State Leader of The Australian Party, Aidan McLindon, yesterday backed his Federal counterpart, Bob Katter, after he detailed plans to remove control of the Reserve Bank from an unelected board.

Mr Katter held a press conference outside the Reserve Bank in Sydney yesterday morning to highlight what they describe as "the failure of the Reserve Bank to manage interest rates, resulting 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,” Mr Katter said.

Mr McLindon said that reform of the Reserve Bank 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.

“Reduced interest rates and exchange rates will provide an immediate boost to the struggling tourism industry in places like Cairns, Townsville and on the Gold Coast.

“Manufacturing towns like Maryborough will again be competitive. It is just not good enough that firms like Downer EDI are no longer able to build trains in Australia and are bringing them in from America.

“Australia should be a country that grows its own food and is capable of making things. Under the current Reserve Bank arrangements this vision has died," Mr McLindon said. 

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