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.
Households will only have to grapple with cash rate changes flowing through to their mortgages a maximum of eight times per year as part of a major change to how the Reserve Bank of Australia conducts monetary policy.
An independent review of the central bank has recommended cutting the number of board meetings to eight from 11, bringing the RBA in line with its international peers.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
