First independent review of the Reserve Bank orders sweeping overhaul
Two new boards will deal with monetary policy decisions and governance separately
The rate-setting panel will be filled with experts and be expected to challenge the governor
Rates decisions will occur eight times annually, down from 11
Board members will be encouraged to speak out and their personal rate votes will be disclosed anonymously
The Reserve Bank will hold press conferences following every interest rate decision and members of the new monetary policy board will be encouraged to speak in public forums as part of a communications shake-up.
But governor Philip Lowe said there was a risk of over-communicating and he believed the central bank had probably said too much in the past.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
