A long-awaited overhaul of the Reserve Bank looks to be in sight, but new board members will be needed to run the nation’s most important economic institution.
Treasurer Jim Chalmers will have to appoint almost an entirely new board to run the Reserve Bank and oversee its operation, including protecting the nation’s payment system from cyberattacks, under the deal he hopes to strike with the Coalition to reform the institution.over the biggest reforms to the Reserve Bank in four decades, Chalmers said he wanted to “get cracking” on changes that he hoped to have in place by the start of next year.
A separate governance board would oversee the bank’s organisation strategy, performance, finances, large projects, resourcing, staff pay, succession planning, risks including cyber risks, and the delivery of the nation’s banking and cash services.The bank employs more than 1400 people, of whom only a quarter work in core policy areas such as interest rate setting and the payments system. A third work in IT with a heavy focus on technology and cyber risk.
“Our Reserve Bank hasn’t always got it right. But continuity, stability and independence of interest rate setting is critical during these inflationary and uncertain economic times,” he said. Shadow treasurer Angus Taylor has signalled a possible resolution to the standoff on reform of the Reserve Bank.Bullock noted last week that she wanted some continuation between the monetary policy committee and governance board, saying it would be helpful if “there was at least one or two of the current board members who are familiar with the bank … to move across to the governance board rather than having a whole new governance board”.
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