The Reserve Bank is facing a major overhaul with the creation of two separate boards, one responsible for governance and the other to set interest rates.
A full review, to be handed down by Treasurer Jim Chalmers on Thursday, will make 51 specific recommendations to renovate Australia's central bank.
All of those suggestions have the government's in-principle stamp of approval.
The treasurer is also expected to name two new board members to replace outgoing members Wendy Craik and Mark Barnaba.
The creation of a governance board will bring the RBA in line with other central banks, and it will be tasked with overseeing operations that don't concern monetary policy.
The reviewers will also recommend the RBA remain independent and keeps its inflation-targeting framework intact.
"The review is all about ensuring Australia's central bank and monetary policy arrangements are as strong and effective as they can be into the future," Dr Chalmers said.
Opposition treasury spokesman Angus Taylor said the coalition planned from the start of the process "to be as bipartisan as possible" and the direction of the review had been positive.
"There have been real mistakes made by the Reserve Bank in recent times, and they're laid out clearly in the review," he told ABC radio on Thursday.
"People have paid a high price for those areas, whether it's households or businesses across Australia and so we don't want to see those repeated."
Mr Taylor backed recommendations to boost transparency including holding regular press conferences to explain the decisions made by the central bank.
Greens leader Adam Bandt described the review as a major party "stitch-up" that wouldn't fix the inflation issue.
"Governments have to stop washing their hands of the economic problems saying there's nothing they can do about it and outsourcing it to the Reserve Bank," he told ABC radio.
"They could start by making the big corporations pay their fair share of tax, stopping prices of essentials going up and up and up.
"That's what's going to get inflation under control and tackle the cost of living crisis."
The Albanese government began the review of the Reserve Bank last year.
