Good news: RBA to face independent review

Reserve Bank of Australia (RBA) governor Philip Lowe had pushed for a review of it to be undertaken by the central bank itself, in partnership with the Treasury.

However, Treasurer Jim Chalmers has advised that a panel of independent experts will carry out the review, including a monetary policy expert from overseas. Amongst other things, it is expected to consider issues such as the RBA’s inflation target, the composition of its board and the processes for making appointments to the board.

This decision comes after a group of senior economists recently urged Chalmers to commission an independent review of the central bank. The review is slated to report its findings by June 2023.

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