Australian Treasurer flags two Reserve Bank board replacements By Reuters

SYDNEY (Reuters) – 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 year terms on the Reserve Bank of Australia’s rate-setting committee in May and August, respectively, according to the bank’s website.

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.

“This is an opportunity to refresh the Reserve Bank board,” said Chalmers in an interview broadcast on Sky on Monday.

“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.”

The move comes less than a week after the Reserve Bank published a public job advertisement for a board member, the first time the powerful position has been thrown open to the public.

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 (NYSE:) term by another three years.

The nine member board includes the Governor, the Deputy Governor, a senior Treasury official and six non-executive members, appointed by the Treasurer.

Decisions are made by majority with tiebreakers decided by the Chair, either the Governor or Deputy Governor.