This news comes after the RBA decided to halt interest rates earlier this month, holding the case rate at 3.60 per cent.

Iain Ross AO served as a judge of the Federal Court of Australia for over a decade between 2012 and 2022, in addition to being president of the Fair Work Commission during that same period. His previous roles include being vice-president of the Australian Industrial Relations Commission, a justice of the Supreme Court of Victoria, a president of the Victorian Civil and Administrative Tribunal, and a commissioner of the Victorian Law Reform Commission.

Mr Ross will commence his new role on 7 May, and Ms Rubin will start on 31 August.

“These appointments will continue the high level of skills and experience available to the Reserve Bank board. They will help ensure the board is well-equipped both to deliver monetary policy in an increasingly complex and uncertain environment, and to implement the recommendations of the RBA review,” Mr Chalmers said while addressing press on Thursday (20 April).

As reported by Lawyers Weekly, the Treasurer confirmed late last year that a decision on the structure and personnel of the RBA board would happen in mid-2023, following the Reserve Bank review in March.

Speaking to media on Thursday, Mr Chalmers said that the review will help the central bank learn from the past and become stronger moving forward.

“This is about bolstering the independence of the Reserve Bank, not diminishing its independence. And my goal here throughout is a world-class central bank, which is more effective, more transparent, and more independent, calling on more expertise to make its important decisions,” he said.

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“Now, we want to make sure that Australia’s monetary policy framework delivers the right decisions and makes the right calls for the Australian economy and for the Australian people.”

In a statement released on Thursday (20 April), the RBA welcomed the release of the review. 

“The review recommends the establishment of separate boards for monetary policy and governance of the bank. This change can help strengthen both the operation of monetary policy and the way the bank is governed. It will require changes to the Reserve Bank Act 1959, which is a matter for the Australian government and Parliament. The bank will work constructively to ensure that this and the other recommended changes to the Reserve Bank Act strengthen the bank and the way it operates,” the bank stated. 

“The review makes a number of recommendations regarding how the board works, including the frequency of meetings and the bank’s approach to communication. The board will consider these issues over coming meetings and develop and implement a new set of arrangements.”

The new board appointments, the Treasurer added, will add a mix of experience to the RBA board, with experience in corporate Australia remaining within the existing board members.

“My intention is to leave all of them in place for the duration of their term, but they will go on to different boards. Ideally, there will be two boards if we implement this and legislate it. There’ll be two boards from the middle of next year. Those with our remaining time on their appointments would be allocated to one or other of those boards,” Mr Chalmers said.

“Iain Ross and Elana Rubin are highly capable people, and I have absolutely no doubt that they will make important and excellent contributions to the Reserve Bank board going forward.”