The Reserve Bank is set for its biggest overhaul in decades, after a review into the central bank found it needed major changes to ensure it is "fit for the future".
Treasurer Jim Chalmers has given in-principle support to the 51 recommendations, which largely seek to ensure decisions about the cash rate are made with a broader input, and the reasons for its decisions are made clearer to the public.
The 294-page review Mr Chalmers has released looks to make wide-reaching changes to the RBA, including splitting its board in two and bringing in more external people to make rates decisions and oversee the central bank.
