Australia's central bank will get a new specialist board to manage monetary policy that will be chaired by the governor but have independent expert members with more power over the setting of interest rates.
A review of the Reserve Bank of Australia released on Thursday also recommended the central bank have a dual mandate of price stability and full employment, while maintaining its flexible inflation target of 2-3%.
RBA Governor Philip Lowe welcomed the proposed changes and said the current board would now consider how to implement some of the proposals including the frequency of policy meetings.The review recommended the RBA's current single board be split into one for monetary policy and one for governance with an external chair that would oversee operations such as human resources, finance, risk management and technology.
External members would be appointed for a term of five years, with the possibility of reappointment for up to one year.
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