Governor Philip Lowe described the review, which signified the start of the biggest shake-up the bank will have seen in almost 30 years, as 'kind of excellent'. 9News
Chalmers named Iain Ross and Elana Rubin to serve as new members of the RBA board.Rubin has a deep resume working on boards of AustralianSuper, Telstra, Afterpay and Slater & Gordon, among others. She also previously worked for the ACTU."The Review makes a number of recommendations regarding how the Board works, including the frequency of meetings and the Bank's approach to communication," the statement read.
"The recommended changes will ... strengthen the Bank's governance and decision-making processes," Lowe said. Deloitte Access Economics partner Chris Richardson said the key for Australians was that the bank would be explaining its decisions more - and without resorting to "jargon"."The Reserve Bank has never been more important to Australia. We have never borrowed more. Its decisions have never been more vital," he told Today.
The shift to hand control of interest rates to a committee of monetary experts would bring Australia in line with the operation of central banks in other countries such as the UK and Canada. Professor Carolyn Wilkins, an external member of the Financial Policy Committee of the Bank of England; Professor Renee Fry-McKibbin, the interim director of the Crawford School of Public Policy at the Australian National University; and former treasury and RBA expert Dr Gordon de Brouwer have spent months going over more than 1500 interviews, submissions, focus groups and survey responses.
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