The treasurer has decided a panel of independent experts will be appointed to review the central bank. But this isn’t its governor’s preferred option.
Treasurer Jim Chalmers has overridden Reserve Bank of Australia governor Philip Lowe’s wishes and will appoint a panel of independent experts to review the central bank, including a monetary policy expert from overseas.
Some observers believe the board should have more professional economists to challenge the governor and deputy governor on technical monetary policy issues. The review will aim to deliver a substantive set of findings for the consideration of the next governor of the RBA, be it a possibly reappointed Dr Lowe or someone new.
The group of 11 economists included former RBA board member Warwick McKibbin, Saul Eslake, Chris Richardson, Peter Tulip, Danielle Wood, Richard Holden and Steven Hamilton, who said the review was a “once-in-a-generation” opportunity and must not simply be “a performance appraisal”.
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