Treasurer Jim Chalmers will on Wednesday announce the terms of reference for the RBA review, with the board, the inflation target and its performance all in the spotlight. auspol
The Reserve Bank’s culture, appointments to its board and its 2 to 3 per cent inflation target will be the focus of the institution’s first independent review in four decades.
Chalmers said the RBA had served the country well for more than six decades but the review was aimed at ensuring the country had the world’s “best and most effective” central bank. Under the terms of reference, the review panel will examine the RBA’s objectives as set out in the original 1959 act that commits the bank to full employment, stability of the currency and “the economic prosperity and welfare of the people of Australia”.
The RBA’s overall culture, management and recruitment process will come under scrutiny along with its oversight of so-called macroprudential arrangements, which include measures such as commercial bank lending standards.
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