Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Australian Treasurer flags two Reserve Bank board replacements

Published 02/27/2023, 02:07 AM
Updated 02/27/2023, 02:20 AM
© Reuters. FILE PHOTO: Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. REUTERS/Steven Saphore

© Reuters. FILE PHOTO: Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. REUTERS/Steven Saphore

SYDNEY (Reuters) - Two members of Australia's central bank governing board will stand aside when their terms end later this year to make way for fresh appointments, according to Treasurer Jim Chalmers weeks ahead of the release of a formal review into the bank.

Mark Barnaba and Wendy Craik will finish their five year terms on the Reserve Bank of Australia's rate-setting committee in May and August, respectively, according to the bank's website.

Chalmers said Barnaba, deputy chair of Fortescue Metal Group, and Craik, chair of the CSIRO Oceans Atmosphere Advisory Board, had agreed to not seek another term.

"This is an opportunity to refresh the Reserve Bank board," said Chalmers in an interview broadcast on Sky on Monday.

"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 move comes less than a week after the Reserve Bank published a public job advertisement for a board member, the first time the powerful position has been thrown open to the public.

Chalmers will receive the results of an independent inquiry into the Reserve Bank's governance and policy record on March 31. He has previously said he would make a decision towards mid-year about whether to extend Governor Philip Lowe's (NYSE:LOW) term by another three years.

© Reuters. FILE PHOTO: Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. REUTERS/Steven Saphore

The nine member board includes the Governor, the Deputy Governor, a senior Treasury official and six non-executive members, appointed by the Treasurer.

Decisions are made by majority with tiebreakers decided by the Chair, either the Governor or Deputy Governor.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.