THE RUDD LABOR GOVERNMENT BETRAYS AUSTRALIAN WORKING FAMILIES

 Monday April 7,2008

It will be almost impossible to sack the Governor of the Reserve Bank under draft legislation being pushed around by the Rudd Federal Government.  The Treasurer would forfeit the right to sack the Reserve Bank boss regardless whether the Governor was irresponsible, incompetent or both.  The only means of dismissal would be through mental illness, or bankruptcy or both.  He would also get the bullet if he accepted a second job.

Provisions of the Reserve Bank amendment (Enhanced Independence)  Bill mean the positions of Governor and Deputy - Governor of the bank would be the most protected federally outside the judiciary.  Up to the present time, no Reserve Bank governor has been sacked, and we are not suggesting that the present Governor Glenn Stevens could be the first.  But to legislate to protect the Governor’s position as suggested by the Rudd Labor Government is giving an individual too much power and is creating a dangerous precedent.

Therefore all Australian families who have to pay mortgages or pay rent should be greatly disturbed with the proposed laws on termination of office if it becomes part of a package which the Government is hoping with “fingers crossed,” will give the Reserve Bank more independence from political interference.

It appears Australian working families are out on a limb, because the Liberal-National Coalition has yet to make a decision on the draft legislation while shadow Treasurer Malcolm Turnbull refuses to comment.  What’s new!  Mean while the almost non-existent Australian Democrats spokesman Andrew Murray in principle has backed Labor’s protection of the Reserve Bank Governor.