Accountability

As an independent central bank, the RBA is accountable to the Australian Parliament for its actions. There are requirements in the Reserve Bank Act 1959 for the RBA to consult with the Australian Government. In terms of the Public Governance, Performance and Accountability Act 2013 (PGPA Act), the Governance Board gives its annual report to the Treasurer, for presentation to the Australian Parliament.

The RBA seeks to enhance the community’s understanding of its responsibilities and policies through a broad communications program. The primary vehicles are the media release and minutes published following Monetary Policy Board meetings, the quarterly Statement on Monetary Policy, the half-yearly Financial Stability Review, the quarterly Bulletin and the twice-yearly appearance of the Governor and senior officers before the House of Representatives Standing Committee on Economics. The Governor also holds a press conference following each decision by the Monetary Policy Board. Speeches and presentations are other avenues through which the RBA explains its views to the community.

Boards of the Reserve Bank

Under the Reserve Bank Act, the RBA has three Boards:

  • the Monetary Policy Board
  • the Payments System Board
  • the Governance Board.

Accountability to Parliament

Since 1996, the Governor and senior officers have appeared twice yearly before the House of Representatives Standing Committee on Economics to report on the conduct of monetary policy and other matters falling within the responsibility of the RBA. At that time, the then Governor-designate of the RBA, Ian Macfarlane, and the then Treasurer, Peter Costello, jointly issued the first Statement on the Conduct of Monetary Policy, which clarified the respective roles and responsibilities of the RBA and the Australian Government in relation to monetary policy. There have subsequently been seven further updates, usually coinciding with the appointment of a new Treasurer or Governor. In some cases (as in July 2003 and September 2006), the revisions to the Statement were minor; at other times, these revisions have incorporated substantive amendments relating to the independence of the RBA and how it will be transparent and will communicate (in December 2007), the RBA’s responsibilities for financial stability (in 2010 and 2016) and the objectives of monetary policy (in December 2023).

The current Statement on the Conduct of Monetary Policy provides for the twice-yearly appearances by the Governor before the Parliamentary Committee, which are timed to follow the publication of the RBA’s Statement on Monetary Policy. The hearing begins with an opening statement by the Governor and is followed by an extensive question and answer session. The Governor’s opening statement to the Committee is published on the RBA’s website and in Hansard.

The PGPA Act requires the Governance Board to prepare an annual report, for presentation to the Treasurer and tabling in Parliament (usually in October).

Consultation with Government

Section 11AA of the Reserve Bank Act requires the Monetary Policy and Payments System boards to inform the Australian Government from time to time of the performance of their powers and the exercise of their functions. This occurs largely through frequent formal and informal contacts between the Governor and the Treasurer.

The Act lays down procedures that are to be followed if there is a difference of opinion between the Australian Government and an RBA board as to whether a policy of the RBA is ‘directed to the greatest advantage of the people of Australia’. First, the Treasurer and the respective board are to endeavour to reach agreement. If they are unable to do so, the board is required to provide the Treasurer with a statement on the matter. The Treasurer may then submit a recommendation to the Governor-General who, with the advice of the Federal Executive Council, may determine the policy to be adopted by the RBA. The Treasurer would then inform the relevant board of the policy so determined and the board would be obliged to implement it. The board would also be informed that the Government accepted responsibility for the adoption by the RBA of that policy. The Treasurer would lay before each House of Parliament a copy of the order determining the policy that was to be implemented by the RBA, together with the statement provided to the Treasurer by the relevant board and a statement by the Government on the matter on which opinions had differed. To date this procedure has not been used.

Section 13 of Reserve Bank Act also directs that ‘the Governor and the Secretary to the Department of the Treasury shall establish a close liaison with each other and shall keep each other fully informed on all matters which jointly concern the Bank and the Department of the Treasury’.

Release of Information

The RBA produces a wide range of publications, as described below. All of these publications are available on this website.

Media

The RBA issues a wide range of media releases on a regular basis, containing information to assist financial markets carry out their normal activities and to inform the broader economic community. Decisions regarding monetary policy are made by the Monetary Policy Board and explained in a media release announcing the decision at 2.30 pm after each Board meeting. (Prior to December 2007, media releases were issued only when the cash rate target was changed.)

The Governor also holds a press conference following each meeting of the Monetary Policy Board.

For further details, refer to Media Releases.

Publications

Minutes of the monetary policy discussion of the Monetary Policy Board (before March 2025, the Reserve Bank Board) are published two weeks after each meeting.

The RBA publishes two annual reports each year (usually in September or October) – the Reserve Bank of Australia Annual Report and the Payments System Board Annual Report.

The other major publications are the Bulletin, the Statement on Monetary Policy and the Financial Stability Review. The Bulletin, which is issued quarterly, contains articles that discuss economic and financial issues and developments as well as the RBA’s operations. The quarterly Statement on Monetary Policy sets out the RBA’s assessment of current economic and financial conditions as well as the outlook that is provided to the Monetary Policy Board when it considers its interest rate decisions. The half-yearly Financial Stability Review provides the RBA’s assessment of the current resilience of the financial system and potential risks to financial stability.

The RBA’s other publications include:

  • Papers (by academics, RBA staff, and others) presented at its annual conference and workshops.
  • Research Discussion Papers (RDPs) which make the results of current economic research within the RBA available for discussion and comment. The views expressed in these papers are those of the authors and not necessarily those of the RBA.
  • Submissions made by the RBA to committees of inquiry established by the Parliament.

For further details refer to Publications.

Archives

The RBA provides public access to records 20 years from the date of their creation, in accordance with the Archives Act 1983. However, in most instances, the RBA goes further to make records available to the public 15 years from their creation date, with this early release at the RBA’s discretion. The public can access many records directly through Unreserved or request access with assistance of the archivists. See our Archives page for more information.

Freedom of Information

The right of access to documents in the possession of Australian Government agencies in terms of the Freedom of Information Act 1982 (FOI Act) applies to the Reserve Bank. However, the Reserve Bank is an exempt agency under the FOI Act in respect of documents concerning banking operations (including individual open market operations and foreign exchange dealings) and exchange control matters. For further information, see Freedom of Information.

Declarations of Material Personal Interests

Material personal interests of the Governor and Deputy Governor are published by the RBA. These declarations are made voluntarily to promote openness and accountability and are made in addition to the declarations to the Treasurer that are required in terms of the Reserve Bank Act. The format of the published declarations is similar to the Register of Members’ Interests for Members of the Parliament of Australia. These declarations are updated from time to time to reflect changes in interests to be declared or when the occupant of either role changes.

Governor’s Calendar of Meetings and Events

The Governor’s calendar of meetings and events attended is released four times per year (one month after the end of each calendar quarter).

Register of Gifts and Benefits Received by the Governor and Deputy Governor

The RBA reports gifts and benefits received by the Governor and Deputy Governor with an estimated value above $100 on a Register, consistent with the guidance from the Australian Public Service Commission. The Register is updated at the end of each quarter.