Opinion

Who would be a Reserve Bank director now?

The diminished cachet of a seat on the Reserve Bank board could be a problem for the government and the bank because they need the best directors they can get.

Ben PotterSenior writer

Apr 20, 2023 – 6.24pm

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Key Points

Why it matters
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

A seat on the board of the Reserve Bank has long been a capstone to a career at the top of business in this country.

Yet its cachet may be diminished if a key recommendation from the independent review of the bank’s performance – to split the board into a generalist governance board and a specialist monetary policy panel of experts in macroeconomics, labour and financial markets – is implemented.

Ben Potter was a senior writer at The Australian Financial Review.