policy strategy, alternative policy options and risks, as well as on communication. likewise, the staff will have more time for analysis, with less time spent preparing summaries of recent developments. the board will also be able to hear directly from more staff and have greater opportunity to request work on particular topics. and the post - meeting media conferences will provide a timely opportunity to explain the board's decisions and to answer questions. this will complement our existing communications, including through speeches with q & a. together, this is a significant package of reform that will contribute to better decision - making and communication. 2 / 6 bis - central bankers'speeches the review also made a number of other recommendations that, in the board's view, are best considered after the legislative process has been completed and the new monetary policy board is up and running. this will avoid the current board locking the new board into a particular approach. these recommendations relate to : the publication of an unattributed vote count all board members making regular public appearances to discuss their thinking and decisions on monetary policy the establishment of an expert advisory group to engage with the board board papers being published with a five - year lag. these issues are interrelated. practices differ across central banks, and they are often tailored to the country's particular circumstances and institutional structure. the current board has therefore judged that these four issues are best considered by the new monetary policy board as a package. in each of these areas, there is no universally accepted definition of best practice. the current reserve bank board structure, and that recommended by the review, is unusual by international standards. in almost every other central bank, most of the decision - makers are insiders – that is, they spend the bulk of their time inside the central bank. in our case, only two of nine board members are insiders. the other seven spend the bulk of their time outside the rba and this will remain the case. this is a significant difference between the rba and other central banks. the australian model has the advantage of ensuring there is diversity of thought and it helps bring a wider perspective to monetary policy decisions. however, it does have implications for the way those decisions are communicated and the appropriate accountability mechanisms. in my view, it is right to allow the new board to consider these issues and make its own decisions after due deliberations. the bank, together with members of the council of financial regulators, has also been considering the recommendations that relate to

philip lowe : the reserve bank of australia review and monetary policy address by mr philip lowe, governor of the reserve bank of australia, at the economic society of australia ( qld ) business lunch, brisbane, 12 july 2023. * * * i would like to thank david norman for assistance in preparing these remarks. thank you for the invitation to address the economic society of australia, here in queensland. this is the fourth time that i have had the honour to do so, and it is a great pleasure to be back in brisbane. just a few months ago, the australian government released the findings of the independent review into the reserve bank. since then, the reserve bank board and staff have been working through the recommendations and their implications. today, i would like to talk about where we are up to in that process and some of the changes we will be making. i will then finish with some remarks about last week's monetary policy decision. the review concluded that australia's current monetary policy framework is fit for purpose. the core elements of that framework are a central bank with operational independence and a flexible inflation target centred on 2 – 3 per cent. in my view, and that of the review panel, these arrangements have served the country well. the review also concluded that the rba has a dedicated staff who are focused on serving the public interest ; they are skilled and professional and carry out their jobs to a high standard. furthermore, the rba is highly regarded internationally – something i hear often when i travel overseas. but as times change, we too need to change. the world we face is increasingly complex and it is right to re - examine how we make and communicate monetary policy decisions and how the rba is managed. the board and the bank's staff have supported the review, and we have been working constructively on the recommendations. broadly speaking, the review's recommendations cover three general areas : ( i ) the legislation the rba operates under ; ( ii ) our monetary policy processes and communication ; and ( iii ) the way the rba is managed as an organisation. the legislation is a matter for the australian government and the parliament. the other two areas are largely for the board and the bank's management to consider, and so this is where i will focus today. monetary policy processes and communication 1 / 6 bis - central bankers'speeches at its recent meetings, the board has spent time discussing the review's recommendations, particularly those that relate to monetary policy decision