The federal government has asked for expressions of interest from the public to join the Reserve Bank Australia board.

The wages figures have recently announced a 3.3 per cent rise from 2022 to December.

However, inflation sits at 7.8 per cent which means wages are still not catching up.

For the first time in history, the RBA is inviting public Australians with knowledge and interest in monetary policy to apply for the board.

The Senior Economics Correspondent Shane Wright, at the Sydney Morning Herald, spoke with Deborah Knight about why the RBA is looking for general public applicants.

Shane Wright said it’s not the RBA but in fact, the Treasurer Jim Chalmers’ decision to “see what is out there” and break old patterns in terms of where it gets its expertise from.

As Philip Lowe, the Governor pointed out a couple of weeks ago, “it’s not just him making decisions on interest rates, its everyone who sits around the table”.

See more highlights from Deborah Knight below:

Image: Sam Mooy/Getty