Treasurer Jim Chalmers has launched an extraordinary broadside at his Coalition counterpart for "weakness" in convincing his party to adopt reforms to the Reserve Bank.

Mr Chalmers called a press conference in the "blue room" of Parliament House, usually reserved for policy announcements, to attack Shadow Treasurer Angus Taylor and his party leader Peter Dutton after failing to find agreement with the Coalition on the RBA reforms.

Last night the Coalition confirmed it would not be backing the RBA overhaul.

"The position that has been reported from the Coalition is irresponsible, it is disappointing, but it is not especially surprising given Peter Dutton's pathological negativity and Angus Taylor's weakness," Mr Chalmers said.

The federal government wants to enhance the RBA's independence and create two boards, a Governance Board to oversee the bank's policies, and a Monetary Policy Board which would set interest rates with a view to "price stability and the maintenance of full employment in Australia".

The reforms were initially described positively by Mr Taylor.

But last night Mr Taylor said that he was concerned the federal government could seek to stack the RBA board, and the Coalition would not be "complicit in Labor's 'sack and stack' strategy".

"He has been rolled," Mr Chalmers said.

"I dealt with him in good faith for the best part of a couple of years. I did genuinely put a premium on bipartisanship, but there's only so much that you can do."

Mr Chalmers said he met with Mr Taylor personally three times and wrote to him twice, and had even begun to consult with the shadow treasurer about possible appointments to the new monetary policy board, with a view that existing members would be carried over unless they did not want to.

The treasurer said he had also offered to amend the legislation to assuage Mr Taylor's concerns of board "stacking", as well as a number of other concerns that were raised.

Asked whether he was prepared to go over Mr Taylor's head to speak to Mr Dutton directly, the treasurer said that option was on the table but "for better or worse" it was more appropriate for him to deal with Mr Taylor.

In a press conference on Tuesday, Mr Taylor said he did not believe the government was genuinely committed to "an independent, credible, capable Reserve Bank," blaming recent criticisms of the bank from Labor figures for his decision to oppose the reforms.

"We've had senior Labor figures describing the Reserve Bank Board as barbarians, weirdos, conducting bizarre group think, one went so far as to describe the governor as a nutter. This is truly an absolute disgrace," he said.

"The treasurer clearly was part of this, and he himself has made comments that I think were unbelievably helpful in ensuring that the Reserve Bank can get on and do its job...

"Our concern about the motives of this government, with respect to this review, have only deepened... We're no longer in a position where we can work with the government on this legislation."

RBA governor Michele Bullock said in November last year she was "100 per cent behind the changes".

The treasurer said he preferred not to negotiate an alternative deal with the Greens, because he believed the reforms should have the support of both the two major parties.

Greens senator Nick McKim said the party would be happy to negotiate, but said it would not support reforms that stripped the government's existing power to intervene in RBA decision making.

Mr Taylor told Canberra radio station 2CC the Coalition was "always up for anything that might strengthen the independence ... of the Reserve Bank", but said the reforms as drafted left an option open for the treasurer to stack the RBA board.

"The government's given up the ghost. It's on to blame shifting and excuses," he said.