Roles and responsibilities Reserve Bank of Australia

reserve bank of australia in canberra

it governed reserve bank act 1959, approved parliament. reserve bank board s duty stated in act, within outlined boundaries, ensure bank s monetary , banking policy used australian population. should accomplished through consultation government , in reserve bank board s opinion powers used with:

in practice reserve bank concentrates on first objective, control inflation through monetary policy. current objective policy of inflation targeting aimed @ maintaining annual inflation rate @ between 2–3 per cent, on average, on cycle . target first set in 1993 reserve bank governor bernie fraser , formalised in 1996 treasurer peter costello , incoming reserve bank governor ian mcfarlane.

the reserve bank gives banking , registry services agencies of government, other central banks, , other official institutions. assets of bank include gold , foreign exchange reserves of australia, estimated have net worth of a$101 billion.

nearly 94% of rba s employees work @ headquarters in sydney, new south wales , @ business resumption site. remainder of total 926 staff work in adelaide, south australia; brisbane, queensland; canberra, australian capital territory; melbourne, victoria; perth, western australia; london , new york city. wholly owned subsidiary of bank note printing australia, employs 257 other workers, , manufactures australian dollar , other securities, markets both in , outside of australia.

the payments system board fills role of deciding on bank s payments system policy , reserve bank board responsible other monetary , banking policies of bank. conflicts between 2 boards not occur , when do, resolved governor.