RBA shake-up to target full employment as well as fighting inflation

Sweeping changes to Reserve Bank of Australia give equal weighting to employment and inflation, and mandate greater transparency

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Achieving full employment will get equal weighting with fighting inflation for a new specialised monetary policy board set up within the Reserve Bank, according to wide-ranging changes recommended by the first major RBA review in four decades.

The review’s report, released on Thursday, details 51 recommendations proposed by a three-person panel. The treasurer, Jim Chalmers, said the Albanese government “agrees in-principle” with all of them, and will now press on to implement them by July 2024.

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