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Central Banks

News of the Reserve Bank of Australia (RBA)

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Reserve Bank of Australia (RBA)

www.rba.gov.au

RBA is Australia’s central bank. It was founded in 1911 and was initially called the Commonwealth Bank of Australia. In the beginning it carried out commercial and savings banking functions and was not responsible for banknotes issue in Australia. 

In 1924 the government delegated to the Commonwealth Bank the right of issuing the Australian currency. 

RBA basic functions are:

  • National currency emission;
  • Regulation of Australian banking and monetary systems;
  • Managing of foreign currency and gold reserves;
  • Implementing monetary policy.
Monetary policy

RBA is responsible for implementing the monetary policy of Australia within its power pursuant to the following targets:

  • Stability of the national currency;
  • Full employment support;
  • The economic prosperity and welfare of the Australian people.

Monetary policy involves setting the interest rate on overnight loans in the money market (‘the cash rate’). The cash rate influences other interest rates in the economy, affecting the behavior of borrowers and lenders on the financial markets as they depend on the monetary policy (though not only the monetary policy).

Besides the above-mentioned targets, to achieve these statutory objectives, the Bank has an ‘inflation target’ and seeks to keep consumer price inflation in the economy to 2–3 per cent, on average, over the medium term, providing strong and stable economy growth.

Organization structure and management

As an independent bank, responsible for the monetary, financial and payment systems, the Reserve Bank of Australia has two boards. These are the Reserve Bank Board, which has responsibility for monetary policy and financial stability, and the Payments System Board, which has responsibility for matters relating to the payments system. This governance structure is set out in the Reserve Bank Act 1959.

Reserve Bank Board

Money and credit policy development is the main responsibility of the Reserve Bank board of Australia. The board normally meets 11 times a year, on the first Tuesday of each month except January.

The Reserve Bank Board comprises nine members: three ex officio members – the Governor (who is Chairman), the Deputy Governor (who is Deputy Chairman) and the Secretary to the Treasury – and six non-executive members, who are appointed by the Treasurer. The Governor and Deputy Governor are appointed for terms of up to seven years, and are eligible for reappointment. The non-executive members are appointed for terms of up to five years.

The current members of the Reserve Bank Board are:

  • Philip Lowe - Governor since 18 September 2016. Present term ends 17 September 2023
  • Guy Debelle - Deputy Governor since 18 September 2016. Present term ends 17 September 2021
  • John Fraser - Secretary to the Treasury. Member since 15 January 2015
  • John Akehurst - Member since 31 August 2007. Present term ends 30 August 2017
  • Allan Moss - Member since 2 December 2015. Present term ends 1 December 2020
  • Ian Harper - Member since 31 July 2016. Present term ends 30 July 2021
  • Kathryn Fagg - Member since 7 May 2013. Present term ends 6 May 2018
  • Heather Ridout - Member since 14 February 2012. Present term ends 13 February 2017
  • Catherine Tanna - Member since 30 March 2011. Present term ends 29 March 2016
Committees 

Audit Committee. The primary objectives of the Audit Committee are: to ensure a high-quality, independent and effective audit process; assist the Governor and the Board in fulfilling their obligations relating to financial reporting, compliance with laws and regulations, internal control, employee conflicts of interest, business ethics and prevention of fraud; 

Remuneration committee consists of three independent members of the Board who consult the Council concerning the questions of remuneration the governor and the deputy governors. 

Executive committee is the key decision-making committee of the Reserve Bank for matters of an administrative and managerial nature. It is a management committee, comprised of the Bank’s most senior executives, whose role is to assist and support the Governor in fulfilling his responsibilities under the Reserve Bank Act to manage the Bank of 1959. 

The Risk Management Committee has responsibility for ensuring that operational and financial risks are identified, assessed and properly managed across the Reserve Bank in accordance with its Risk Management Policy. It is a management committee chaired by the Deputy Governor and is comprised of senior executives drawn mainly from the operational areas of the Bank. 

Other

The Reserve Bank Board meetings schedule in 2013
  • February 5 (minutes of the meeting publication, February 18)
  • March 5 (minutes of the meeting publication, March 18)
  • April 2 (minutes of the meeting publication, April 15)
  • May 7 (minutes of the meeting publication, May 20)
  • June 4 (minutes of the meeting publication, June 17)
  • July 2 (minutes of the meeting publication, July 15)
  • August 6 (minutes of the meeting publication, August 19)
  • September 3 (minutes of the meeting publication, September 16)
  • October 1 (minutes of the meeting publication, October 14)
  • November 5 (minutes of the meeting publication, November 18)
  • December 3 (minutes of the meeting publication, December 16)
The Reserve Bank Board meetings schedule in 2014
  • February 4 (minutes of the meeting publication, February 18)
  • March 4 (minutes of the meeting publication, March 18)
  • April 1 (minutes of the meeting publication, April 15)
  • May 6 (minutes of the meeting publication, May 20)
  • June 3 (minutes of the meeting publication, June 17)
  • July 1 (minutes of the meeting publication, July 15)
  • August 5 (minutes of the meeting publication, August 19)
  • September 2 (minutes of the meeting publication, September 16)
  • October 8 (minutes of the meeting publication, October 21)
  • November 4 (minutes of the meeting publication, November 18)
  • December 2 (minutes of the meeting publication, December 16)
The Reserve Bank Board meetings schedule in 2015
  • February 3 (minutes of the meeting publication, February 17)
  • March 3 (minutes of the meeting publication, March 17)
  • April 7 (minutes of the meeting publication, April 21)
  • May 5 (minutes of the meeting publication, May 19)
  • June 2 (minutes of the meeting publication, June 16)
  • July 7 (minutes of the meeting publication, July 21)
  • August 4 (minutes of the meeting publication, August 18)
  • September 1 (minutes of the meeting publication, September 15)
  • October 6 (minutes of the meeting publication, October 20)
  • November 3 (minutes of the meeting publication, November 17)
  • December 1 (minutes of the meeting publication, December 15)
The Reserve Bank Board meetings schedule in 2016
  • The Reserve Bank Board meetings schedule in 2016
  • February 2 (minutes of the meeting publication, February 16)
  • March 13 (minutes of the meeting publication, March 15)
  • April 5 (minutes of the meeting publication, April 19)
  • May 3 (minutes of the meeting publication, May 17)
  • June 7 (minutes of the meeting publication, June 21)
  • July 5 (minutes of the meeting publication, July 19)
  • August 2 (minutes of the meeting publication, August 16)
  • September 6 (minutes of the meeting publication, September 20)
  • October 4 (minutes of the meeting publication, October 18)
  • November 1 (minutes of the meeting publication, November 15)
  • December 6 (minutes of the meeting publication, December 20)
The Reserve Bank Board meetings schedule in 2017
  • February 7 (minutes of the meeting publication, February 16)
  • March 7 (minutes of the meeting publication, March 15)
  • April 4 (minutes of the meeting publication, April 19)
  • May 2 (minutes of the meeting publication, May 17)
  • June 6 (minutes of the meeting publication, June 21)
  • July 4 (minutes of the meeting publication, July 19)
  • August 1 (minutes of the meeting publication, August 16)
  • September 5 (minutes of the meeting publication, September 20)
  • October 3 (minutes of the meeting publication, October 18)
  • November 3 (minutes of the meeting publication, November 15)
  • December 5 (minutes of the meeting publication, December 20)
The Reserve Bank Board meetings schedule in 2018
  • February 6 (minutes of the meeting publication, February 20)
  • March 6 (minutes of the meeting publication, March 20)
  • April 3 (minutes of the meeting publication, April 17)
  • May 1 (minutes of the meeting publication, May 15)
  • June 5 (minutes of the meeting publication, June 19)
  • July 3 (minutes of the meeting publication, July 17)
  • August 7 (minutes of the meeting publication, August 21)
  • September 4 (minutes of the meeting publication, September 18)
  • October 2 (minutes of the meeting publication, October 16)
  • November 6 (minutes of the meeting publication, November 20)
  • December 4 (minutes of the meeting publication, December 18)

All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

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