Albanese government’s proposed RBA revamp faces the heat

The Coalition is set to oppose Labor’s proposed Reserve Bank reforms unless a key demand is met.

Shadow Treasurer Angus Taylor wants the bank’s new monetary policy board to be comprised of current RBA board members.

Mr Taylor says the fact the draft legislation provides no certainty about the current monetary policy board is of “deep concern” to the Coalition.

The Coalition and the Greens will also oppose a proposal to remove the government’s power to veto an RBA ­decision.

Without crossbench support, it is unlikely the reforms will pass the Senate.