Chalmers to meet RBA boss, regulators

Colin BrinsdenAAP
Treasurer Jim Chalmers says Labor has inherited "very tricky" economic conditions.
Camera IconTreasurer Jim Chalmers says Labor has inherited "very tricky" economic conditions. Credit: AAP

Jim Chalmers is due to meet Reserve Bank of Australia governor Philip Lowe and other financial regulators as the treasurer gets to grips with his new role after Labor returned to government after almost a decade in opposition.

Both major parties went into last Saturday’s federal election promising to review the operations of the RBA, such as looking at how it targets inflation and the make-up of the central bank’s board.

Dr Chalmers said he had worked with Dr Lowe in the past and he had a lot of respect for the RBA governor.

“We have had some discussions already about the review into the Reserve Bank and how we conduct monetary policy and how that fits into the broader economic architecture of this country,” the treasurer told ABC television.

“I’ll also be meeting with the heads of the other major regulators and agencies today.”

He said said Labor had inherited “very tricky” economic conditions, such rising inflation and interest rates, falling real wages and a trillion dollars worth of debt.

“We want to make sure that we’re all working together effectively,” Dr Chalmers said.

He has been briefed by the Treasury secretary and other officials since the weekend.

The treasurer has promised to deliver an economic update when parliament resumes in June or July, before handing down his first budget with new Finance Minister Katy Gallagher in October.

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