Operational Structure

The RBA is managed by the Governor, with the support of the Deputy Governor, the Chief Operating Officer and the Executive Committee. We have five operational groups – Business Services Group, Economic Group, Enterprise Services and Strategy Group, Financial Markets Group and Financial System Group – six other supporting departments, and two temporary project departments established to lead the transformation of the RBA, which is currently underway.

Business Services Group

Business Services Group provides transactions-based services to our customers and other important stakeholders. In particular, it provides banking services and payments-related advice and assistance to the Australian Government and its agencies, as well as to other central banks. It is responsible for the distribution of Australia’s banknotes and provides payment settlement services to financial institutions. The group comprises three departments: Banking, Note Issue and Payments Settlements.

Banking Department

Banking Department provides a range of banking services to Australian Government departments and agencies as well as to a number of overseas central banks and official institutions. These government services broadly comprise two activities: managing the government’s core accounts and transactional banking. Sydney-based staff are responsible for the direction, administration and development of the department’s work, while the day-to-day interaction with customers is largely managed by staff in the Canberra Branch.

Note Issue Department

Note Issue Department is responsible for the issue, reissue and cancellation of Australian banknotes to provide a safe, secure and reliable means of payment and a store of value. The department works with the RBA’s wholly owned subsidiary, Note Printing Australia Limited, which designs and produces banknotes. The department distributes banknotes to financial institutions, monitors and maintains banknote quality in circulation, and withdraws unfit banknotes from circulation. It also monitors and analyses counterfeiting trends and conducts research into banknote security technology.

Payments Settlements Department

Payments Settlements Department operates Australia’s interbank settlement system, the Reserve Bank Information and Transfer System (RITS). RITS facilitates final settlement of payment obligations across accounts held with the RBA, often on an individual and real-time basis (reducing the build-up of exposures between institutions and contributing to the stability of the financial system). RITS includes the Fast Settlement Service, which the department operates 24/7 to support Australia’s fast payment system (the New Payments Platform), as well as other services that settle low-value payments, such as cheque and direct-entry transactions. The department also manages settlement of the RBA’s own transactions and those of its official clients.

Economic Group

Economic Group is responsible for analysing economic trends, both domestic and overseas, forecasting and research relevant to the framing of policy in a number of areas. The group comprises Economic Analysis Department and Economic Research Department.

Economic Analysis Department

Economic Analysis Department monitors and forecasts trends in the domestic and international economies, and provides regular advice on these developments to the Monetary Policy Board. The department also contributes to the work of various external bodies, maintains contacts with relevant external analysts, undertakes applied research and prepares reports for publication, including chapters of the Statement on Monetary Policy.

Our four state offices – in Adelaide, Brisbane, Melbourne and Perth – are managed by Economic Analysis Department. Together with colleagues based in headquarters in Sydney, staff in these offices conduct economic liaison across Australia via regular discussions with individual firms and organisations in the private, public and community sectors; they also assist with communication with the wider community.

Our Representative Office in Beijing also sits under this department and is responsible for monitoring Chinese economic and financial developments, as well as maintaining relationships with government and private sector entities in China.

Economic Research Department

Economic Research Department undertakes longer term research into issues relevant to our responsibilities, including the Australian economy, monetary policy, financial stability, the payments system and the operation of financial markets. Results of this research are published in the Research Discussion Paper series, the RBA Bulletin or in national and international journals, and are presented at various conferences and workshops. The department includes the Data Science Hub, which is responsible for developing bespoke data analytic and AI solutions for the whole of the RBA. The department organises a major annual conference and an annual research workshop, as well as a number of smaller joint conferences. In addition, it organises a program of internal seminars, hosts a number of invited visitors each year and is responsible for administering a comprehensive library service for the RBA.

Enterprise Services and Strategy Group

Enterprise Services and Strategy Group is responsible for delivering enabling services to the whole of the RBA in support of our charter objectives and strategic priorities. The group comprises Core Modernisation, Enterprise Strategy and Change, Finance, Information Technology, Knowledge Management, People and Workplace departments.

Core Modernisation Department

Core Modernisation Department is responsible for the multi-year program to modernise and enhance the RBA’s core technology infrastructure. This program will mitigate obsolescence risk and improve resilience of critical technology services supporting the nation’s payments, banking and policy services, while reducing the complexity of our internal technology structure. This work includes moving to a new third-party owned co-location data centre that is certified to the highest level of security, upgrading the infrastructure across all the RBA’s data centres, safely migrating the RBA’s application workloads to the new infrastructure and decommissioning the existing Head Office data centre.

Enterprise Strategy and Change Department

Enterprise Strategy and Change Department is responsible for coordinating the design and delivery of the strategic planning framework at the RBA, and supporting the allocation of relevant resources. The department also oversees the RBA’s enterprise project portfolio, delivers IT-enabled enterprise change projects and provides an enterprise-wide continuous improvement capability.

Finance Department

Finance Department is responsible for our financial statements and taxation reporting obligations; it prepares the budget and provides a range of support services, including corporate payments, payroll, procurement and travel.

Information Technology Department

Information Technology Department is responsible for developing and maintaining reliable, resilient and secure information technology to support policy, operational and corporate functions. In fulfilling these responsibilities, the department delivers and maintains technology systems and infrastructure, provides ongoing system quality assurance, and maintains information security, including its cybersecurity defensive controls. It also coordinates technology strategy and planning for the RBA to cater for emerging and future technology requirements.

Knowledge Management Department

Knowledge Management Department is responsible for managing data, information and knowledge in support of the RBA’s responsibilities and aims. It oversees the governance frameworks, processes, platforms, tools and training for managing the RBA’s data and information as an asset. It facilitates public access to the RBA’s records and manages an archival repository and museum. Knowledge management activities enable the RBA’s data and information assets to be interpreted and shared both internally and externally. This is assisted by an Innovation Lab, which assesses emerging technologies to support delivery of the RBA’s charter objectives and strategic priorities.

People Department

People Department provides a range of people-related services to support and maintain a productive and engaged workforce. This includes attracting and retaining high-quality employees, as well as managing reward and recognition frameworks, the performance management framework, training and development programs and employee relations. The department also leads our work to drive cultural change and diversity, and workplace health and safety.

Workplace Department

Workplace Department is responsible for managing our physical assets, maintaining our properties and building infrastructure, and delivering workplace services to ensure the effective operation of the RBA and the safety, security, amenity and wellbeing of our staff. Key activities include overseeing the provision of building services, asset infrastructure maintenance and upgrades, protective security, and sustainability and environmental risk management.

Financial Markets Group

Financial Markets Group is responsible for implementing operations in domestic and foreign exchange markets, monitoring developments in financial markets and coordinating relationships with international institutions. The group comprises Domestic Markets Department and International Department.

Domestic Markets Department

Domestic Markets Department is responsible for our operations in domestic money and bond markets. The department analyses developments in domestic financial markets, including the cost and availability of finance through financial intermediaries and capital markets, and provides regular advice to executives and the Monetary Policy Board on these issues.

International Department

International Department is responsible for our foreign exchange operations, investment of international reserve holdings of gold and foreign exchange, and for providing regular advice on developments in international financial markets to executives and the Monetary Policy Board. The department is also responsible for maintaining relations with major international financial and policymaking institutions. International Department also houses a team that coordinates climate-related analysis across the Economic, Financial Markets and Financial System groups.

Our representative offices in London and New York come under Financial Markets Group. The European Representative Office in London liaises with central banks and other institutions and authorities in Europe, including the Bank for International Settlements and the Organisation for Economic Co operation and Development. The New York Representative Office performs similar functions in North America. Both offices monitor economic and financial developments in their respective local markets, and assist with foreign exchange operations and investment of international reserves.

Financial System Group

Financial System Group supports our broad responsibilities for financial system stability and our role in the oversight and regulation of the payments system. The group comprises Financial Stability Department and Payments Policy Department.

Financial Stability Department

Financial Stability Department analyses the implications for financial system stability of developments in the economy, financial markets and the financial sector more generally. The department prepares the RBA’s regular assessment of financial stability, which is published in the half-yearly Financial Stability Review. It works closely with other agencies of the Council of Financial Regulators (CFR) to identify, monitor and coordinate policies to address risks to financial stability, and to build crisis response readiness. The department provides advice on financial stability risks, including how they might interact with monetary policy, to executives and to the Monetary Policy Board, and supports the RBA’s provision of financial stability advice to the CFR and to the Australian Prudential Regulation Authority. It also supports our representation on bodies such as the CFR, the Financial Stability Board and the Basel Committee on Banking Supervision.

Payments Policy Department

Payments Policy Department is responsible for developing and implementing our payments system policy. It provides analysis and advice to the Payments System Board to support the safety, efficiency and competitiveness of the payments system. The department is also responsible for the supervision of clearing and settlement facilities and their crisis management, along with the oversight of critical payment system infrastructures. The department represents the RBA on the Committee on Payments and Market Infrastructures of the Bank for International Settlements.

Other departments

Audit Department

Audit Department is responsible for conducting independent appraisals of our activities, functions and operations to ensure that an adequate framework of internal control has been established and is operating effectively. The Head of Audit Department reports to the Deputy Governor and the Audit and Risk Committee. The Audit Department’s objectives and responsibilities, and its relationships with the Audit and Risk Committee and management, are outlined in the Audit Department Charter.

Communications Department

Communications Department is responsible for communicating our decisions and activities to the Australian community. This includes managing media, social media, public enquiries and public appearances. The department works with staff across the RBA to publish a wide scope of information, including regular publications and reports. It maintains our websites and is responsible for keeping staff informed of relevant developments. The department also maintains a program of public education, with particular focus on supporting economics students and educators.

Monetary Policy Strategy Department

Monetary Policy Strategy Department is responsible for developing policy advice and briefing the Monetary Policy Board on monetary policy strategy and policy alternatives, including their costs, benefits and risks. The department identifies priority issues and provides additional information and analysis to Monetary Policy Board members as requested. It collaborates with other departments on in-depth analysis relevant to monetary policy. The department is also responsible for the design and coordination of the internal process to formulate policy materials and advice to the Monetary Policy Board.

Risk and Compliance Department

Risk and Compliance Department supports the consistent and effective application of the framework for managing risk, both at the enterprise level and for individual business units. It assists departments to identify, understand and manage their compliance obligations. It also monitors and reports on portfolio risks and compliance with respect to our operations in financial markets. The department is responsible for providing secretariat and coordination services and advice to the Risk Management Committee. The Chief Risk Officer reports to the Deputy Governor and the Audit and Risk Committee.

Secretary’s Department

Secretary’s Department provides secretariat and coordination services and advice on governance and related matters to the Governor, the Governance Board and its Audit and Risk Committee, the Monetary Policy Board, the Payments System Board and the Executive Committee. In addition, the department coordinates a range of contacts with government, parliament, other central banks and international organisations, and arranges programs for international visitors.

Legal Section

The RBA’s in-house legal team supports departments with their responsibilities to identify, evaluate and address the legal risks that arise in the course of, or are created by, their functions and activities. It also assists with the engagement of external legal advisers. The team is headed by the General Counsel, who reports to the Deputy Governor. The legal section is in the process of being constituted as a distinct department.

Project Departments

Future Hub

The Future Hub coordinates and governs our response to the 2023 review of the RBA. It also leads our work to implement the recommendations of the Deloitte review into the October 2022 Reserve Bank Information and Transfer System (RITS) outage that have enterprise application. Its remit covers our transformation agenda in relation to governance, risk management, and culture and leadership.

Payments Operation Program

The Payments Operations Program leads our work to implement the recommendations of the Deloitte review, apart from the recommendations related to organisational culture, the risk management framework and governance arrangements, which are being implemented by the Future Hub. This includes working closely with Payments Settlements and IT departments to upgrade the operating model for RITS, IT system controls, investment prioritisation and knowledge management.

Note Printing Australia Limited

Note Printing Australia Limited (NPA) is a wholly owned subsidiary of the RBA. NPA is governed by a board of directors and operates under a charter reviewed and approved annually by the Governance Board.

NPA’s Executive Committee, comprising its Chief Executive Officer and the heads of NPA’s five business areas, is responsible for the operational and administrative management of NPA.