When Jim Chalmers said that interest rate hikes were “smashing the economy” he was either stating the obvious or starting a war, depending on who you ask.

For weeks – in question time and in the news – a picture has been forming of an aggrieved treasurer, angry at the governor of the Reserve Bank. At the same time, senior unnamed Labor insiders have called Michelle Bullock a “nutter” and the RBA board “weirdos”.

But behind the apparent breakdown between the government and the Reserve Bank, there’s a much more bitter feud going on: between Jim Chalmers and Angus Taylor, who has recently walked away from a bipartisan plan to fix the Reserve Bank.

Today, special correspondent for The Saturday Paper Jason Koutsoukis on how the deal unravelled and what it means for the future of the Reserve Bank.

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Guest: Special correspondent for The Saturday Paper Jason Koutsoukis