Former governor Ian Macfarlane has hit out at planned changes to the Reserve Bank of Australia’s (RBA) board structure, saying it would pose “huge risks” to the institution.

Australian treasurer Jim Chalmers commissioned an independent expert panel to conduct a wide-ranging review of the RBA in July last year. The panel proposed major changes to the RBA’s governance and monetary policy framework in April, including the appointment of six part-time members to a new monetary policy board (MPB).