The changes proposed for the Board of the RBA have failed

The key change for the Board of the RBA was the proposal to split the existing RBA board into separate groups for interest rate-setting and governance.

• The board split was supposed to come into effect on July 1

Australian Treasurer Chalmers was driving the proposed changes but has said he wanted bipartisan support. The measure has failed to gain support from the main opposition party here in Australia. This, in effect, kills the proposal. The only avenue left for the Treasurer is to cobble together a deal with minor parties, notably the Greens.

Not much of one, but we’ll see.

This article was written by Eamonn Sheridan at www.forexlive.com.