Formal review announced for Reserve Bank

The Reserve Bank of Australia will be formally reviewed, for the first time in four decades, with its culture, board appointments and inflation targets to be examined. The Treasurer says the institution has served the country well, but that the independent review is overdue and would ensure Australia has the world's "most effective" central bank.

Interest rates have been left unchanged for the third month in a row. Source: AAP Image/AP Photo/Mark Baker