Reserve Bank of Australia Undergoes Major Restructure with New Dual-Board System
Two new boards will focus separately on monetary policy and governance, with new appointments aiming to modernize decision-making and ensure continuity.
- The RBA's governance overhaul creates two boards: one for setting interest rates and another for bank operations, aligning with international practices.
- Economist Renée Fry-McKibbin and former Bendigo and Adelaide Bank CEO Marnie Baker have been appointed to the new monetary policy board.
- Four current board members have transitioned to the monetary policy board, ensuring continuity in decision-making during the restructuring process.
- The governance board will include new appointees Jennifer Westacott, David Thodey, Danny Gilbert, and Swati Dave, alongside existing members shifting roles.
- The new boards will begin operations on March 1, with the monetary policy board set to hold its first meeting on March 31 to April 1, 2025.
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