Australian central bank Governor Philip Lowe said the rate-setting board will move to eight meetings a year from 11 now, beginning in 2024, while reiterating that  policy may need to be tightened further.

Four of the Reserve Bank's meetings will be on the first Tuesday of February, May, August and November, Lowe said in a speech in Brisbane on Wednesday. The exact dates for the other four will be published "soon," he added.

The rate outcomes will be announced at 2.30 p.m. Sydney time as is the case currently. Among other changes decided by the board at its July meeting:

The governor will hold a media conference after each meeting at 3:30 p.m. Board meetings will be longer, typically starting on the Monday afternoon and continue on the Tuesday morning. The quarterly economic forecasts will be published alongside the rate decision, instead of the following Friday as is currently the case. The post-meeting statement announcing the decision will be issued by the board, rather than the governor. The board will oversee the RBA's research agenda as it relates to monetary policy and aspects of financial stability.

The revamp follows an independent review of the RBA earlier this year that recommended wholesale changes to the central bank's board structure and decision-making processes.

Lowe said in Wednesday's address that the post-meeting press conferences will complement the RBA's existing communications, including through speeches with question-and-answer sessions. He didn't address his future in the text.

Sumber: Bloomberg