Review of the Reserve Bank of Australia

The Treasurer, the Hon Dr Jim Chalmers, announced the Review of the Reserve Bank on 20 July 2022.

The Review was designed to ensure that Australia’s monetary policy arrangements and the operations of the Reserve Bank continued to support strong macroeconomic outcomes for Australia in a complex and continuously evolving landscape.

The Reserve Bank assisted the Review Panel in a number of ways, with individual and group discussions, and the provision of information in response to questions. Staff were also invited to make public and private submissions, respond to a confidential survey and participate in focus groups.

The Reserve Bank published information provided to the Review of the Reserve Bank of Australia on 8 December 2022. The material was provided to the Review Panel in response to two sets of questions related to the key themes of the Review: monetary policy arrangements; performance against objectives, including communications; governance; and the institution more broadly. In addition, the Bank provided the Review with a range of documents, including reviews, publications, speeches and internal papers.

The Panel handed the Review to the government on 31 March 2023. The Treasurer released the Review and the government’s response to the recommendations on 20 April 2023. The Reserve Bank responded in a media release and at a media briefing later that day. Links to published information are included below.