Original article by Patrick Commins
The Australian – Page: 1 & 4 : 21-Apr-23

The federal government will introduce legislation by the end of the year to amend the Reserve Bank Act after accepting all 51 recommendations of an independent review of the central bank. The RBA’s restructuring will result in responsibility for setting interest rates being transferred to a new monetary policy board, which will have six external members and continue to be chaired by the central bank’s governor. This board will meet eight times per year and it will hold a press conference after each meeting. The RBA will be required to give equal consideration to achieving full employment and controlling inflation in its future interest rate decisions. A separate governance board will assume responsibility for the day-to-day management of the RBA.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY