Media Release Reserve Bank Board – New Arrangements for Communication

For some months, the Reserve Bank Board has been reviewing its communication practices. As a result of that process, the Board has now decided on the following changes.

First, the Board will release a short statement each month explaining its decision, whether or not the cash rate is to be changed. A more detailed treatment of the Bank's views on the economy and policy issues will continue to be provided through the quarterly Statement on Monetary Policy.

Second, the Board's decision will be announced shortly after the conclusion of the meeting. The earlier custom of waiting nearly 24 hours to announce the decision is no longer necessary from a logistical standpoint. Accordingly, commencing at the February 2008 meeting, the decision will be announced at 2.30 pm on the day of the meeting, with any change in the cash rate to take effect from the following day.

Third, the Board will release the minutes of its monetary policy meeting each month, two weeks after the meeting. The minutes record the main factual material available to the Board, the Board's assessment of the policy issues, and the policy decision. The minutes do not attribute comments to individual members, nor do they record individuals' votes. The minutes of the November 2007 meeting are being released today. The minutes of yesterday's meeting will be released on 18 December at 11.30 am. The schedule of release dates for minutes of future meetings will be published in advance.