(Bloomberg) -- Australia appointed Renée Fry-McKibbin, who participated in the review of the central bank, and former Bendigo and Adelaide Bank CEO Marnie Baker to the Reserve Bank's new monetary policy committee.
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Treasurer Jim Chalmers made the announcement on Monday following the passage last month of legislation to split the RBA's board into two entities. Governor Michele Bullock, Deputy Andrew Hauser and Treasury Secretary Steven Kennedy will stay on the body as will current members Carolyn Hewson, Ian Harper, Iain Ross and Alison Watkins.
Fellow members Carol Schwartz and Elana Rubin have agreed to shift to the RBA's new governance board, Chalmers said, and will be joined by new appointees Jennifer Westacott, David Thodey, Danny Gilbert and Swati Dave.
"This means the majority of positions on both boards will be held by women," Chalmers said in a statement. "These appointments will ensure continuity on both boards, consistent with the preference of the RBA governor."
The new boards are scheduled to begin from March 1, 2025.
Bullock said earlier this month she will discuss whether to publish unattributed votes from policy meetings and have members deliver speeches with the new rate-setting board.
"The appointments are all about modernizing the RBA to help ensure it can continue to meet our current and future economic challenges," Chalmers said.
Economists have flagged that changes to the composition of the monetary policy committee would raise uncertainty over the future path of rates. The RBA on Tuesday left its cash rate at 4.35%, marking more than a year at that level. Some economists see a first cut in February while others predict May as a more likely option.
Overnight-indexed swaps imply a 50-50 chance of a February cut with a reduction fully priced only in May.
The RBA legislation to split the board follows an independent review of the central bank that called for wholesale changes to its operations. Some of these were enacted this year including fewer policy meetings and regular press conferences by the governor.
The new members of the monetary policy committee are: