FINSOC Weekly Wraps Vol. 33

May 22, 2023 Weekly Wraps

The RBA is inline for its biggest overhaul in three decades
On Thursday, Treasurer Jim Chalmers announced his support for the 51 recommendations put forward in the RBA.
The centre of the changes in the review includes splitting the RBA’s current board in two – one for overseeing governance and one for overseeing monetary policy.
The monetary board will compromise nine members, including 6 externally appointed economic specialists. This decision was a result of the review finding there needs to be “a health counterbalance to the influence of internal members”.