SYDNEY Australia's government announced on Friday that Michele Bullock, Deputy Governor at the Reserve Bank of Australia, will take over from Governor Philip Lowe in September, following a review that has recommended sweeping changes to the decades-old institution.

In one of his final actions before the decision, Lowe on Wednesday outlined the changes to how the bank formulates and announces interest rate decisions in response to the review.

Here are the major steps proposed, while some recommendations from the review are still to be decided on.

EIGHT MEETINGS

Starting from February 2024, the RBA's new Monetary Policy Board will hold policy meetings eight times a year, instead of 11 times as now. Four of the meetings will be on the first Tuesday of February, May, August and November, with the others held midway between these meetings.

Meetings will be longer, starting at midday Monday and continuing until Tuesday morning, with the outcome to be announced at 2:30 p.m. Sydney time (0430 GMT). The governor will also hold a press conference one hour later.

The policy decision will be issued by the Board, instead of just the governor, and the entire board will sign the RBA's agreement with the government, known as the Statement on the Conduct of Monetary Policy.

QUARTERLY OUTLOOK RELEASES

The RBA's quarterly outlook on the economy and policy will be released in February, May, August and November at the same time as board decisions are announced. Currently they are released on the Friday after the meeting.

CHIEF OPERATING OFFICER

The Board will work with Treasury to undertake five-yearly open and transparent reviews of the monetary policy framework.

The RBA will appoint a chief operating officer to help achieve the objectives of being an open and dynamic organisation and to ensure efficient operations.

TO BE DECIDED

* the publication of an unattributed vote count from policy meetings

* all Board members making regular public appearances to discuss their thinking and decisions on monetary policy

* the establishment of an expert advisory group to engage with the Board

* Board papers being published with a five-year lag

(Reporting by Wayne Cole; Editing by Sonali Paul and Lincoln Feast)