Reserve Bank Governor Philip Lowe has defended the structure of the central bank's board and its decision making while being grilled by federal politicians.
Earlier this week, former Labor leader Paul Keating again criticised the way the Reserve Bank sets monetary policy and its focus on fighting inflation first when it is "already dead".
"Within the bank there is little contest of ideas," Mr Keating said.
Deputy chair of parliament's economics committee, Labor's Andrew Leigh, took up the critique during Dr Lowe's semi-annual hearing, saying the board was polluted by amateurs rather than experts.
Dr Lowe did not like the word amateur, saying the nine-person board is made of people with a lot of experience both in the business and economic world.
"These people bring lots of perspectives to the board," he said.
"I feel, with due respect to the economists, that these business people are better grappling with decision making under uncertainty than economists."
He thought it would be a backward step to have all board members having the same background.
Dr Lowe admitted that his views were sometimes challenged by staff members of the central bank.
But Dr Leigh asked if that was the case, why didn't this show up in the monthly board minutes?
"The minutes aren't a transcript ... the minutes are accurate representation of what goes on at the meeting," Dr Lowe replied.
Dr Leigh reminded the hearing of when a member of the ACTU would sit on the board.
"Would it be wise to add a representative of the union movement or the social sector in order to balance out the views of the business sectors," Dr Leigh asked.
Dr Lowe said that was entirely a matter for the government as it appoints people to the board.
"It is wise for us to be in frequent contact with the ACTU and the social services sector," he said.
"When I was able to travel to Melbourne, I would go down and meet with the ACTU executives and their executives would come and see me."