Federal Independent MP Bob Katter says an unelected, independent board should not have control of the Reserve Bank and official monetary policy.

In a wide-ranging speech at the RBA in Sydney, Mr Katter said his Katter's Australian Party was concerned that the bank's brief was too narrow and it was not making fair decisions for all Australians.

He is calling for the removal of independent control of the central bank and wants interest rates lowered to around 2 per cent.

Mr Katter also said the central bank's structure should be changed so that economic decision makers were not allowing the mining industry to flourish while the agricultural, tourism and manufacturing sectors struggled due to the strong Australian dollar.

But he rejected the premise that there was a "two-speed economy".

"Let me tell the Reserve Bank that there's no two-speed economy," Mr Katter said.

"Get out of your ivory tower, and go out into the streets of Australia and you'll find out there's no two-street economy, there is a two-town economy."

And he said the mining tax was not the correct way to right the imbalance.

"I just think that in this case you're trying to hit a mosquito with a sledgehammer," he said.

"That's just not the right - it's too blunt an instrument to throw at that economic problem. I think that it's a lot more complicated than that."