Now that the Senate has passed Treasurer Jim Chalmers’ reforms of the Reserve Bank board, the debate on the selection of new external board members can resume in earnest.

Recommendation 8.4 of the RBA review stated: “The Monetary Policy Board’s external members should be able to make a significant contribution to monetary policy setting through expertise in areas such as open-economy macroeconomics, the financial system, labour markets, or the supply side of the economy, and in the context of decision-making under uncertainty.”