Government launches a review of the RBA
Treasurer Jim Chalmers has announced the first wide‑ranging review of the Reserve Bank of Australia since the current monetary policy arrangements were instituted in the 1990s.
Chalmers says the review will consider the RBA’s objectives, mandate, the interaction between monetary, fiscal and macroprudential policy, its governance, culture, operations, and more.
A panel of three experts will include Carolyn Wilkins, an external member of the financial policy committee of the Bank of England and former senior Deputy Governor to the Bank of Canada.
Also on the panel are Professor Renée Fry‑McKibbin, one of Australia’s leading macroeconomists and interim director of the Crawford School of Public Policy at the Australian National University and Dr Gordon de Brouwer, an eminent Australian economist and secretary for Public Sector Reform.
De Brouwer has 35 years' experience in public policy and administration in Australia including at Treasury and the Reserve Bank of Australia.
The panel will be supported by a secretariat with treasury and other staff.
The review will produce a final report with recommendations to the government by March 2023.
It will consult with domestic and global experts, former members of the board and members of the public and will seek submissions to ensure a wide range of opinions are considered.