Today, the Federal Government released ‘An RBA fit for the future‘, the report of the independent committee that has been reviewing the RBA since July last year.

A statement from NAB CEO Ross McEwan on the proposed changes is below.

“This is an important opportunity to ensure the RBA is best-placed to serve Australians over the long-term.

“Critically, the proposals maintain the RBA’s independence from government, while also supporting clearer public communication to improve understanding of decisions made behind closed doors. Changes to promote more debate and a wider spread of responsibility within the institution are also welcome and align with the approach of leading central banks overseas.

“It’s important Australians have confidence in the RBA, and we expect the proposed actions will help strengthen trust in the institution.”