Australia's Political Tug-of-War Over Reserve Bank Reforms and Social Media Legislation

Australian Treasurer Jim Chalmers has hit a roadblock with the proposed reforms for the Reserve Bank of Australia (RBA) due to opposition from the Coalition, leading to accusations of divisive politics. The reforms aimed to introduce a new specialist rate-setting board for the RBA, but with the Coalition withdrawing support, Chalmers may need to seek a compromise with minority parties. In a separate development, the government is pushing for legislation to restrict social media access for young children, with a proposed age verification system to enforce a cut-off age between 14 and 16 years. Opposition Leader Peter Dutton has confirmed the Coalition's support for this social media legislation, marking a rare point of agreement in the current political landscape.