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Labor has opened a rift with the coalition with the appointment of two new Reserve Bank board members in the wake of a landmark review.

The federal government on Thursday released the first external review of Australia's central bank and the operation of monetary policy in four decades.

With the Greens arguing the changes are a "backwards step", Labor will need to work with the coalition to legislate the review's proposals with the aim of getting new settings in place to start on July 1, 2024.

A key recommendation will see the RBA have two boards instead of one.

A monetary policy board with greater economic expertise would meet eight times a year instead of monthly to allow more time to consider issues and data.

A governance board with an external chair would be appointed to oversee the bank's organisational strategy, finances, staff planning and risk management, with no role in monetary or payments policy or financial stability.

Treasurer Jim Chalmers on Thursday named former Fair Work Commission president Iain Ross and businesswoman Elana Rubin as new board members, in a bid to diversify the RBA's range of expertise.

Both have past links with the Australian Council of Trade Unions.

Cabinet minister Ed Husic said it was important the RBA considered a broader range of factors when making its decisions.

"I do think where decisions have an impact... it's a healthier decision when you have that balance," he told ABC radio on Friday.

"There needs to be deeper structures for people to have that sense of a say and an influence in decision making."

However, opposition treasury spokesman Angus Taylor said the coalition was disappointed with the appointments, despite the need for intellectual diversity on the board.

"The review laid that out plainly and I endorsed the need for that," he told ABC News.

"There is a clear process, a rigorous merit-based process that is laid out ... and the government hasn't followed it with its first two appointments."

Another key recommendation was ensuring the central bank gives equal consideration to the objectives of price stability and full employment.

As well, board members and officials will be encouraged to provide more information to the public following concerns of a lack of transparency.

Cabinet minister Jason Clare said this would have a positive impact.

"The decisions that the bank makes doesn't just affect those of us with a mortgage - it affects everyone in Australia and affects the prices of everything at the supermarket and affects the levels of employment," he said.

The review called for the inflation target of two to three per cent to be retained, despite other central banks around the world having lower targets.

The government plans to introduce laws to parliament by the end of the year to reinforce the independence of the RBA by removing the government's right to veto its decisions.

The laws would also create the monetary policy and governance boards and clarify the dual objectives of keeping inflation down and full employment.

Dr Chalmers plans to release a new statement on the conduct of monetary policy before the end of 2023, which would reaffirm the bank's independence, support the inflation target and set out commitments on transparency and accountability.

© AAP 2023

Prosecutors in New Mexico plan to drop an involuntary manslaughter charge against Alec Baldwin in the fatal 2021 shooting of a cinematographer on the set of the film Rust, Baldwin's lawyers say.

"We are pleased with the decision to dismiss the case against Alec Baldwin and we encourage a proper investigation into the facts and circumstances of this tragic accident," Baldwin's lawyers Luke Nikas and Alex Spiro said in a statement.

Prosecutors did not immediately comment on the case.

Baldwin and the film's weapons supervisor Hannah Gutierrez-Reed were both charged with involuntary manslaughter in the shooting.

Baldwin was pointing a pistol at cinematographer Halyna Hutchins during a rehearsal when the gun when off, killing Hutchins and wounding director Joel Souza.

Baldwin has said the gun went off accidentally and that he did not pull the trigger.

An FBI forensic report concluded the weapon could not have fired unless the trigger was pulled.

The case against Baldwin had already been diminishing.

A weapons charge that would have meant a much longer sentence had already been dismissed, and the first special prosecutor in the case resigned.

© AP 2023

LIV Golf's four Australians call themselves brothers.

"Being a part of this team is like we're four brothers that all hate each other and love each other at the same time," Cam Smith said.

Smith captains the all-Australian LIV team known as Ripper GC which also features Marc Leishman, Matt Jones and Jed Morgan.

The Australian quartet tee off on Friday's opening round at the LIV tournament at Adelaide's Grange Golf Club, an event with team and individual honours.

The Aussies will have raucous home support from a sell-out crowd and home-ground advantage.

"We we might have the home ground advantage and the crowd support but at the end of the day you have still got to get the ball in the hole as quick as possible," Leishman said.

"And if we don't play well, we're not going to win. If we play well, we've got a good chance.

"We can't really worry about whether we're favourites or whether we're not favourites ... we have just got to let things unfold."

The Ripper team begin in eighth place on overall team standings after three events this year, posting finishes of fifth, fifth and 12th.

But they have made a pact to feed off each other, as much as the home support, at the Grange.

"We get to practice and play a lot together," Jones said.

"So we get to talk to each other about how we play a hole, certain shots you hit on a hole, you don't normally get that a lot on the other tours.

"But moreso after the rounds and before the rounds we spend a lot of time together having dinner, having breakfast together and just talking.

"It's just good to be with three other guys, three friends, and having a good time together travelling the world playing the game we love."

Leishman described the team aspect of LIV as "probably one of the best parts about it".

"It doesn't really change the dynamic on the golf course for me because we're all competitive, we want to win, we want to beat each other," he said.

"But off the golf course, it has been better than I could have imagined, it has been a lot of fun spending a lot of time with the lads."

Dustin Johnson's team, Aces GC, top the team leaderboard entering the fourth tournament and first LIV event on Australian soil.

Charles Howell III, who won the season-opening tournament, tops overall standings from Brooks Koepka, who won at the last LIV start.

The individual winner at the Grange will collect $US4 million ($A6m) of the total purse of $US20 million ($A30m).

© AAP 2023