The Reserve Bank board will be split into separate committees for interest rate setting and governance after Treasurer Jim Chalmers struck a deal with the Greens and the Senate crossbench for the biggest overhaul of the central bank in decades.

The passage of the long-stalled bill means Dr Chalmers will have the opportunity to appoint several figures to the powerful new interest rate-setting board before the next election, in a move that may fuel accusations from the Coalition that the government is trying to “stack” the RBA with Labor-aligned appointees.