RBA to have separate rate-setting panel, but controversial inflation target expected to remain

First full review for decades recommends raft of changes, including splitting the board into two to enable more focus on how interest rates are decided

• Follow our Australia news live blog for the latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Australia’s Reserve Bank board will be split between a special panel to handle interest rates and one dealing with currency issuance and other tasks, as recommended by the first formal review of the central bank since the 1990s.

Treasurer Jim Chalmers is expected to release the full review report, titled “An RBA fit for the future”, on Thursday. He said he would work “across the parliament and with the RBA” to implement in principle all 51 of the review’s recommendations.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup