In short
- The final report makes 14 recommendations on the monetary policy framework, governance, leadership and culture of the RBA
- The review analyses the RBA’s performance over the past 30 years.
An RBA fit for the future
The final report of the Reserve Bank of Australia (RBA) Review was presented to the Treasurer on 31 March 2023.
Analysis and recommendations
It analyses the RBA’s performance over the past 30 years and makes recommendations on the monetary policy framework, governance, leadership and culture of the RBA.
The final report makes 14 recommendations organised under 5 themes and implementation issues.
Themes
- A clearer monetary policy framework
- Clear monetary policy objectives and toolkit
- A well-defined financial stability role
- Stronger monetary policy decision making and accountability
- A more expert Monetary Policy Board supported by better processes
- Greater transparency and accountability around decisions
- An open and dynamic RBA
- A more agile and empowering culture
- More open and constructive debate
- More robust corporate governance
- A new Governance Board to support and oversee management
- RBA leaders drive institutional and cultural change
- RBA leaders drive change and are accountable for delivering
RBA review panel
The RBA Review panel spoke about their findings and answered questions about the final report at a Committee for Economic Development of Australia event on 24 April 2023.