The RBA and Treasury are considering installing the bank’s governor as chairman of both the monetary policy board and a new governance board.
Michele Bullock could be installed as chairwoman of both the Reserve Bank of Australia’s monetary policy board and a new governance board, instead of an external governance chairman recommended by the independent review of the bank.
As interest rates subsequently rose, the value of the bonds fell and the interest liabilities increased on commercial bank deposits at the RBA, forcing it to report an accounting loss of $36.7 billion and negative equity of $12.4 billion for 2021-22.
Government sources said Dr Chalmers, Ms Bullock and Treasury secretary and RBA board member Steven Kennedy planned to tell the six members which board they would be designated to.Others will be asked to serve as directors on the new governance board to oversee human resources, technology, corporate strategy, finance and risk management.Dr Chalmers has already appointed
“There are two sides to the argument of whether an external governance board member or the governor should be the chair.“The argument for an independent governance chair is that it offers the strongest form of oversight.
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