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The upcoming makeover of the Reserve Bank of Australia will do little to ease the immediate burden on household budgets but will hopefully set it up to make fewer mistakes in the future.

A three-person review panel has recommended a suite of reforms to boost the central bank's leadership and decision-making after its governor was criticised for wrongly suggesting interest rates would stay at record lows until 2024.

Since that guidance was given two years ago, rates have risen rapidly in response to elevated inflation, starting with the first hike in May last year.

"The Reserve Bank board's composition and decision-making processes have not sufficiently enabled it to shape policy decisions, strategy, and the RBA's underlying analysis and judgments," the review report released on Thursday said.

Central to the panel's recommendations is the creation of two separate boards, one responsible for governance and the other for monetary policy, which sets interest rates.

The review also called for governor-led press conferences after monetary policy meetings, with board members occasionally speaking publicly on the decisions taken.

Fewer board meetings were also recommended, trimming the number held each year to eight from 11, to better align interest rate decisions with reliable economic data while giving members more time to mull the options.

The board should also release an anonymised tally of which way members voted, to provide transparency without too much emphasis on individuals.

The review panel was mostly happy with the framework underpinning the bank's monetary policy strategy, including its flexible inflation target band of two to three per cent.

But it also called for some tweaks, to give the central bank slightly less wiggle room when it came to returning inflation to target and maintaining full employment.

The report's 51 recommendations have the in-principle support of the federal Labor government, which will legislate to create the two boards.

The opposition has already signalled its willingness to back to back the reforms.

Deloitte Access Economics head Pradeep Philip said while the proposed structural changes will be of little relevance to households and businesses struggling with rising interest rates and inflationary pressures, they would lead to a stronger and more stable economy in the long run.

"(The) review will go a long way towards improving the analysis and decision-making of the RBA and improve its operations and governance," he told AAP.

Its decision-making was already pretty good quality when compared to its international counterparts, Mr Philip said, adding that structural reforms could only do so much.

Treasurer Jim Chalmers said the goal was to ensure Australia's top economic institution had the best frameworks, objectives, processes and expertise.

Dr Chalmers stressed it wasn't about taking shots at anyone and acknowledged Governor Philip Lowe had a "difficult job".

Some have called for his resignation based on the interest rate call made during the pandemic, which some households took as an incentive to take out large mortgages.

Dr Lowe's current term expires in September and he confirmed on Thursday he's keen to continue in the top job to help bed down the forthcoming changes, which the treasurer wants completed by mid-2024.

Opposition treasury spokesman Angus Taylor said the coalition planned to be as bipartisan as possible and that the direction of the review had been positive.

"There have been great challenges in the forecasting and guidance has been given by the Reserve Bank and many households and businesses have paid a real price for those errors," he said on Thursday.

"It's important that everything be done, as much as possible at least, to prevent that happening again in the future."

© AAP 2023

The Reserve Bank is facing a major overhaul with the creation of two separate boards, one responsible for governance and the other to set interest rates.

A full review, to be handed down by Treasurer Jim Chalmers on Thursday, will make 51 specific recommendations to renovate Australia's central bank.

All of those suggestions have the government's in-principle stamp of approval.

The treasurer is also expected to name two new board members to replace outgoing members Wendy Craik and Mark Barnaba.

The creation of a governance board will bring the RBA in line with other central banks, and it will be tasked with overseeing operations that don't concern monetary policy.

The reviewers will also recommend the RBA remain independent and keeps its inflation-targeting framework intact.

"The review is all about ensuring Australia's central bank and monetary policy arrangements are as strong and effective as they can be into the future," Dr Chalmers said.

Opposition treasury spokesman Angus Taylor said the coalition planned from the start of the process "to be as bipartisan as possible" and the direction of the review had been positive.

"There have been real mistakes made by the Reserve Bank in recent times, and they're laid out clearly in the review," he told ABC radio on Thursday.

"People have paid a high price for those areas, whether it's households or businesses across Australia and so we don't want to see those repeated."

Mr Taylor backed recommendations to boost transparency including holding regular press conferences to explain the decisions made by the central bank.

Greens leader Adam Bandt described the review as a major party "stitch-up" that wouldn't fix the inflation issue.

"Governments have to stop washing their hands of the economic problems saying there's nothing they can do about it and outsourcing it to the Reserve Bank," he told ABC radio.

"They could start by making the big corporations pay their fair share of tax, stopping prices of essentials going up and up and up.

"That's what's going to get inflation under control and tackle the cost of living crisis."

The Albanese government began the review of the Reserve Bank last year.

© AAP 2023

Two people have been charged after allegedly stealing a vehicle with a baby in the back from a shopping centre car park in central Queensland.

A mother was packing the boot of her car in the shopping centre at Yeppoon just after noon on Wednesday when a woman got into the driver's seat and drove off with a four-month-old baby in the back seat.

The woman realised the child was inside, returned to the scene, and demanded the mother take the child out of the car.

The child was safely removed, and the woman drove away in the stolen Nissan Patrol, hitting two people in the car park.

A 16-year-old male and a 39-year-old woman were treated for leg injuries and taken to Yeppoon Hospital.

The baby was not physically injured.

Police located the stolen Nissan Patrol at about 4pm with a man, 36, and a woman, 24, taken into custody.

The pair were charged with offences including child abduction, dangerous operation of a motor vehicle and unlawful use of a motor vehicle.

They will face Rockhampton Magistrates Court on Thursday.

© AAP 2023