The number of RBA board meetings will be cut to eight from 11 from next February and post-meeting press conferences will commence.
Future RBA board meetings would be longer than was currently the case, Dr Lowe said, while board members would also have the opportunity to attend the internal staff policy discussions that happen in advance of the board meeting.
The most significant structural change recommended by the review was the creation of two boards; one with monetary policy experts who set interest rates, and the other a governance board.Dr Lowe said the fact the central bank would only have two of the nine votes on interest rate decisions was unusual by international standards.
Dr Lowe said, rather than the governor. The board would also oversee the central bank’s research agenda.
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