Australia Treasurer to consult with counterpart on makeup of new RBA boards

SYDNEY (Reuters) – Australia Treasurer Jim Chalmers said on Tuesday he would consult with his opposition counterpart Angus Taylor on the makeup of new Reserve Bank of Australia boards, to take effect after the central bank’s next policy meeting in February.

“The new boards won’t begin until after the February meeting. They will be in place from the beginning of March, and I will consult again with the Shadow Treasurer on the make up of those new boards,” Chalmers told a news conference.

Long-delayed reforms to the RBA, including splitting the RBA board in two, with one group dedicated to monetary policy and the other focusing on operations, were passed by parliament last month.