Treasurer Jim Chalmers is unveiling the biggest overhaul of the Reserve Bank in a generation after a landmark review pushed for the RBA board to be stripped of key powers. Watch live on Sky News Australia from 11am AEST.
The first major inquiry into the bank since the 1980s, titled ‘An RBA fit for the future’ was established after significant backlash to the institution’s recent rate setting regime.
Treasurer Jim Chalmers released the findings of the RBA review on Thursday. Picture: NCA NewsWire / Martin Ollman The review was divided into five different themes covering a clear monetary policy framework, stronger policy decision making and accountability, an “open and dynamic” RBA, more robust corporate governance and recommendations to ensure bank leaders drive “institutional and cultural” change.
“It found that Australia’s monetary policy framework has contributed to good economic outcomes over the past three decades but identified a number of opportunities to strengthen it. The report found both objectives should be given “equal consideration” with the RBA “systematically” setting out its assessment of its full employment objective.
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