The Australian government will finalize its decision on the next RBA governor within weeks

Australian Treasurer Chalmers' statement on the central bank Central bank A central bank is a financial institution that manages a country's monetary policy, and that often also includes issuing and/or monitoring the currency and regulating the money supply. Central banks also typically act as a lender of last resort to banks in times of financial crisis, and may also supervise and regulate banks and other financial institutions. Examples of central banks include the Federal Reserve in the United States, the European Central Bank, and the Bank of Japan.The chief task A central bank is a financial institution that manages a country's monetary policy, and that often also includes issuing and/or monitoring the currency and regulating the money supply. Central banks also typically act as a lender of last resort to banks in times of financial crisis, and may also supervise and regulate banks and other financial institutions. Examples of central banks include the Federal Reserve in the United States, the European Central Bank, and the Bank of Japan.The chief task Read this Term.

Current Reserve Bank of Australia Governor Lowe's term expires in September. He has made some bad missteps during his tenure, including the foolish promise (

• The RBA says it won't be hiking the cash rate for three years. As if.

) to the Australian people back in 2020 that the Bank wouldn't be raising rates until 2024 at the earliest, before raising them first in May of 2022 and hiking month after month since.

The government conducted a review of the Bank this year and will usher in changes. Its thought Lowe has a decent chance of remaining in the big chair while the changes are implemented, as somewhat of a steadying influence. We'll soon find out.

I've posted this before, but it's indicative of the loss of credibility the Bank has suffered (language warning on this video):