SYDNEY, April 17 Reuters Australia39;s Treasurer on Monday said he was close to announcing details of a wideranging review into the country39;s central bank which would require legal changes for some steps, underlining the scope of the shakeup.

Treasurer Jim Chalmers said the independent review had provided 51 recommendations for changing how the Reserve Bank of Australia RBA operates and formulates policy.

Chalmers has already consulted on the proposals with RBA Governor Philip Lowe and will be meeting with opposition lawmakers with the aim of releasing the government39;s response to the review this week.

There are some recommendations which would require legislative change, Chalmers told a media conference. There are some that would require the governor and the board to change the way that they go about things at the bank.

Lowe39;s future has been under a cloud since telling Australian borrowers late in 2021 that interest rates were unlikely to rise until 2024.

Instead, inflation surged past expectations and forced the bank to start hiking in May last year, having now lifted rates by 350 basis points to 3.6.

Lowe39;s current sevenyear term ends in September and there is speculation it will not be extended as it was with his two predecessors.

The review is expected to have recommended changes to the RBA39;s policy making board, which currently consists of two RBA staff, the Treasury secretary and six business people.

This could include a separate specialist…