The Reserve Bank review has arrived with a thud. With 282 pages and 51 recommendations, you might think the review has identified a broken and dysfunctional institution. It hasn’t.

Rather, the recommendations are a blueprint for a renovation of the RBA. The central bank is not a knock-down-and-rebuild proposition. It is a strong institution with intelligent and dedicated staff and a pretty good track record overall. But the neighbours (other countries’ central banks) have been tidied up over the years. It’s time for the RBA to catch up.