Reserve Bank of Australia Annual Report – 1990 Statutory Requirements^[*]

This report on the operations of the Bank during the year ended 30 June 1990 and the financial statements have been prepared by the Reserve Bank Board. The Auditor-General has made his report on the financial statements so prepared.

In accordance with the Reserve Bank Act 1959

B.W. Fraser
Chairman, Reserve Bank Board
22 August 1990

The Board has furnished its report and financial statements, together with the report of the Auditor-General, to the Treasurer, and has transmitted true copies to the President of the Senate, and to the Speaker of the House of Representatives, to be laid before the Senate and the House of Representatives.

“It is the duty of the Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank under this Act, the Banking Act 1959 and the regulations under that Act are exercised in such a manner as, in the opinion of the Board, will best contribute to the stability of the currency of Australia; the maintenance of full employment in Australia; and the economic prosperity and welfare of the people of Australia.”

Reserve Bank Act, 1959

Footnote

The functions, powers and responsibilities of the Reserve Bank are specified in the Reserve Bank Act 1959, the Banking Act 1959, the Financial Corporations Act 1974 and the regulations under those Acts. Ministerial responsibility in terms of those Acts is exercised by the Treasurer. [*]