One of the key recommendations of the ‘RBA Fit For The Future’ review is the establishment of separate boards for monetary policy and governance of the RBA.

This means that one board will be tasked with setting the cash rate, while the other separate board will oversee the governance and operations of the RBA.

In outlining why, the review detailed that the Monetary Policy Board should have a clear focus on policy decision making, with no broader organisational role.

WLTH CEO Brodie Haupt said for everyday Aussies under the new recommendations, public press conferences will be held after each decision, which is a win for Aussies who want to be better informed about the factors influencing eco policy and the impact on their own finances.

“This presents an opportunity to reset the viewpoints of the current RBA structure and reassess the power it holds over the financial well-being of everyday Australians,” Mr Haupt said.

“Having a panel of monetary policy experts at the helm of the RBA will better equip the board to navigate emerging challenges, such as the rise of cryptocurrencies and the potential creation of a central bank digital coin, ensuring that Australia’s monetary policy remains effective and relevant in an increasingly digital age.”

Full Article: Savings.com.au