Australian Treasurer Jim Chalmers has announced changes to the Reserve Bank of Australia’s (RBA) new monetary policy and governance boards as part of a continuing reform of the central bank.
Former Bendigo Bank CEO Marnie Baker and Distinguished Professor of Economics at the Australian National University’s Centre for Applied Macroeconomic Analysis Renée Fry-McKibbin were appointed to the interest rate setting board from 1 March 2025.
Former Telstra CEO David Thodey, former Business Council of Australia Chief Executive Jennifer Westacott, lawyer Danny Gilbert and banking executive Swati Dave were named as new members of the governance board from the same date.
Chalmers said the Government had selected first-rate Australians and was confident they had the right skills and experience to help lead the RBA.
“The appointments are all about modernising the RBA to help ensure it can continue to meet our current and future economic challenges,” Chalmers said in a media release.
Among the current RBA board members, Carolyn Hewson, Ian Harper, Iain Ross and Alison Watkins had agreed to serve on the monetary policy board while Carol Schwartz and Elana Rubin had agreed to serve on the governance board.
“These appointments will ensure continuity on both boards, consistent with the preference of the RBA Governor,” Chalmers said.
The RBA board is being split in two on the recommendation of a review to ensure one can focus on monetary policy while the other is responsible for operational issues.