Major changes in store for the Reserve Bank

Australia's central bank is set for the biggest overhaul in decades, with a much-anticipated review recommending major changes.

RBA Governor Philip Lowe speaks to media following the RBA Review announcement. Credit: JAMES BRICKWOOD/AAPIMAGE

Key Points

• The Federal Government has agreed to 51 recommendations calling for cultural change and more transparency to the institution.
• One of the recommendations includes the establishment of a separate Monetary Policy Board focused on setting interest rates.
• Another change, to 'clarify its statutory monetary policy objectives' by giving equal weight to stability of price and full employment.

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Major changes in store for the Reserve Bank in Filipino

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