As if the Reserve Bank wasn’t busy enough trying to contain the biggest inflation breakout in more than three decades, it also has a side project of major organisational change resulting from the review of the central bank.
Half of the 51 recommendations can be implemented by the RBA without legislation or government direction. Governor Philip Lowe outlined a first wave of changes but noted others would have to wait for the new “expert” monetary policy board to consider.
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Jonathan Kearns is chief economist at Challenger and Adjunct Fellow at Macquarie University. He previously held a range of senior roles at the Reserve Bank of Australia.
