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Dutton slams union push for RBA board changes

The Reserve Bank has left rates on pause in February

The Reserve Bank has left rates on pause in February Photo: AAP

Opposition Leader Peter Dutton has blasted a union push to have worker representatives appointed to the board of the Reserve Bank.

The powerful CFMEU moved a successful motion at Labor’s national conference last week amending the party platform on the consideration of the central bank’s future board members.

Under the changes, Labor will now “consider” appointing board members to the Reserve Bank with a mix of skills and experiences, including worker representatives.

But Mr Dutton said the skill set needed for the bank’s board was crucial.

“We want to retain the independence of the Reserve Bank of Australia and I think it’s one of the institutions that we need to protect,” he told Sydney radio station 2GB on Monday.

“Less than 10 per cent of the Australian working population outside the public service are members of the union, so the disproportionate influence of the unions within the Albanese government is quite remarkable.”

The opposition leader said having union members involved with the Reserve Bank would be a dangerous idea.

“When you go and buy a unit or if you’re building an aged care facility or road construction, whatever it is, the prices are inflated because of the CFMEU,” he said.

“Having them involved in one of the central economic policies in our country, I think, frankly, it says that this government’s gone off the rails.”

The push by the union follows an external review of the central bank, which was handed down earlier this year.

Under the changes, a specialist board would be solely focused on setting interest rates, with fewer meetings each year and a mandatory press conference following each meeting.

Treasurer Jim Chalmers appointed Telstra non-executive director Elena Rubin and former Fair Work Commission president Iain Ross as part-time members of the RBA board earlier this year.

– AAP

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