Media Release Consultation on the Future System for Monetary Policy Implementation in Australia

At its March 2024 meeting, the Reserve Bank Board considered broad options for the future system for monetary policy implementation in Australia. The Board endorsed a plan to operate with ample reserves, by meeting all demands for reserves via full allotment auction at the RBA’s open market operations.

The RBA has today released a Consultation Paper to guide the consultation process. This paper sets out the principles and options regarding detailed design features of the ample reserves system and seeks feedback from stakeholders, including on specific topics.

Comments and questions should be sent to The submission closes on Friday 10 May.


Communications Department
Reserve Bank of Australia

Phone: +61 2 9551 9720