Reserve Bank of Australia (RBA) Governor Philip Lowe (pictured) said he believes that an RBA review will help the central bank navigate a complex economic situation in the world, welcoming the review panel's comments.
The review recommends creating a specialist board to manage monetary policy, chaired by the governor, with a dual mandate of price stability and full employment. The board would retain its independence from government control and would comprise the governor and deputy governor of the RBA, the Treasury Secretary and six external members with the expertise of open-economy macroeconomics, the financial system, labor markets and the supply side of the economy.
The group would meet eight times a year and an "unattributable record of voting" should be published in the post-meeting statement, with minutes including points of disagreement, according to Lowe. " The recommended changes will build on that strong foundation and strengthen the Bank's governance and decision-making processes," Lowe said.
