Principles of the Monetary Policy Board’s Expert Advisory Group

Objectives

• The Expert Advisory Group (EAG) provides members of the Monetary Policy Board (MPB) with access to a diverse range of external perspectives on current economic conditions, the economic outlook and risks, as well as on matters of strategic or longer run relevance to monetary policy.
• The EAG’s role is to inform MPB members’ thinking; members will not discuss their own perspectives on the economic or policy outlook.

Attendance

• The EAG consists of up to a dozen external attendees, including economists from the private sector, academia and think tanks. External attendees rotate from meeting-to-meeting, and will be chosen by RBA staff, based on the questions to be discussed and to ensure a broad range of views.

Format

• Meetings are chaired by the Governor or Deputy Governor.
• The EAG meets twice a year under the Chatham House Rule.
• Meetings are scheduled to occur well before the MPB meetings and are not part of the MPB’s regular monetary policy deliberations.

Transparency

• MPB members will not provide personal views or confidential, market-sensitive material.
• Three working days after each EAG meeting, a list of attendees and a high-level summary of the discussion will be published on the Bank’s website.