Biggest overhaul for the Reserve Bank

After months of interest rate rises and growing public frustration, the Reserve Bank of Australia is facing a major overhaul following an independent review Federal treasurer Jim Chalmers released a suite of recommendations, including stripping the current RBA board of its power to set interest rates, instead allocating the responsibility to a separate board

The change is one of 51 designed to ensure the country's central bank is "fit for the future" The RBA is Australia's central bank and is responsible for contributing to the country's financial stability and setting monetary policy, including interest rates

It is also responsible for issuing Australia's banknotes, providing bank services to the government as required, and managing the country's gold and foreign exchange reserves