LABOR is demanding Treasurer Joe Hockey justify his reasons for giving the Reserve Bank nearly $9 billion in what it's calling a bid to score "expensive political points".
The federal government this week announced it would make an $8.8 billion payment to the Reserve Bank of Australia (RBA) to ensure it was in the best shape to face the financial challenges ahead.
Mr Hockey said RBA governor Glenn Stevens had written to him indicating the bank wanted to boost its reserve funds, which had been depleted in recent years by the high dollar and "extraordinary" dividend withdrawals by the former Labor government.
Shadow Treasurer Chris Bowen called on Mr Hockey to publicly release this letter, saying the government was trying to score "expensive political points" instead of justifying its decision.
"If he can't, then he's got something to hide," he told Network Ten on Sunday.
There was a case for allowing the RBA to build up its reserve funds but Mr Hockey had come nowhere near justifying how this payment was necessary, he added.
Mr Bowen said at no point did he or former treasurer Wayne Swan receive advice from the RBA or Treasury suggesting it would be appropriate for such a payment to be made.
"On the contrary, the former Treasurer received explicit advice that that would be a retrograde step," he said.
Labor has also questioned Mr Hockey's other decision this week to seek parliamentary approval to raise the debt ceiling to $500 billion.
Mr Bowen said the treasurer would have to release the midyear economic forecast before putting the legislation to raise the cap to a vote in parliament.
"I don't believe he's come anywhere near yet justifying that extraordinary increase to the debt limit," he said.
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