Reserve Bank Boards

From 1 March 2025 Commonwealth Parliament legislation changed our governance arrangements, replacing the Reserve Bank Board with two new boards to help strengthen our monetary policy and corporate governance frameworks.

Our governance framework now has three boards:

• A dedicated Monetary Policy Board responsible for the RBA’s monetary policy and financial system stability policy (other than in the payments system policy).
• A new Governance Board, which is the accountable authority of the RBA. This Board oversees the RBA’s organisational affairs and operations, including delivery of banking services, note issuance and payments operations, and other matters that are not within the remit of the Monetary Policy Board or Payments System Board.
• The Payments System Board, which continues to set payments system policy.