In short
- The first wide‑ranging review of the RBA since current monetary policy arrangements were put in place in the 1990s
- The panel presented the final report ‘An RBA fit for the future’ to the Treasurer on 31 March 2023
- It makes 51 specific recommendations under 14 broader headings, grouped into 5 themes.
Treasury archived the Review of the Reserve Bank of Australia website on 30 June 2025. This page has key information and documents.
Why the Review is happening
The Treasurer, the Hon Dr Jim Chalmers MP, announced an independent review of the Reserve Bank of Australia (RBA) on 20 July 2022.
The Review is designed to ensure that Australia’s monetary policy arrangements and the operations of the Reserve Bank continue to support strong macroeconomic outcomes for Australia in a complex and continuously evolving landscape.
It is the first wide‑ranging review of the RBA since current monetary policy arrangements were put in place in the 1990s.
About the RBA
The RBA is Australia's central bank.
Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people.
Visit the Reserve Bank of Australia website
Scope
The Review, led by 3 independent experts, is considering the RBA’s:
- objectives
- policy implementation
- governance processes
- and public communications.
It is also considering the relationship between monetary, fiscal and macroprudential policy settings.
The Review is independent, transparent, and wide‑ranging, and is seeking the views of domestic and global experts, as well as members of the public.
Deliverables
The final report, with recommendations, will be provided to Government in March 2023.
Panel members
- Professor Carolyn A. Wilkins – renowned international expert on monetary policy
- Professor Renée Fry‑McKibbin – leading Australian academic on macroeconometrics and a Professor of Economics at Australian National University
- Dr Gordon de Brouwer PSM – Secretary for Public Sector Reform.
Key themes
The RBA Review is considering 4 key themes:
- monetary policy arrangements
- performance against objectives
- governance
- institution