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Australia’s Treasurer Jim Chalmers has publicly backed Reserve Bank of Australia (RBA) Governor Michele Bullock after she joined a group of global central bank leaders in expressing solidarity with U.S. Federal Reserve Chair Jerome Powell, a move that has reignited debate around central bank independence.
The support came after the Trump administration threatened Powell with a potential criminal indictment following a probe into the costly renovation of the Federal Reserve’s headquarters. Powell strongly rejected the accusation, calling it a “pretext” aimed at increasing presidential influence over U.S. interest rate decisions. The situation raised fresh concerns among policymakers and investors about political interference in monetary policy, a cornerstone of financial stability.
In response, Bullock signed a joint statement alongside central bank chiefs from Europe, England, Canada, and New Zealand, affirming “full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.” The statement underscored the importance of protecting the independence of central banks from political pressure, a principle widely viewed as essential for managing inflation and maintaining economic credibility.
However, the move was not without controversy. New Zealand’s newly appointed Reserve Bank Governor Anna Breman, who also signed the statement, was criticized by Foreign Minister Winston Peters. Peters argued that the Reserve Bank of New Zealand should not involve itself in U.S. political matters, highlighting differing views within the region.
Speaking at a briefing in Queensland, Chalmers said Bullock had informed him of her decision beforehand and that he fully supported it. He described the action as “entirely appropriate,” emphasizing Australia’s long-standing commitment to central bank independence.
“I know Jay Powell,” Chalmers said, calling the Fed chair a “very professional, very diligent public servant.” He added that while the dispute itself was a matter for the United States, Australia’s position, both politically and institutionally, was clear in defending the autonomy of central banks.
The episode has intensified global discussion about monetary policy independence, political pressure, and the role of central banks in safeguarding economic stability.
