RBA Review Progress Report In Brief
We have responded to the 2023 independent Review of the Reserve Bank of Australia, marking a significant milestone in our transformation.
The Review made 51 recommendations. Together with the Government, we have addressed 41 so far, with plans made and action underway for the remaining 10.
What did the Review recommend?
The recommendations aim to strengthen the RBA through changes to our monetary policy decision-making processes, stronger governance, more transparency, and building an open and dynamic culture through strong leadership.
How have we addressed the recommendations?
Clearer monetary policy objectives and improved transparency
Our monetary policy objectives are now clearer, and we share more information to help Australians understand our decisions.
Stronger monetary policy decision-making and accountability
Our new Monetary Policy Board focuses solely on monetary and financial stability policy, supported by improved internal processes.
More robust corporate governance
Our new Governance Board challenges executive decisions and oversees our strategy, priorities, and risk management.
A more open and dynamic culture
We’ve launched a multi-year program to encourage diverse views and empower our staff.
Leadership-driven cultural change
Our strengthened leadership framework sets clear expectations and ensures leadership development is closely linked to our purpose and culture goals.
How are we continuing to strengthen the RBA for the future?
We’ve made strong progress, and our transformation is ongoing. Our focus is on continually strengthening our culture, leadership, technical skills, and risk management to keep the RBA fit for the future and continuing to serve all Australians.