Recommendations to revamp the Reserve Bank of Australia board will be implemented as part of reforms designed to improve decisions around interest rates.

Following the first major review of the RBA in 40 years, a report recommends 51 changes which the Federal Government has already agreed to “in principle”, with plans to implement changes by July 2024.

The recommendations include the establishment of a new monetary policy board within the RBA to be chaired by the RBA Governor and include the deputy governor, the Treasury secretary and six external members.

The external members are to have “deeper economic and financial expertise, and more information, time and staff support to fully engage in the policy process”.

Another separate board will be established to manage the bank’s operations itself, including currency issuance.

The number of meetings to decide interest rates will be reduced from 11 to eight per year and the power of the government to override interest rate decisions will also be removed.