Mark Barnaba's term as an RBA board member has been extended by one year as a review of Australia's central bank raises the possibility of a major governance shakeup.
Mr Barnaba, who co-founded Azure Capital and is also on the board of Minderoo Foundation, had been appointed to the board in 2017 and was due to finish his term this year.
His term will now expire in 2023 with an independent review of the RBA due to finish in March.
That review was an election commitment by Labor and will be headed by three economists, being: Bank of England external member Carolyn Wilkins; Australian National University professor Renee Fry-McKibbin, and; secretary for public sector reform Gordon de Brouwer.
They will examine the bank's monetary policy commitments, particularly in meeting its inflation target of between 2 to 3 per cent.
Inflation data is due to be released next week with the nation's baseline interest rate likely to climb steeply in the months ahead to keep runaway price rises under control.
The board's composition is likely to come under the microscope amid the review, given a majority of its members are businesspeople, as opposed to the European Central Bank or the US Federal Reserve, where most are economists with monetary policy expertise.
Australian Council of Trade Unions secretary Sally McManus has previously called for a seat to be set aside for the union movement.
Dr Chalmers this morning confirmed the review would examine the breadth of the board's experience.
"There will be appointments that we will be asked to make to the Reserve Bank board in this term of the parliament and I'd like to do that based on the best advice, on the best mix of people on the board," he said.
"There are good people on the board right now but if there are ways that we can make it, the experience and expertise on the board, deeper and broader, then we should look for ways to do that."