Australian Treasurer Jim Chalmers on Monday announced two new members to the central bank's rate-setting board, with the majority of board members staying in a bid to ensure policy continuity. Long-delayed reforms to the Reserve Bank of Australia (RBA) passed parliament last month,

Jim Chalmers has unveiled his picks for the Reserve Bank’s new rate-setting board, appointing ANU distinguished professor Renee Fry-McKibbin and ex-Bendigo Bank boss Marnie Baker after passing a series of reforms to the RBA through parliament last month.

In a move that has sparked controversy, Treasurer Jim Chalmers is set to announce the Reserve Bank's new rate-setting board on Monday.

Australia's central bank is getting closer to joining its peers in cutting interest rates, having sat tight for over a year now, but much will depend on the data to decide whether it can move as early as February.