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As an independent central bank with responsibility for monetary, financial system and payments system policies, the Reserve Bank of Australia has two boards. These are the Reserve Bank Board, which has responsibility for monetary policy and financial stability, and the Payments System Board, which has responsibility for matters relating to the payments system. This governance structure is set out in the Reserve Bank Act 1959.

The Reserve Bank Board has an Audit Committee. Its objectives are to ensure a high-quality, independent and effective audit process and assist the Governor and the Board in fulfilling their obligations relating to financial reporting, compliance, internal control and risk assessment, employee conflicts of interest, business ethics and prevention of fraud. The Reserve Bank Board also has a Remuneration Committee, comprised of three non-executive members of the Board, which advises the Board on the remuneration of the Governor and Deputy Governor in terms of the Reserve Bank Act and the framework and guidelines set by the Remuneration Tribunal.

Following appointment to the Reserve Bank Board or Payments System Board, each member is required under the Reserve Bank Act to sign a declaration to maintain secrecy in relation to the affairs of the particular Board and the Reserve Bank. Further, by law, members must meet the general obligations of directors of statutory authorities, as set out in the Commonwealth Authorities and Companies Act 1997, which sets standards of conduct for directors and officers of Commonwealth authorities. Over and above these requirements, members of each Board have also adopted a Code of Conduct in recognition of their responsibility for maintaining a reputation for integrity and propriety on the part of the Reserve Bank Board, the Payments System Board and the Reserve Bank.