A landmark report into the operations of the Reserve Bank has lead to a raft of potential changes after outlining how Australia’s economic anchor has failed over recent years.

A panel of experts reviewed RBA operations specifically during the COVID-19 pandemic, stating that the bank required more transparency in the form of press conferences after rate changes and the replacement of the monetary review board.

Former ANZ Chief Economist Saul Eslake told Gary Adshead on 6PR Mornings the RBA was the figurehead of Australia’s banking system and such represented deep economic changes that need to be made world-wide.

“The review is careful to note that other central banks made more or less the exact same mistakes; the one thing the Reserve Bank of Australia did that was almost unique was the repeated indication that rates wouldn’t rise until early 2024,” Mr Eslake said.

Press PLAY to hear more about the fundamental changes to the operations of the RBA

Image: Getty/Brendon Thorne