RBA to cut number of meetings that set interest rates to eight a year, Philip Lowe says

The Reserve Bank of Australia governor, Philip Lowe, announced the RBA will cut the number of meetings that set official interest rates to eight times a year. Photograph: Matt Jelonek/AAP

The Reserve Bank will cut the number of meetings that set official interest rates from 11 to eight times a year, starting in February, as the central bank begins implementing the recommendations of a review.

The RBA governor, Philip Lowe, announced the changes in Brisbane on Wednesday. He also addressed the bank’s decision to leave its cash rate on hold earlier this month, stating that it “remains to be determined whether monetary policy has more work to do”.