Reserve Bank of Australia Annual Report – 1987 The Bank's Staff

Financial deregulation and changes in the Australian financial system have substantially altered the ways in which the Bank carries out its statutory functions. The heavy reliance on monetary policy over the past year has accelerated the change and consequently the need for the Bank's staff to achieve greater familiarity with markets and proficiency in market-based skills. The Bank continues to improve facilities for its customers in line with advances in services provided by the banking industry generally.

Central banks are now less directly involved in regulating banks' business but are more closely concerned about their underlying strength and capacity. Hence, prudential supervision is making a greater call on resources in the Reserve Bank, as in many other central banks.

The Board is conscious of the heavy demands all these developments are making on the Bank's staff and records its pleasure with the high standards maintained.

During the year the number of staff fell by 188 — about 5 per cent; this came about mainly because of a continuing decline in manual operations and improved work practices, particularly in branches. The number of people working on systems design and computer programming also fell as some major projects were concluded; numbers in this area tend to fluctuate with the flow of projects.

Staff turnover remained relatively high, at around 13 per cent in 1986/87. Continuing strong employment demands elsewhere in the financial sector were an important contributing factor.

The Bank's performance depends heavily on the quality and training of its staff. Accordingly, considerable investment is made in staff development. The Bank has an active in-house training program, including a course aimed at improved general understanding of computer technology. Development of staff is also advanced by attendance of selected personnel at external courses, seminars and conferences in Australia and abroad, local and overseas secondments, postings to the Bank's overseas offices and inter-changes with the Australian Public Service and some other central banks.

The Bank also assists staff wishing to undertake relevant courses at tertiary institutions; during 1986/87, 168 members received such assistance. A Post-Graduate Award Scheme enables a small number of staff to undertake post-graduate study in Australia and overseas. During the year, the Bank employed a number of young people under the Australian Government Trainee Scheme.

The Bank has devoted considerable resources to its Equal Employment Opportunity program. It has been guided by the recommendations of the Bank's EEO Review Group (1984) and is conforming with recently introduced legislation covering Commonwealth authorities.

General EEO “awareness” training for all staff is carried out by the Bank's EEO Unit; this is supplemented by specific sessions in each in-house training course. Recruitment, promotion and appeal procedures have been reviewed to ensure compliance with EEO principles. A survey, along the lines of that conducted by the Australian Public Service, has been developed, to collect date relevant to EEO.

The Bank has a continuing commitment to occupational health and safety. During 1986/87, on-going arrangements were supplemented by the introduction of a stress awareness course; the program to ensure that all office equipment satisfies ergonomic standards continued.

Changes in Senior Management

Following the appointment of Mr M.J. Phillips as Deputy Chairman of the Board and Deputy Governor, Mr J.S. Mallyon was appointed to the position of Chief Administrative Officer in March 1987. Mr Mallyon was previously Head of Central Bank Services.

Mr E.R. Cope, formerly a private-sector consultant, was appointed Senior Manager, Systems and Technology Department in September 1986. Mr Cope has had wide-ranging experience in the private sector in Australia and overseas.

Mr D.J. Cleary, formerly Chief Manager, Financial Markets Group, died on 27 August 1986 after a long illness. Mr Cleary made a valuable contribution to the Bank and occupied a number of senior management positions. He served a period with the International Monetary Fund in Washington D.C. and was a member of the Martin Group established in 1983 to review the Report of the Committee of Inquiry into the Australian Financial System (The Campbell Report).

Mr J.A. Kirkwood, who had continued to assist with the preparation of the Bank's history since his retirement from the Bank in July 1986, died on 10 July 1987.

Mr G.W. Keep, Manager for Western Australia, and Mr H.J. Pavey, Senior Manager, Accounting Department, retired during the year.

Mr D.N. Sanders, C.B., Deputy Governor

Mr D.N. Sanders resigned his position as Deputy Chairman of the Board and Deputy Governor on 10 March 1987 to become Managing Director of the Commonwealth Bank of Australia. The Board records its appreciation of Mr Sanders' long and dedicated service to the Bank, particularly as Deputy Chairman of the Board since July 1975. During that period, the Bank has had a major part in preparing and carrying through deregulation of the financial system. In that and other important issues coming before the Bank, the Board benefited greatly from Mr Sanders' deep understanding of both the theoretical and practical aspects of the financial system and the Bank's role within it.

The Board wishes Mr Sanders all success in his new post.