A revamped Reserve Bank board will be expected to robustly challenge Philip Lowe and future governors, as part of sweeping reforms designed to improve decisions and avoid mistakes, such as the bank’s failed guidance that interest rates would not rise until 2024.

External members of a specialist monetary policy board should contest interest rate calls at a slimmed down schedule of eight meetings a year – instead of the current 11 – and make their own economic speeches, an independent review has recommended. How members voted should also be anonymously disclosed.