Monetary Policy Board – External Members’ Communications and Public Engagement Policy July 2025

Purpose and scope

This policy outlines the principles that external members should follow when publicly representing the RBA. Public engagements are a key part of the communication strategy of the Monetary Policy Board (MPB). They support transparency and accountability in monetary policy decision-making, allow external members to hear a range of voices about how monetary policy affects the community, and represent an opportunity to provide information to members of the public about the economy and the rationale behind the MPB’s decisions. This strengthens the connection between monetary policy and the Australian people.

Who does this policy apply to?

This policy applies to external members of the MPB.

This policy does not apply to:

  • The Chair and Deputy Chair of the MPB (the Governor and Deputy Governor of the RBA, respectively) or the Secretary to the Australian Treasury, who are covered by separate communications policies and guidance from their respective organisations.
  • MPB members in the ordinary course of their activities outside their role as Board members.
  • This policy applies to public engagement and content that may be associated with the RBA, including external members’ participation in public forums in their official capacity as an external member of the MPB.

Communications and engagement approach

Principles for public engagements

The following principles apply:

  • Frequency: When external members are considering how often they should engage publicly, they should refer to the Statement on the Conduct of Monetary Policy as agreed between the Treasurer and the MPB.
  • Timing: Public engagements in their capacity as external members of the MPB are prohibited in the period between the start of the blackout period (2.00 pm on the Wednesday prior to a MPB meeting) and when the minutes of that MPB meeting are released (two weeks after the end of the MPB meeting).
  • Appearance types: Priority should be given to public engagements that are closely aligned with the MPB’s mandate and intended audiences. External members have discretion to determine the format of their appearances.
  • Topics:
    • When commenting on monetary policy, public comments by external members will typically convey the Board’s collective position and should respect the Board’s deliberations and policy decisions. External members may share their own views if they deem it appropriate, but in doing so should respect the Board’s commitment not to attribute votes and should not publicly discuss the individual views of other members.
    • External members may also participate in educational events, engage with businesses and community organisations and speak more broadly about the economy. These interactions promote two-way dialogue, helping the public better understand the economic context for monetary policy and allowing members to hear directly from stakeholders.
  • Support: External members will coordinate with the RBA’s Communications Department regarding the format and timing of any public engagement. Communications Department will provide support as required, including assistance with preparation, speechwriting and all logistical arrangements. Members may request assistance from relevant RBA staff to support their preparation for public engagements. Where practicable, a Communications Department representative will accompany the external member during the appearance. Such support will be coordinated by Secretary’s and Communications departments.
  • Code of Conduct: Members are bound by provisions in the Code of Conduct for Monetary Policy Board Members including those covering confidentiality and offers of entertainment, travel, accommodation or any other benefit from third parties. Generally, this means that members will not accept gifts, hospitality or other benefits.

Information for event hosts

If you are an event organiser or host interested in inviting a representative from the RBA to any form of public engagement, refer to the guidelines outlined on the Arrangements for Public Speaking Engagements.