The activities of the Reserve Bank of Australia are overseen by the following boards and committees.
Reserve Bank Board
The Reserve Bank Board is responsible for the Bank's monetary and banking policy, and the Bank's policy on all other matters, except for its payments system policy. The Governor, who is responsible for managing the Reserve Bank, is Chair of the Reserve Bank Board. The Deputy Governor is Deputy Chair.
Payments System Board
The Payments System Board is responsible for payments system policy. The Governor is also Chair of the Payments System Board. The Assistant Governor (Financial System) is Deputy Chair.
The Audit Committee is a committee of the Reserve Bank Board. Its membership comprises two non-executive members of the Reserve Bank Board and two external members. The Committee is chaired by Mark Barnaba, a non-executive member of the Reserve Bank Board.
The Remuneration Committee is a committee of the Reserve Bank Board. Its membership is drawn from the non-executive members of the Reserve Bank Board.
The Executive Committee is the key decision-making committee of the Bank for matters of a management and/or administrative nature that have strategic, Bank-wide or external significance. Its role is to assist and support the Governor in fulfilling his responsibilities under the Reserve Bank Act 1959 to manage the Bank. It is a management committee chaired by the Governor.
Risk Management Committee
The Risk Management Committee is responsible for ensuring that operational and financial risks are properly identified, assessed and managed across the Reserve Bank in accordance with the Bank's Risk Management Policy. It is a management committee chaired by the Deputy Governor.
In working to fulfil its role, the Reserve Bank is organised along the following operational lines.
Business Services Group
Assistant Governor (Business Services): Lindsay Boulton
Business Services Group comprises three departments:
Banking Department – located in the Sydney Head Office and Canberra Branch, provides a range of banking services to Australian Government departments and agencies as well as a number of overseas central banks and official institutions.
Note Issue Department – responsible for all aspects of the banknote lifecycle from research into and development of new banknote designs and security features, to the supply of high-quality banknotes to meet the community's needs.
Payments Settlements Department – responsible for the settlement of high-value payments and interbank obligations arising from the conduct of Exchange Settlement Accounts and the Reserve Bank's own trading activities, as well as the operations of RITS (Reserve Bank Information and Transfer System), Australia's real-time gross settlement (RTGS) system. RITS also includes the Fast Settlements Service, which Payments Settlements Department operates on an RTGS basis 24 hours a day, seven days a week for settlement of New Payments Platform transactions. Services are also provided for the clearing and settlement of low-value payments, such as those arising from cheque and direct entry transactions.
Corporate Services Group
Assistant Governor (Corporate Services): Susan Woods
Corporate Services Group comprises two departments that support the day-to-day operations of the Reserve Bank:
Information Technology Department – responsible for developing and maintaining reliable, resilient and secure information technology functions to support the Reserve Bank’s policy, operational and corporate functions.
Workplace Department – responsible for management of the Reserve Bank’s physical assets, the maintenance of its properties and building infrastructure, and the delivery of workplace services.
Assistant Governor (Economic): Luci Ellis
Economic Group is responsible for analysis of economic trends, both domestic and overseas, forecasting and research relevant to the framing of policy in a number of areas of the Reserve Bank’s responsibility. It consists of two departments:
Economic Analysis Department – monitors and forecasts trends in the international and domestic economies, provides regular advice on these developments and monetary policy to the Governors and the Reserve Bank Board, contributes to the work of various external bodies, maintains contacts with relevant analysts, undertakes applied research and prepares reports for publication.
Economic Research Department – undertakes longer-term research into issues relevant to the Reserve Bank’s responsibilities, including research on the Australian economy, monetary policy, financial stability, the payments system and the operation of financial markets. Results are published in the Research Discussion Paper series. The Department organises a major annual conference, as well as an annual Research Workshop. 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 Reserve Bank.
Economic Group operates out of the Head Office and four State Offices, covering Queensland, South Australia and the Northern Territory, Victoria and Tasmania, and Western Australia, which analyse economic conditions throughout Australia. The State Offices also conduct liaison with individual firms and organisations in both the private and public sectors and assist with communication to the wider community.
The Reserve Bank has an office in Beijing, which is responsible for monitoring economic and financial developments in China as well as maintaining relationships with government and private sector entities in China.
Financial Markets Group
Assistant Governor (Financial Markets): Christopher Kent
Financial Markets Group is responsible for implementing the Reserve Bank's operations in domestic and foreign exchange markets, monitoring developments in financial markets and co-ordinating the Reserve Bank's relationships with international institutions. It consists of two departments:
Domestic Markets Department – responsible for the Reserve Bank's operations in the domestic money and bond markets. The Department also analyses developments in domestic financial markets, including the cost and availability of finance through financial intermediaries and capital markets, and provides regular advice to the Governors and the Reserve Bank Board on these issues.
International Department – responsible for the Reserve Bank's foreign exchange operations, the investment of international reserve holdings of gold and foreign exchange, and the provision of regular advice on developments in international financial markets to the Governors and the Reserve Bank Board. The Department is also responsible for maintaining the Reserve Bank's relations with a number of major international institutions.
Financial Markets Group also operates out of offices in London and New York. The European Representative Office in London maintains liaison 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 of these offices monitor economic and financial developments in their respective local markets, and assist with foreign exchange operations and investment of international reserves.
The Financial Market Group’s Business Support Services area provides project delivery, market data management and operational support services, in conjunction with the Information Technology Department, for the Reserve Bank’s investment and trading operations.
Financial System Group
Assistant Governor (Financial System): Michele Bullock
Financial System Group supports the Reserve Bank's broad responsibilities for financial system stability and its role in payments system oversight and regulation. It consists of two departments:
Financial Stability Department – analyses the implications for financial system stability of developments in the macroeconomy, financial markets and the financial sector more generally, including areas such as patterns of financial intermediation, financial products and risk management techniques. The Department provides advice on these issues to the Governors and the Reserve Bank Board and supports the Reserve Bank's representation on bodies such as the Council of Financial Regulators, the Financial Stability Board and the Basel Committee on Banking Supervision. It is responsible for producing the Financial Stability Review.
Payments Policy Department – responsible for developing and implementing the Reserve Bank's payments system policy. It provides analysis and advice to the Payments System Board on improving the safety, efficiency and competitiveness of the payments system. The Department is also responsible for oversight of Australia's high-value payments, clearing and settlement facilities and represents the Bank on the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements.
Audit Department is responsible for conducting independent appraisals of the Reserve Bank's activities, functions and operations to ensure that an adequate framework of internal control has been established and is operating effectively. The Head of Audit reports to the Deputy Governor and Chair of the Reserve Bank Board Audit Committee.
Finance Department is responsible for the Reserve Bank’s financial statements and taxation reporting obligations, prepares the Bank’s budget and provides a range of support services, including corporate payments, payroll and travel. Finance also manages the Bank’s Enterprise Portfolio Management Office.
Human Resources Department
Human Resources Department provides a range of people-related services to support the Reserve Bank in maintaining a productive and engaged workforce. This includes sourcing high-quality staff as well as implementing policies and programs that cover employment conditions, reward, development, diversity and workplace health and safety.
Information Department is responsible for the Reserve Bank's records management system, information governance and its archives and for facilitating public access to Bank records. It also manages the Reserve Bank of Australia Museum and a program of public education, with particular focus on supporting students and educators.
Risk and Compliance Department
The Risk and Compliance Department supports the consistent and effective application of the Bank's 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 the Bank's operations in financial markets. The department is responsible for secretariat and coordination services and advice for the Risk Management Committee. The Head of Risk and Compliance reports to the Deputy Governor, including in his role as Chair of the Risk Management Committee.
Secretary's Department provides secretariat and coordination services and advice on governance matters for the Governors, the Reserve Bank Board and its Audit and Remuneration Committees, the Payments System Board, and the Bank's Executive Committee. Secretary's Department is responsible for the Reserve Bank’s communication, including preparing and publishing Reserve Bank information, maintaining the Bank's websites and handling enquiries from the media and general public. In addition, it provides legal services to the Reserve Bank through the General Counsel (who reports directly to the Deputy Governor), coordinates a range of contacts with government, the parliament, other central banks and international organisations, and arranges programs for international visitors.
Note Printing Australia Limited
Note Printing Australia Limited (NPA) is a wholly owned subsidiary of the Reserve Bank of Australia. NPA’s prime function is the efficient and cost-effective production of high-quality and secure Australian banknotes, in accordance with specifications and requirements set by the Reserve Bank. NPA also undertakes other activities, including developing and producing passports for the Department of Foreign Affairs and Trade, producing banknotes for other issuing authorities and producing other security products. NPA operates under a charter reviewed and approved annually by the Reserve Bank Board. NPA is governed by a board of directors appointed by the Reserve Bank. The NPA Board has an Audit and Risk Committee.