Jim Chalmers says the government is casting 'a wide net' for RBA board members

The federal government has invited people people to apply to join the Reserve Bank of Australia board in a part-time role as one of the central bank's nine non-executive board members.

Treasurer Jim Chalmers said the government was undertaking a wide search for possible recruits and denied the hiring drive would pre-empt the findings of the review he has commissioned into the Reserve Bank, which is due to report by the end of the month.

In an advertisement posted on the Treasury website, the government has called for expressions of interest to outgoing RBA board members Mark Barnaba and Wendy Craik, whose terms end in coming months.

The ad is a departure from previous practice where board appointments are made following a confidential recruitment process.

In it the government invites applications from candidates with "knowledge and/or experience in economics, labour markets, financial markets, industry or public policy formulation. They should also have strong communication and strategic thinking skills".

Dr Chalmers told 7.30 the government wanted to cast "a wide net" in bringing new people on to the board.

"I do want to refresh the Reserve Bank Board and that's not a shot at Mark or Wendy or any of the board members. I think there is an opportunity to refresh the Reserve Bank board," he said.

"There are a heap of great people who could serve with distinction on the Reserve Bank Board [and] we think being more open than usual is a good thing."

The conduct of the RBA and the composition of its board has come under intense scrutiny over the decision to deliver nine successive interest rate rises in an effort to tame inflation.

RBA governor Philip Lowe has been the focus of much rate hike anger, particularly because of his 2021 comments flagging that the cash rate would remain low until 2024.

But at parliamentary committee hearings last month Dr Lowe said he was just one of nine members of the RBA board and monetary policy was a collective responsibility of the group.

The government commissioned a review of the RBA to examine the central bank's objectives, the implementation of monetary policy, its governance processes and its public communications.

The appeal in the board ad for people with strong communication skills indicates that that is at least one area where the government thinks the RBA's performance needs to be strengthened.

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But Dr Chalmers rejected the suggestion that he was pre-empting the review.

He said the government had been in regular consultation with the review panel and, "we're pretty sure that's where the review is going to head".

"We need to get the ball rolling before we receive the review, then we're anticipating the direction that they will head."

The job advertisement has provoked accusations that the government is trying to stack the RBA board with academics, economists and retired public servants.

But Dr Chalmers said the government was casting a wide net because "we are serious about getting the best possible ... replacements".

Market Economics managing director Stephen Koukoulas said the government undoubtedly had a list of possible appointments but welcomed the effort to broaden the pool of potential candidates.

Mr Koukoulas said the board could benefit from having on it people with a strong understanding of financial markets, those with a good feel for global economic conditions, people with considerable practical experience and those who knew what questions to ask RBA economists.

Mr Koukoulas said he would be reluctant to appoint company chief executives because "they are already busy enough and they are not specialised in that area [of monetary policy]".