Two Reserve Bank board members won't be reappointed as "renewal" gets underway

A shakeup on the board of the Reserve Bank is starting to get underway ahead of a critical review that could shorten or even end the long career of governor Philip Lowe.

Treasurer Jim Chalmers has confirmed that two board members - Wendy Craik and Mark Barnaba - won't be reappointed making way for wider boardroom "renewal" at the RBA later this year.

Both have told Treasurer Jim Chalmers they won't be seeking reappointment.

There's no suggestion they were pushed but to quote Mr Chalmers they were "prepared not to be considered"

I speak with economist Warren Hogan who says there should be conquences for RBA calls, including a signal that the cash rate would remain low until 2024.