Australia Party’s Shane Guley
Australia Party’s Shane Guley Chris Ison

RBA holds rates, Katter wants change

BANKING has become a topical issue, with the Reserve Bank of Australia (RBA) yesterday announcing no changes to the interest rate, and the Australian Party wanting to reform the financial body.

The interest rate will remain at 4.25% following the RBA's February board meeting.

The Australian Party leader Bob Katter announced on Monday detailed plans to remove control of the RBA from an unelected board.

Party candidate for Rockhampton, Shane Guley, has backed the plans.

Mr Katter highlighted the failure of the Reserve Bank to manage interest rates at a press conference when announcing the reform plan, saying the RBA's failure had resulted in damage to Australian agriculture, mining and tourism industries.

"The nation's currency is far too important to be trusted to a body unanswerable to the Australian people," he said.

State leader Aidan McLindon said a reform would have an immediate and positive impact on business in Queensland.

"Australian industries are suffering because our exchange rates and interest rates are too high.

"Huge numbers of businesses are heading overseas and we are no longer self-sufficient as a nation," Mr McLindon said.

"The government has failed its responsibilities."

He said reduced rates would provide an immediate boost to the struggling industries.



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