The panel will examine monetary policy arrangements, including whether the bank’s current two to three per cent inflation-targeting framework is appropriate.
Treasurer Jim Chalmers. Source: AAP / Jono Searle
Mr Chalmers said the review will be the first since the current monetary policy was instituted in the 1990s, and be approached with an open mind.
“There are good people on the board right now but if there are ways we can make the experience and expertise on the board deeper and broader, then we should look for ways to do that.”
The review will also consult with economic experts from Australia and overseas, as well as former Reserve Bank board members. The public will also be able to make submissions.