Australia’s government said it will introduce legislation this week overhauling the central bank’s governance, and named a Bank of England official as its deputy governor.

Treasurer Jim Chalmers announced the draft law on the Reserve Bank of Australia today (November 27). The government today also named Andrew Hauser, the BoE’s executive director for markets, as the RBA’s incoming deputy governor.

The draft law, if passed, will give RBA a clear dual mandate of contributing to price stability