A person with long experience in the financial services sector, Marnie Baker, and a distinguished academic economist, Renée Fry-McKibbin, have been appointed to serve on the Reserve Bank’s new monetary policy board:

Treasurer Jim Chalmers on Monday also announced four new faces for the bank’s new governance board.

Under reforms passed just before parliament rose for the year, the bank’s new structure will have two boards rather than the existing one. The change follows an extensive inquiry into the bank, and Chalmers says the new structure will represent “international best practice”.

Baker has more than three decades’ experience in the financial services sector, focusing on retail banking and funds management. She recently served as CEO of Bendigo and Adelaide Bank and deputy chair of the Australian Banking Association.

Renée Fry-McKibbin is a distinguished professor of economics at the Australian National University’s Centre for Applied Macroeconomic Analysis, and a fellow of the Academy of Social Sciences.

She served on the panel that reviewed the RBA’s structure. Her husband, Warwick McKibbin, also a leading economist, previously served on the Reserve Bank’s board, appointed by the Howard government.

The new members of the governance board are

• Jennifer Westacott, formerly CEO of the Business Council of Australia, who presently is chancellor of Western Sydney University.

• David Thodey, formerly Telstra CEO and currently the chair of Xero and the chancellor of the University of Sydney.

• Danny Gilbert, co-founder and chair of the corporate law firm Gilbert+Tobin. His board experience includes at NAB, the Business Council of Australia and as chair of the National Museum of Australia. He is chair of the Cape York Partnership Group.

• Swati Dave, an experienced non-executive director and senior banking executive with finance experience in domestic and international markets. She was managing director and CEO of Export Finance Australia from 2017 to 2022 and is chair of the advisory board to the Centre for Australia-India Relations.

Chalmers highlighted that he was “very proud” that women had the majority on both new boards.

All members of the existing board were able, if they wished, to move to the new monetary board.

Chalmers said following consultation with board members, Carolyn Hewson, Ian Harper, Iain Ross and Alison Watkins opted to move to the monetary policy board. Carol Schwartz and Elana Rubin agreed to serve on the governance board.

“These appointments will ensure continuity on both boards, consistent with the preference of the RBA Governor,” Chalmers said.

Terms of board members have been staggered “to ensure both boards have the right balance of experience and fresh perspectives,” he said.

Chalmers stressed his wide consultations on the appointments, including with shadow treasurer Angus Taylor as far back as July, when the names of Fry-McKibbin and Baker were mentioned to him.

The opposition refused to support the legislation for the restructure of the bank, forcing the government into a deal with the Greens.

Chalmers said the appointments had all been made on advice of a three-member panel including Treasury secretary, the Reserve Bank governor and a former secretary to the Treasury and department of the Prime Minister and Cabinet, Martin Parkinson.

“An open and transparent expression of interest process was run, and candidates were shortlisted by the panel. Candidates were shortlisted against a skills matrix, to ensure there was the right mix of skills and experience on both boards.

"This is the process that was set out in the RBA Review and the government has stuck to it,” Chalmers said.

The new boards start on March 1. The first time the monetary policy board will consider interest rates will be at the meeting on March 31 to April 1.