Central Banks
RBA Will Have Expert Policy Panel, Fewer Meetings, Review Shows
- Governor will hold press conference after each policy meeting
- Legislated changes for central bank to begin from July 1, 2024
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Australia’s central bank should set up an expert policy board, hold fewer meetings and give press conferences explaining its decisions, according to recommendations from an independent review that would align it with many global peers.
In the first major overhaul of the Reserve Bank of Australia since the early 1990s, Treasurer Jim Chalmers announced Thursday in-principle agreement with all 51 recommendations. Some of those will require changes to the RBA’s operating law which is expected by July 1, 2024.