HEAD OFFICE

The Bank's policy and administrative departments are located in its head office in Sydney. These comprise the following groups and departments.

Business Services Group

Assistant Governor (Business Services): Bob Rankin

Business Services Group comprises three departments:

Banking Department provides a specialised range of banking and registry services to customers, mainly Australian Government departments and instrumentalities and a number of overseas central banks and official institutions.

Note Issue Department is responsible for research into and development of new note designs and security features, and the supply of good quality/authentic notes to meet the community's demand.

Payments Settlements Department is responsible for the settlement of high-value payments and interbank obligations arising from the conduct of Exchange Settlement Accounts and the Reserve Bank's own trading activities, as well as the operations of RITS (Reserve Bank Information and Transfer System), Australia's real-time gross settlement (RTGS) system.

Corporate Services Group

Assistant Governor (Corporate Services): Frank Campbell

Corporate Services Group comprises three departments which provide services to other parts of the Bank:

Facilities Management Department is responsible for the Reserve Bank's properties, security management and a range of facility services.

Financial Administration Department prepares the Reserve Bank's financial and management accounts and handles various staff services such as payroll and superannuation.

Systems and Technology Department is responsible for the planning, development and management of the Reserve Bank's computer and communications systems.

Economic Group

Assistant Governor (Economic): Malcolm Edey

Economic Group is responsible for analysis of economic trends, both domestic and overseas, forecasting and research relevant to the framing of monetary policy. It consists of two departments:

Economic Analysis Department monitors and forecasts trends in the international and domestic economies, provides regular advice on these developments and monetary policy to the Governors and the Board, contributes to various outside bodies (including the Joint Economic Forecasting Group), maintains contacts with relevant analysts and institutions, undertakes applied research and prepares reports for publication in the Reserve Bank of Australia Bulletin.

Economic Research Department undertakes longer-term research into issues relevant to monetary policy formulation and the operation of financial markets. Results are published in the Research Discussion Paper series. The Department organises a major annual conference, as well as an annual Research Workshop for which a call for papers is issued. In addition, it organises a program of internal seminars and is responsible for administering a comprehensive library service for the Reserve Bank.

The Reserve Bank maintains four Regional Offices, in Queensland, South Australia, Victoria and Western Australia, and these come under the umbrella of the Economic Group. The Regional Offices analyse economic conditions in regions throughout Australia and conduct liaison with individual firms and agencies in both the private and public sectors. Regional Offices also provide a vehicle for communicating the workings of monetary policy to the wider community and for improving access to the Reserve Bank. Under the direction of an Editorial Committee, Economic Group also administers the monthly Bulletin.

Financial Markets Group

Assistant Governor (Financial Markets): Guy Debelle

Financial Markets Group is responsible for implementing the Reserve Bank's operations in domestic and foreign exchange markets, monitoring developments in financial markets and co-ordinating the Reserve Bank's relationships with major international institutions. The Group is divided into two departments:

Domestic Markets Department is responsible for the Reserve Bank's operations in the domestic money and bond markets. The Department also analyses developments in domestic financial markets, including the cost and availability of finance through financial intermediaries and capital markets, and provides regular advice to the Governors and the Board on these issues.

International Department is responsible for the Reserve Bank's foreign exchange operations, the investment of international reserve holdings of gold and foreign exchange, and the provision of regular advice on developments in international financial markets to the Governors and the Board. The Department is also responsible for maintaining the Reserve Bank's relations with major international institutions.

The Reserve Bank's Representative Offices in London and New York also come under the umbrella of the Financial Markets Group. These offices are mainly responsible for implementing the Reserve Bank's policies in relation to foreign exchange operations and reserves management in their respective time zones. They also liaise with financial market participants and other central banks in their local markets. The European Office in London also maintains liaison with the Bank for International Settlements and the Organisation for Economic Co-operation and Development.

Financial System Group

Assistant Governor (Financial System): Philip Lowe

Financial System Group supports the Bank's role in payments system regulation and its broad responsibilities for financial system stability. It consists of:

Payments Policy Department is responsible for developing and implementing the Reserve Bank's payments system policy. It provides analysis and advice to the Payments System Board on improving the safety and efficiency of the payments system. The Department is also responsible for oversight of Australia’s clearing and settlement facilities.

Financial Stability Department analyses the implications for financial system stability of developments in the macroeconomy, financial markets and the financial sector more generally, including areas such as patterns of financial intermediation, financial products and risk management techniques. The Department provides advice on these issues to the Governors and the Board and supports the Reserve Bank's representation on bodies such as the Council of Financial Regulators and the Financial Stability Forum. It is responsible for producing the Financial Stability Review.

Audit Department

Audit Department is responsible for conducting independent appraisals of the Reserve Bank's activities, functions and operations to ensure that an adequate framework of internal controls has been established and is operating effectively.

Information Department

Information Department is responsible for disseminating information to the public and media both via a range of publications and the Reserve Bank's website. It is also responsible for the Bank's document management systems, printing and publishing, and the Museum of Australian Currency Notes.

Personnel Department

Personnel Department provides a range of centralised human resource functions primarily focused on ensuring the Reserve Bank's personnel policies and practices are tailored to attract and retain high quality staff. These include policies covering employment conditions, remuneration, staff training and development, equity and diversity and occupational health and safety.

Secretary's Department

Secretary's Department provides secretariat and co-ordination services for the Governors, the Reserve Bank Board, the Audit Committee, the Payments System Board and the Risk Management Committee. In addition it provides legal services to the Reserve Bank through the General Counsel and co-ordinates a range of contacts with Government, the Parliament, other central banks and international organisations, including arranging programs for visitors.

Risk Management Unit

The Risk Management Unit's primary objective is to ensure there are clear responsibilities and a consistent framework for the definition, assessment, monitoring and control of risk throughout the Reserve Bank. The Unit also monitors the Reserve Bank's operations in financial markets, ensuring compliance with investment and trading procedures, and accurate measurement of portfolio performance. The Head of Risk Management reports to the Risk Management Committee and to the Chief Financial Officer.