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Australia Backs RBA Governor’s Solidarity With Powell as Global Central Bankers Defend Independence

Australia’s endorsement highlights a wider push to protect central bank autonomy in response to the U.S. probe of Jerome Powell.

U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., December 10, 2025. REUTERS/Kevin Lamarque/File Photo
A tight shot of Jim Chalmers head, he wears a suit and red tie stands in front of a blue curtain

Overview

  • Treasurer Jim Chalmers said it was entirely appropriate for RBA Governor Michele Bullock to sign a solidarity statement with Jerome Powell and described Powell as professional and diligent.
  • Bullock is among 16 central bank chiefs who signed a statement released Tuesday expressing full solidarity with the Federal Reserve and affirming the importance of monetary policy independence.
  • The Trump administration has threatened Powell with indictment over a renovation probe at the Fed’s headquarters, and Powell has called the investigation a pretext to sway interest-rate decisions.
  • New Zealand Foreign Minister Winston Peters rebuked RBNZ Governor Anna Breman for signing the statement, saying the central bank had no role in U.S. politics.
  • Chalmers reiterated his support for central bank independence and pointed to Australian reforms intended to strengthen the Reserve Bank’s autonomy.