Australian Treasurer Jim Chalmers signaled that two members of the Reserve Bank’s interest rate-setting board will be replaced as he looks to freshen up the body.
(Bloomberg) — Australian Treasurer Jim Chalmers signaled that two members of the Reserve Bank’s interest rate-setting board will be replaced as he looks to freshen up the body.
The RBA’s website shows Wendy Craik’s term expires on May 6 and fellow director Mark Barnaba’s is up for renewal on Aug. 30. Chalmers told Sky News that both Craik, who chairs the CSIRO Oceans and Atmosphere Advisory Board, and Barnaba, who is a deputy chair and independent director at Fortescue Metals Group Ltd., have said they will not seek reappointment.
“This is an opportunity to refresh the Reserve Bank board and I really wanted to pay tribute and thank Mark Barnaba and Wendy Craik,” Chalmers said, adding he spoke to the duo last week.
“Both of them have indicated that they are prepared to not be considered for further reappointment and I think that’s a good thing for the Reserve Bank board. It does give us that opportunity for an element of renewal.”
The government last week sought expressions of interest from potential candidates for the RBA’s board — the first time the role has been advertised.
Chalmers said an independent review of the RBA, which is scrutinizing everything from the board’s composition to the bank’s policy mandate, will be “an important input” into the government’s thinking about the new board members.
The review panel will submit its final report to the treasurer by March 31.
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