Reserve Bank of Australia governor Philip Lowe could learn his fate in days

As speculation about the future of the RBA governor intensifies, Dr Lowe told a meeting of economists in Brisbane that, "if I was asked to continue in the role, I'd be honored to do that".

Dr Chalmers has been consulting about the Reserve Bank position, including with shadow treasurer Angus Taylor, and said he would present a proposal to his cabinet colleagues later this month.

The Treasurer said he was "working through it in a really methodical, measured, considered and consultative way and that means taking seriously the views of my cabinet colleagues".

"This is one of the most important appointments that the government will make. It's a big call," the Treasurer said.

He said a cabinet discussion would be held "before long and then, ideally, I would make an announcement immediately after that".

Dr Lowe's seven-year term ends in September and there have been loud calls for the government not to extend his term and instead appoint a replacement.

Among those considered as possible successors to Dr Lowe include his deputy Michelle Bullock, Finance Department secretary Jenny Wilkinson, Treasury secretary Steven Kennedy and Australian Statistician David Gruen.

Dr Chalmers has refused to be drawn on the speculation and has indicated that Dr Lowe figured among those being considered for the role beyond September.

"We've [Mr Taylor and himself] had a conversation about the various people that have been speculated on, including the incumbent governor himself," the Treasurer said.

"I think our interests are aligned in wanting to make sure that we make a good appointment here and that we've got the best possible version of the Reserve Bank into the future".

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Opposition finance spokesperson Senator Jane Hume has strongly backed Dr Lowe's reappointment, arguing that he is one of the nation's most eminent economists and the stability of retaining him at the head of the RBA would benefit the economy.

AMP chief economist Shane Oliver said that although Dr Lowe had "made mistakes", the best option would be to reappointment him for another three years because of his well-established commitment to fight inflation.

"You don't change the jockey in the middle of the race," Mr Oliver said.

In what could be one of his last major public appearances as governor, Dr Lowe outlined to the Economic Society of Australia on Wednesday changes the central bank would make in response to a recent review commissioned by the federal government.

Dr Lowe will also accompany Dr Chalmers to a G20 meeting in India next week.