful to Philip Lowe.

C’mon Jim, isn’t it time to lose the trainer wheels?

Wednesday, he was maintaining the charade that he had yet to make the decision on the next Reserve Bank governor.

And that further, his “recommendation” – when he arrived at it - would go to cabinet “soon”.

Actually, as anyone who actually knows about these appointments, it’s a decision not made by the treasurer all on his own, far less the broad rabble of cabinet, but by the treasurer in ‘consultation’ with the prime minister.

And not, I might add, after consultation with the shadow treasurer.

Unknowingly underwriting the utter charade he’s been embarked on, Chalmers told us that he had ‘consulted’ the shadow treasurer.

Oh right. Apart from giving Angus Taylor some sort of – totally unearned – credibility, for whatever bizarre reason Chalmers thought it worthwhile, any such ‘consultation’ would have been worth four-fifths of five-eighths of copulating all.

Right Angus, I’m thinking of choosing between these two, but you suggest a third name? Well, I really might, genuinely, cross-my-heart and hope-to-die, consider switching to your suggestion.

Yeah right, pull the other one Jim; it plays Jingle Bells; and in four-part harmony.

Two decisions have been made, by Chalmers, and I presume in cahoots with the PM. The first is not to extend RBA governor Philip Lowe.

That could have been, should have been, non-controversial.

RBA governors are appointed for seven years. Until the last two they served their seven years and departed. No expectation of any extension. No drama.

Pedalling furiously, Chalmers has made it an extended soap opera which has been grossly disrespectful of someone who has been a dedicated servant of the public; leaving him continually in an utterly unpleasant situation.

As evidenced by his response to questions at his speech in Brisbane on Wednesday. The best that you can say about Chalmers for that, is that he’s a grub.

The second decision that has been taken is the appointment of his successor. As I’ve written, I can’t say with certainty, but the raging favourite is the head of the finance department, Jenny Wilkinson. Anyone with an IQ north of 80 would understand that an appointment like this has been negotiated and locked in well before any ‘formal decision’ by the government or cabinet.

What, Chalmers wants us to seriously believe that he could ‘go to cabinet with a recommendation’ and have it rejected? And what then? Offer it to Number Two? And then, as necessary, Number Three? I would gently suggest that journalists – at her/his – first press conference, and backbenchers – at her/his first appearance before the Reps – ‘gently’ inquire as to when they were offered the job and when they accepted.

And, ‘gently’, not take “no comment’’ for an answer.

While he’s still governor, Lowe is going about his job.

Both his ‘day job’ of – largely, subject to a very real interrogation and then endorsement by his board - deciding interest rates.

And his ‘other’ job - responding to and implementing the (embarrassingly, undergraduate level) recommendations of the review into the RBA.

He suggested Wednesday that the last rate hike might have been the last.

If he proves correct, he will have departed an (unsung) hero.

Originally published as Time for Jim Chalmers to reveal name of new RBA governor