SYDNEY Australia's central bank will get a new specialist board to manage monetary policy that will be chaired by the governor but have independent expert members with more power over the setting of interest rates. A review of the Reserve Bank of Australia (RBA) released on Thursday also recommended the central bank have a dual mandate of price stability and full employment, while maintaining its flexible inflation target of 2-3%. Importantly for market confidence, the RBA's Monetary Policy Board (MPB) would retain its independence from government, which is giving up its power to overrule decisions on rates.

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