RBA governor Philip Lowe has unveiled a suite of changes set to be introduced to the central bank in what has been described as a 'substantial response' to the findings of a recent independent review.
RBA governor Philip Lowe announced the extensive overhaul on Wednesday, spanning the key areas of the bank’s legislation, monetary policies, and management.
The Governor of the Reserve Bank of Australia Philip Lowe speaks during the Economic Society of Australia lunch held in Brisbane. Picture: NCA NewsWire/Tertius Pickard “The Board will also be able to hear directly from more staff and have greater opportunity to request work on particular topics,” Mr Lowe said in his address at the Economic Society of Australia Business Lunch in Brisbane.“Together, this is a significant package of reform that will contribute to better decision-making and communication.”
Governor Lowe said, collectively, the changes were “significant” and “represented a substantial response to the recommendations of the review”. In relation to the management structure of the Reserve Bank, the Governor asserted while the RBA fared better than central banks across the world in terms of its “diversity of thought” in decision-making, the review rightly highlighted how there was much further progress to be made.
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