News & Announcements
2025
July 2025
Statement on the Conduct of Monetary Policy
A new Statement has been agreed by the Monetary Policy Board and the Government.
Read the Treasurer's announcement
What Has Australian Macroeconomic Thought Achieved in the Past Century – And Where Can it Contribute in the Next?
In this speech to the Economics Society of Australia (Australian Conference of Economists), Andrew Hauser, Deputy Governor, reflects on how Australian thinkers have helped to develop some of the most important building blocks in open economy macroeconomics over the past century, and where they can contribute over the next century.
Monetary Policy Decision
Media Conference
Video
June 2025
HANK and the Transmission of Shocks to Demand and Supply
Research Discussion Paper 2025-04
Australia’s Bond Market in a Volatile World
In this speech to the Australian Government Fixed Income Forum, David Jacobs, Head of Domestic Markets, discusses the Australian bond market in the context of recent volatility and longer-term development, and the RBA’s new framework for implementing monetary policy.
Payments System Board Update: June 2025 Meeting
Media Release
Joining the Dots: Exploring Australia’s Economic Links with the World Economy
In this speech to the Economic Society of Australia (Queensland), Sarah Hunter, Assistant Governor (Economic), explores the interconnectedness of global and domestic economies, and outlines the RBA’s analytical framework for navigating economic uncertainty and informing monetary policy decisions.
May 2025
Open the Door and See the Mountain: Reflections from a Recent Trip to China
In this speech to the Lowy Institute, Andrew Hauser, Deputy Governor, reflects on his recent trip to China, the US administration’s tariff strategy, and what this means for the economic outlook and monetary policy in Australia.
Fast Posterior Sampling in Tightly Identified SVARs Using ‘Soft’ Sign Restrictions
Research Discussion Paper 2025-03
April 2025
Australia’s External Position and the Evolution of the FX Markets
In this speech to Australian Financial Markets Association/Bloomberg, Christopher Kent, Assistant Governor (Financial Markets) discusses Australia’s evolving external position and the development of foreign exchange (FX) markets.
Panel participation by Michele Bullock, Governor – Tokenisation and the Financial System: Adapting to the New Landscape – at IMF Spring Meetings 2025, Washington DC
No text available.
Women’s Economic Empowerment in Australia
In this speech at the Chief Executive Women Melbourne Annual Dinner, Governor Michele Bullock spoke about the ongoing tariff announcements by the United States administration and global developments over the past week, and reflected on the significant strides in women’s empowerment in the Australian economy over the past 40 years.
New Release of Records on Unreserved
The latest release of archival records focuses on the Bank’s interactions with international organisations and the management of foreign currencies and exchange. The release also includes papers relating to Reserve Bank Board meetings (1985 to 1991).
Boundedly Rational Expectations and the Optimality of Flexible Average Inflation Targeting
Research Discussion Paper 2025-02
The RBA’s Monetary Policy Implementation System – Some Important Updates
In this speech, Assistant Governor (Financial Markets) Christopher Kent outlines operational changes to our Open Market Operations (OMOs) that will support the transition to ample reserves.
March 2025
RBA and ASIC Act on Deep Concerns with ASX
Media Release
Monetary Policy: Forward Looking and Data Dependent in the Face of Uncertainty
In this speech to the Australian Financial Review Banking Summit, Assistant Governor (Economic) Sarah Hunter discusses the transmission of monetary policy and what it means to be data dependent when setting monetary policy.
Payments System Board Update: March 2025 Meeting
Media Release
Monetary Policy in a VUCA World
In this speech to the Australian Financial Review Business Summit, Deputy Governor Andrew Hauser discusses the state of the economy and the implications for monetary policy in an increasingly ‘VUCA’ (Volatile, Uncertain, Complex and Ambiguous) world.
February 2025
Additional Budget Estimates 2024–25 Economics Legislation Committee – Canberra
Deputy Governor Andrew Hauser, Assistant Governors Brad Jones (Financial System) and Michelle McPhee
(Business Services)
No text available.
Why Productivity Matters
In this speech at the ABE Annual Forecasting Conference, Head of Economic Analysis Michael Plumb explains why trends in productivity are important and discusses the implications of recent productivity outcomes for the Australian economy.
Fireside chat by Brad Jones, Assistant Governor (Financial System), at DLT-Enabled, Online
No text available.
Opening Statement to the House of Representatives Standing Committee on Economics
Governor Michele Bullock provides an update on the Bank's operations and activities, before she and senior colleagues answer questions from the Committee members.
Are Investment Tax Breaks Effective? Australian Evidence
Research Discussion Paper 2025-01
January 2025
Staff Appointment
Media Release
2024
December 2024
Shedding Light on Uncertainty: Using Scenarios in Forecasting and Policy
In this speech, Assistant Governor (Economic Group) Sarah Hunter explains how the RBA uses economic scenarios to help think through the outlook for the economy and set monetary policy.
The Future of the Payments System
In this speech at the AusPayNet Summit, Assistant Governor (Financial System) Brad Jones discusses the current state of Australia’s payments system, the future of the system, and the RBA’s role in it.
The Ghost of Christmas Yet to Come
In this speech at the Australian Business Economists’ Annual Dinner, Deputy Governor Andrew Hauser discusses Australia’s links to the world economic and financial system and the potential macroeconomic implications for Australia from future global trade policies.
How Do Global Shocks Affect Australia?
Research Discussion Paper 2024-10
The ‘Clean Energy Transition’ and the Cost of Job Displacement in Energy-intensive Industries
Research Discussion Paper 2024-09
A Stocktake of Securitisation in Australia
In this speech to the Australian Securitisation Conference in Sydney, David Jacobs, Head of Domestic Markets discussed why securitisation matters to the economy, how the market is evolving, and systemic risks related to securitisation markets.
November 2024
Economic Conditions and the RBA’s Transformation
In this speech to the Committee for Economic Development of Australia, Governor Michele Bullock analyses domestic economic conditions and discusses the RBA’s monetary policy strategy and processes and our transformation agenda.
Modelling Reserve Demand with Deposits and the Cost of Collateral
Research Discussion Paper 2024-08
Payments System Board Update: November 2024 Meeting
Media Release
The Financial System and Monetary Policy in Australia
In this Sir Leslie Melville Lecture, Christopher Kent, Assistant Governor (Financial Markets) discusses how interest rate risk and differences in economic structures affect the relative strength of monetary policy transmission in Australia, and differences in the RBA’s approach to forward guidance.
Panel Participation by Brad Jones, Assistant Governor (Financial System), at the Regulators 2024 (FINSIA), Sydney
Assistant Governor (Financial System) Brad Jones discusses the Payments System Board’s strategic priorities, and financial stability.
Appearance before the Senate Economics Legislation Committee (Senate Estimates) – Canberra
Michele Bullock, Governor, and Christopher Kent, Assistant Governor (Financial Markets).
No text available.
Staff Appointments
Media Release
October 2024
Central Bank Communications
Draft papers presented at the Reserve Bank of Australia 2024 Conference
Inflation Expectations – Why They Matter and How They Are Formed
In this speech at an Investment Conference hosted by Citi Australia and New Zealand, Sarah Hunter, Assistant Governor (Economic), discusses inflation expectations, why they matter and how they are formed.
How Do Households Form Inflation and Wage Expectations?
Research Discussion Paper 2024-07
Review of Merchant Card Payment Costs and Surcharging
Media Release
New Release of Records on Unreserved
The latest release of archival records focuses on the papers relating to Reserve Bank Board meetings (1960 to 1984). These records include meeting minutes and agendas along with statistical data and information papers.
Review of the Term Funding Facility
Media Release
A Review of the RBA’s Term Funding Facility
In this speech at an event hosted by the Reserve Bank of Australia, Christopher Kent, Assistant Governor (Financial Markets), discusses the review the RBA has just published on the Term Funding Facility (TFF).
From the Shadows to the Podium: Central Banks and the Press
Remarks by Andrew Hauser, Deputy Governor
September 2024
Financial Innovation and the Future of CBDC in Australia
In this speech to the Intersekt Conference in Melbourne, Brad Jones, Assistant Governor (Financial System) discusses the RBA and Treasury’s latest research into central bank digital currency (CBDC) and provides an update on projects related to the future of digital money in Australia.
Examining the Macroeconomic Costs of Occupational Entry Regulations
Research Discussion Paper 2024-06
Understanding the Journey to Full Employment
In this keynote address to the Barrenjoey Economic Forum, Assistant Governor (Economic) Sarah Hunter spoke about the RBA’s view of the labour market, including how we have interpreted recent data, and what we expect over the next couple of years.
The Costs of High Inflation
In this speech at the Anika Foundation fundraising luncheon in Sydney, Governor Michele Bullock spoke about why it is imperative that we return inflation to levels that mean it is in the background again.
August 2024
Sign Restrictions and Supply-demand Decompositions of Inflation
Research Discussion Paper 2024-05
Opening Statement to the House of Representatives Standing Committee on Economics
Governor Michele Bullock provides an update on the Bank’s operations and activities, before she and senior colleagues answer questions from the Committee members.
Payments System Board Update: August 2024 Meeting
Media Release
Beware False Prophets
In this speech at the ESA Business Lunch in Brisbane, Deputy Governor Andrew Hauser spoke about the risks of overconfidence in economic commentary and ways in which central banks can avoid falling prey to it in our own deliberations.
Economic Conditions in Post-Pandemic Australia with a Regional Lens
In delivering the Rotary Club of Armidale Annual Lecture, Governor Michele Bullock spoke about the context for the Reserve Bank Board’s August decision and economic conditions, challenges and opportunities in regional Australia.
Appearance before the Senate Select Committee on the Cost of Living – Sydney
Sarah Hunter, Assistant Governor (Economic), and Natasha Cassidy, Deputy Head of Economic Analysis.
No text available.
Staff Appointments
Media Release
Appearance before the Parliamentary Standing Committee on Public Works – Canberra
Michelle McPhee, Assistant Governor (Business Services), Bruce Harries, Head of Workplace, and Lynne
Cockerell, Acting Head of Note Issue.
No text available.
July 2024
Panel participation by John Simon, Head of Economic Research, at the Macquarie University Business School, Sydney
No text available.
Nowcasting Quarterly GDP Growth during the COVID-19 Crisis Using a Monthly Activity Indicator
Research Discussion Paper 2024-04
June 2024
Strangers in Paradise
Deputy Governor Andrew Hauser spoke at the Citi A50 Australian Economic Forum about three of the important drivers of Australia’s economic prosperity.
Restrictive Financial Conditions in Australia
In this speech to the ABA Banking Conference, Christopher Kent, Assistant Governor (Financial Markets) discusses various aspects of financial conditions in Australia. He notes that financial conditions are restrictive, particularly for households, although less so for larger businesses.
ABS and RBA Joint Conference
Available papers presented at the 2024 conference on ‘Human Capital’.
Online Retail Payments – Some Policy Issues
In a speech to the Merchant Risk Council, Ellis Connolly, Head of Payments Policy, discusses policy issues surrounding online retail payments and updates on reforms to the RBA’s regulatory role in payments as well as the RBA’s upcoming review of retail payments regulation.
Appearance by Michele Bullock, Governor and Christopher Kent, Assistant Governor (Financial Markets), before the Senate Economics Legislation Committee – Canberra
May 2024
The State of Economics
In an address to the Economic Society of Australia (ESA), Jacqui Dwyer, Head of Information Department, shares the latest data on the current landscape for economics education so there can be a collective effort in addressing current challenges.
Payments System Board Update: May 2024 Meeting
Media Release
Housing Market Cycles and Fundamentals
In this speech to the REIA Centennial Congress, Sarah Hunter, Assistant Governor (Economic) talks about the dynamics of the housing market. She discusses several potential avenues through which the imbalance between housing supply and demand growth may be resolved.
Demand in the Repo Market: Indirect Perspectives from Open Market Operations from 2006 to 2020
Research Discussion Paper 2024-03
2025 Reserve Bank Board Meeting Dates
Media Release
April 2024
Latest Unreserved archive release
Latest release of archival records includes minutes and papers of various boards relating to the early management of the Bank (1924–59). These records are accompanied by a guide exploring the legislative history of the Bank.
Appearance before the Senate Economics Legislation Committee on Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 [Provisions] and a related bill [Provisions]
Ellis Connolly, Head of Payments Policy, and Troy Gill, Senior Manager, Payments Policy.
No text available.
Valuing Safety and Privacy in Retail Central Bank Digital Currency
Research Discussion Paper 2024-02
Financing SME Innovation in Australia – Challenges and Opportunities
In this speech to the COSBOA National Small Business Summit, Brad Jones, Assistant Governor (Financial System), talks about the contribution that SMEs make to our economy and society, and the challenge and opportunities for financing SME innovation in Australia.
The Future System for Monetary Policy Implementation
In this speech to the Bloomberg Australia Briefing, Christopher Kent, Assistant Governor (Financial Markets) explains the plan for the RBA’s future system for monetary policy implementation, which involves an ample reserves system with full allotment for our Open Market Operations.
March 2024
Fireside Chat by Ellis Connolly, Head of Payments Policy, at the AFR Banking Summit – Sydney
No text available.
February 2024
Payments System Board Update: February 2024 Meeting
Media Release
Appointment of Chief Operating Officer
Media Release
Appearance before the Senate Economics Legislation Committee on Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023
Michele Bullock, Governor, and Catherine Parr, General Counsel.
No text available.
Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data
Research Discussion Paper 2024-01
Appearance before the Senate Economics Legislation Committee (Additional Estimates) – Canberra
Michele Bullock, Governor, and Christopher Kent, Assistant Governor (Financial Markets).
No text available.
The Outlook for Inflation and Employment
In a speech to the ABE Annual Forecasting Conference, Head of Economic Analysis Marion Kohler spoke about our outlook for the economy, our assessment of spare capacity and changes we’re making to enhance transparency.
Opening Statement to the House of Representatives Standing Committee on Economics
Governor Michele Bullock provides an update on the Bank’s operations and activities, before she and senior colleagues answer questions from the Committee members.
January 2024
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