Summarised by Centrist
Former senior Reserve Bank official Geof Mortlock has called for an end to the government’s focus on gender and ethnic balance when appointing members to the Reserve Bank board. He thinks hiring banking experts should be the top consideration.
In his submission to the finance and expenditure committee’s inquiry into banking competition, Mortlock argued that the priority should be appointing individuals with significant expertise in financial matters, such as banking, insurance, and financial stability.
Mortlock believes that skills and experience should outweigh any consideration of gender or ethnicity in these appointments. “We should be focusing on the best-qualified people for the role, not ticking boxes for diversity,” Mortlock said in his submission.
He also recommended more robust performance assessments for the Reserve Bank. Mortlock stated, “Given the bank’s independence, transparency and accountability are critical.” He suggested that the Treasury should conduct annual reviews of the Reserve Bank and its board, with additional independent audits every three to five years to ensure they are meeting their responsibilities effectively.
