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Australia hasn’t had a review of the Reserve Bank’s operation for 40 years and the COVID-19 pandemic's contribution to inflation has led to the “look under the hood”, says Assistant Defence Minister Matt Thistlethwaite. His comments come as the government flagged a move to introduce a second governance board in the RBA, which would be an “expert panel” devoted to interest-rate setting. “This is something that’s happened in other nations and appears to work well,” Mr Thistlethwaite told Sky News Australia. “I think the important thing is that the independence of the Reserve Bank as a body setting interest rates will be maintained – it’s a bit of a look under the hood and an update to ensure that it better reflects community expectations.”