The Organisation for Economic Cooperation and Development has recommended an independent review into the Reserve Bank for the first time in 40 years.

The OECD has called for the review to cover the RBA’s board make-up and charter.

It is concerned about the bank’s internal structure – which is appointed by the Treasurer and does not feature a union representative.

Shadow Treasurer Jim Chalmers says the RBA is not beyond criticism amid stagnant wage growth and poor business investment.

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