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A 282-page review into the Reserve Bank of Australia has slammed the board members for lacking expertise, following 10 consecutive interest rate rises despite a promise of no increases until 2024.
Two new members have been selected to sit on the Reserve Bank board, bringing industrial and business experience....
The RBA will be remade into an institution that more closely resembles other advanced economy central banks in a sweeping overhaul unveiled on Thursday.
RBA boss Philip Lowe has welcomed the wide-ranging review of the central bank, admitting it "needs to change".
A new-look Reserve Bank will likely have a specialist board to set interest rates who will need to take more individual responsibility for their decisions, after the first shake-up of the independent central bank's structure for decades.