SYDNEY : 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 yea
SYDNEY : 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.
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. "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."
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 term by another three years.
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