The Reserve Bank of Australia

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The Reserve Bank of Australia (RBA) is the central bank of Australia. The bank sets the country's monetary policy and issues and manages the Australian dollar. The RBA is involved in banking and registry services for federal agencies and some international central banks. The bank is owned entirely by the Australian government and was established in 1960.

In this Wiki, we will explore the RBA, its structure, mandates and more.

Australia – The Reserve Bank of Australia (RBA)

RBA Structure

The RBA monetary policy committee consists of the central bank governor, the deputy governor, the secretary to the treasurer, and 6 independent members appointed by the Australian government.

They meet 11 times per year, usually on the first Thursday of each month with the exception of January.

RBA Mandates

The mandate of the RBA is to ensure the stability of the currency, maintain full employment, and economic prosperity and welfare for the people of Australia. To achieve these statutory objectives they have an inflation target of between 2% and 3% per year.

An interesting note is that the Australian and New Zealand currencies are sometimes referred to as the Antipodeans.