Jim Chalmers’ appointment of two “family and friends” candidates to the Reserve Bank board in the context of a review that sought to boost the monetary policy expertise of the board and make it “fit for purpose” was odd, The Australian Financial Review Alpha Live Summit heard.

After accepting 51 recommendations of a review of the RBA including splitting it into a governance board and a monetary policy board with more macroeconomics and labour market experts last week, the Treasurer appointed former Fair Work Commission president Iain Ross and former AustralianSuper chairwoman Elana Rubin to the central bank board.