Overview

• Australia's central bank will have a new specialist board to manage monetary policy
• The new board will be chaired by the governor but have independent expert members with more power over the setting of interest rates
• The RBA's current single board will be split into one for monetary policy and one for governance with an external chair
• The full recommendations are due to be implemented by July next year
• The Australian government will announce replacements for two external board members stepping down this year