sydney july 20 reuters  australia will launch a review of the reserve bank of australias rba inflation target monetary tools and board structure treasurer jim chalmers said on wednesday amid criticism over the central banks interestrate policies now is the time given all of the nearterm economic challenges we have got some of the longerterm complexities were dealing with as well  to have a proper look an independent external expert look at our reserve bank chalmers told australian broadcasting corp television the rba has come under scrutiny for undershooting its 23 inflation target for much of the last decade and more recently giving forward guidance during covid19 that rates were not expected to rise until at least 2024 in a bid to tame surging inflation the rba has instead raised interest rates for three months in a row taking them to 135 and a further hike is expected in august the breadth and depth of the expertise and experience on the rba board is of interest to me the inflation targeting regime its objectives and mandates its governance the way it sets itself up chalmers said canadian central banker carolyn wilkins australian national university economics professor renee frymckibbin and former treasury official gordon de brouwer will conduct the independent review media reports said citing chalmers chalmers told abc he had three absolutely topshelf highcalibre people to lead the review they will make sure that we have got the best set of arrangements and if theres a better way to do it lets hear about it he said