The review signified the start of the biggest shake-up the bank will have seen in almost 30 years. 9News
should be made by a new board including external experts, a review has found.The review recommended that a new monetary policy board, filled with finance experts, be appointed to determine interest rate policy.The review also recommends the board meet eight times a year instead of 11, easing the pressure on households facing repeated rate rises.
"The Board will consider these issues over coming meetings and develop and implement a new set of arrangements." Chalmers would not be drawn on whether Lowe would be reappointed as Governor of the Reserve Bank later this year."In the ordinary course of events the Government would turn its mind to that appointment closer to the middle of the year and that is my intention."
He said the incoming changes would being the bank into the "modern day" and in line with the rest of the world."We are going to see moves in that direction."
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