RBA shake-up promises board representation for workers, with focus on full employment and fighting inflation

The Reserve Bank of Australia will be subject to wide-ranging changes based on its first major review in four decades. The government is aiming to enact all 51 recommendations by July 2024. Photograph: Mike Bowers/The Guardian

Workers will get a “voice” on the Reserve Bank of Australia board and the central bank will give equal weighting to achieving full employment and fighting inflation, according to wide-ranging changes following 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.