Australia Treasurer Jim Chalmers Consults on RBA Board Makeup

SYDNEY (Reuters) – Australia Treasurer Jim Chalmers announced on Tuesday plans to consult with opposition counterpart Angus Taylor regarding the composition of new Reserve Bank of Australia (RBA) boards.

The changes will take effect after the RBA's next policy meeting in February. Chalmers stated that the new boards will not commence until March, and he plans to consult with the Shadow Treasurer again on their makeup.

Long-awaited reforms to the RBA were passed by parliament last month, including a proposal to split the RBA board into two groups: one focused on monetary policy and the other on operations.