A call on the Reserve Bank of Australia's leadership will be made within weeks, which could see a new governor take the reins within months.
Philip Lowe's seven-year term is up in September, and while he has expressed his willingness for another stint in the top job, the treasurer may opt for a fresh face.
Jim Chalmers confirmed he was consulting with cabinet colleagues with the aim of making an announcement in July.
"This is a big job and it's a big call, and we're working through it in the usual methodical and considered way," Dr Chalmers told ABC radio on Thursday.
Dr Lowe has come under fire for some botched communications made during the pandemic where he indicated interest rates would stay at super-low levels until 2024.
However, high inflation prompted the RBA to start hiking much earlier and it has lifted interest rates 12 times since April last year.
The treasurer would not confirm whether Dr Lowe would be reappointed, and said the future governor needed to be "well placed" to implement recommendations made by a review into the central bank to take it into the future.
"It's a key institution that obviously makes decisions which matter a great deal to the living standards of the Australian people," he said.
"That's why we don't take decisions like this lightly."
An independent review of the RBA was released in April and called for a range of renovation measures, including creating a second board specifically for setting interest rates.
Dr Lowe has signalled his willingness to stay on and lead the wide-ranging reforms.
The RBA's deputy governor, Michele Bullock, declined to comment earlier in the week when asked if she would be willing to take on the job if offered to her.
