Treasurer Jim Chalmers has announced the first major review of the Reserve Bank of Australia (RBA) since the 1990s and will scrutinise its inflation target arrangements, policy tools, governance, and culture.
“This is an important opportunity to get the ball rolling on the Reserve Bank review that the country desperately needs to make sure that the setting of monetary policy is done most effectively into the future as well,” he told reporters on July 20.
Chalmers emphasised that the review was not about “revolutionising” Australian monetary policy but about refining and reforming it.
“That’s my objective. And I go into this review with an open mind genuinely open mind about the best combination of institutional arrangements for the Reserve Bank so that we have the world’s best Central Bank,” he said….