How the Reserve Bank of Australia’s governor and board set and communicate interest rate decisions faces the biggest shake up since the central bank gained independence in the early 1990s, under Treasurer Jim Chalmers plans to “renovate” the institution.

The independent review of the RBA, culminating in 51 recommendations in a 294-page report, will be released publicly by Dr Chalmers along with the federal government’s initial response this week or next.