Monetary Policy in an Era of Shocks
In this speech to the Anika Foundation Fundraising Lunch, Governor Michele Bullock discusses how recent global developments are affecting the Australian economy and the implications for monetary policy.
News & Announcements
2026
July 2026
Appearance before the Senate Economics Legislation Committee – Cash Distribution Framework Bill 2026 and Cash Distribution Framework (Consequential Amendments and Transitional Provisions) Bill 2026 – Canberra
Brad Jones, Assistant Governor (Financial System)
Ellis Connolly, Head of Payments Policy
Tracking Mergers and Acquisitions Using Australian Administrative Data
Research Discussion Paper 2026-04
Understanding Supply Shocks and Their Implications for Monetary Policy
In this speech, RBA Assistant Governor (Economic) Sarah Hunter discusses the economic frameworks that central banks use to assess supply shocks.
Insights: an RBA Staff Series
Short analytical notes in which RBA staff present their own analysis of a range of topics in economics and central banking.
June 2026
Additional Monetary Policy Tools: Reflections and a New Framework
In this speech, RBA Assistant Governor (Financial Markets) Christopher Kent discusses the Monetary Policy Board’s new Framework for Additional Monetary Policy Tools at low interest rates, and how the board and RBA staff would approach the design, use, and exit from these tools.
Review of Payments System Regulation
Media Release
“The Straight Line Belongs to Man, the Curved Line Belongs to God”
Speech by Andrew Hauser, Deputy Governor, Sir Douglas Copland Memorial Lecture to the Economic Society of Australia (Victoria), Melbourne
Designing an Efficient Reference Rate: Lessons from SOFIA
Research Discussion Paper 2026-03
Geopolitics and the Financial System: Some Echoes From History
In this speech to the Australian Banking Association, Assistant Governor (Financial System) Brad Jones discusses the relationship between geopolitical developments and the resilience of the global and Australian financial systems.
Payments System Board Update: June 2026 Meeting
Media Release
Economic Conditions and the Outlook
In this presentation, Monetary Policy Board member Ian Harper AO discusses current economic conditions, the economic outlook and offers insights into monetary policy decision-making in an uncertain environment.
May 2026
Economics and the Public Good
In this speech, Monetary Policy Board member Carolyn Hewson AO reflects on the practical application of economic thinking, leadership, and public service in a complex world.
Interview With Bloomberg TV
Sarah Hunter, Assistant Governor (Economic)
Inflation and the Impact of the Middle East Conflict
In this speech to the Bloomberg Forum for Investment Managers, the RBA’s Assistant Governor (Economic) Sarah Hunter outlines how the RBA has used our frameworks to think about inflation in the context of the current Iran conflict.
Shifts in Australian Price-setting Behaviour around Large Shocks
Research Discussion Paper 2026-02
April 2026
Appearance before the Senate Select Committee on Productivity in Australia – Canberra
Sarah Hunter, Assistant Governor (Economic), and Michael Plumb, Head of Economic Analysis Department, appearing (via video conference)
Rethinking Macro Policy Frameworks for a Transforming, Shock-Prone World
Panel participation by Sarah Hunter, Assistant Governor (Economic) at the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, Washington, D.C.
Deglobalisation and Fragmentation: Mid Term Challenges for Central Banks
Panel participation by Andrew Hauser, Deputy Governor at the Institute of International Finance Global Outlook Forum, Washington, D.C.
March 2026
Shock-percentile Restrictions for SVARs
Research Discussion Paper 2026-01
Reassessing Australian Financial Conditions
Speaking to the KangaNews Debt Capital Market Summit, Assistant Governor (Financial Markets) Christopher Kent explains how the RBA’s assessment of financial conditions – and so the stance of monetary policy – has evolved.
After Acacia: The Next Era of Financial System Innovation?
In this speech to Australian Payments Plus, Assistant Governor (Financial System) Brad Jones gives an early insight into the key findings and next steps arising from the RBA’s collaborative research project on tokenised assets.
Release of Financial Stability Review – March 2026
Media Release
Interview With The Conversation’s Politics With Michelle Grattan Podcast
Andrew Hauser, Deputy Governor
On the Safe-haven Status of the US Dollar
Deputy Governor Andrew Hauser joined the 2026 Chicago Booth US Monetary Policy Forum in New York, delivering remarks and participating in a panel discussion on global monetary policy.
Payments System Board Update: March 2026 Meeting
Media Release
Listening to Australians, Interpreting the Data and Setting Monetary Policy
In this speech to the Australian Financial Review Business Summit, Governor Michele Bullock discusses the February monetary policy decision, how the RBA makes decisions when uncertainty is elevated, and the importance of listening to households and businesses.
Remarks by Sarah Hunter, Assistant Governor (Economic), at the Norges Bank Monetary Policy Mandate Conference, Oslo, Norway
In this speech, RBA’s Assistant Governor (Economic) Sarah Hunter outlines how the RBA Review sharpened the Bank’s dual mandate and how this shaped the Monetary Policy Board’s post-pandemic strategy of returning inflation to target while preserving as many gains in the labour market as possible.
February 2026
Final Incident Report, Payments Settlements Outage
On Tuesday 27 January 2026, a technology incident disrupted some of the payment and settlement services operated by the RBA. This report outlines what occurred, the root causes, the impacts on services and participants, and the actions the RBA will take including several actions relevant to industry.
Opening Statement to the Inquiry Into Schemes, Digital Wallets and Innovation in the Payments Sector
Ellis Connolly, Head of Payments Policy Department
Recent Developments in Inflation and the Economic Outlook
In this speech to the ABE Annual Forecasting Conference, Head of Economic Analysis Michael Plumb discusses developments in the Australian economy, including the drivers of the recent increase in inflation and what that means for the outlook.
Interview With Guardian’s Australian Politics
Andrew Hauser, Deputy Governor
60th Anniversary of Decimal Currency
On 14 February 1966, Australia introduced decimal currency. Explore the story behind this historic transition, the design of the first decimal banknotes, and the public education campaign led by Dollar Bill.
Appointment to the Monetary Policy Board
Media Release
Defining Full Employment and Its Intertwined Relationship With Inflation
In this speech, the RBA’s Assistant Governor (Economic) Sarah Hunter explores what ‘full employment’ really means, how it is inseparably linked with inflation, and why this relationship matters for monetary policy.
Appearance before the Senate Economics Legislation Committee (Additional Estimates 2025-26) – Canberra
Michele Bullock, Governor
Christopher Kent, Assistant Governor (Financial Markets)
Fireside chat with Andrew Hauser, Deputy Governor, at the Australian Chamber of Commerce and Industry (ACCI) Business Leaders’ Series, Sydney
Speaking to the Australian Chamber of Commerce and Industry in Sydney, Andrew Hauser, Deputy Governor, discusses the domestic and global economic outlook and the RBA’s monetary policy strategy.
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.
Fireside chat with Brad Jones, Assistant Governor (Financial System), at the Investment Magazine 2026 Chair Forum, Sorrento
Speaking at the Investment Magazine Chair Forum 2026, RBA Assistant Governor (Financial System) Brad Jones discusses how we’re engaging with the superannuation industry on the changing risks facing this trillion sector.
January 2026
Technology Outage
Statement
New Statistical Table: Consumer Price Inflation – Monthly Collection – G4
This new table will show monthly data series following the introduction of the complete monthly CPI by the ABS.
2025
December 2025
Forecasts of Period-average Exchanges Rates: Insights from Real-time Daily Data
Research Discussion Paper 2025-09
Panel participation by Ellis Connolly, Head of Payments Policy Department, at The AusPayNet Summit, Sydney
Resilience, Innovation and the Future of the Payments System
The RBA’s Assistant Governor (Financial System) Brad Jones discusses resilience, innovation and the future of the payments system at The AusPayNet Summit 2025.
Interview with Ladies Finance Club
Sarah Hunter, Assistant Governor (Economic)
Financial Stability in Practice: The Role of the Reserve Bank of Australia
In this speech to the Sydney Banking and Financial Stability Conference, Head of Financial Stability Department Andrea Brischetto discusses the concept of financial stability, why it matters and how the RBA contributes to it.
Appearance before the Senate Economics Legislation Committee – Supplementary Budget Estimates 2025-26 – Canberra
Governor Michele Bullock and Assistant Governor (Financial Markets) Christopher Kent
November 2025
Payments System Board Update: November 2025 Meeting
Media Release
How Developments in International Financial Markets Shape Financial Conditions in Australia
In this speech to the Australian Securitisation Forum, Head of International Department Penelope Smith discusses developments in international financial markets over 2025 and some of the channels through which they can influence financial conditions in Australia.
Remarks and Fireside chat by Assistant Governor (Economic) Sarah Hunter, at the Australian Industry Group Executive Luncheon
The RBA’s Assistant Governor (Economic) Sarah Hunter discusses some of the research our economists are undertaking into key structural shifts shaping Australia’s economy – and how these insights can guide monetary policy decisions today and into the future.
Panel participation by Ellis Connolly, Head of Payments Policy Department, at the Women in Payments Australia Symposium, Sydney
Ageing and Economic Growth in China
Research Discussion Paper 2025-08
Interview with Reuters
Andrew Hauser, Deputy Governor
The Outlook for Financial Stability – Globally and in Australia
Speaking to the Association of Superannuation Funds of Australia Conference, Assistant Governor (Financial System) Brad Jones discusses the global financial stability outlook, digital money and domestic financial stability considerations for Australia’s superannuation funds.
On the Rail or Off to the Races? The Outlook for the Australian Economy
In this speech to the UBS Australasia Conference, Deputy Governor Andrew Hauser discusses developments in the Australian economy over the past year, the RBA’s latest outlook, and three alternative views of how the economy could evolve.
October 2025
Fireside Chat with Governor Michele Bullock, at the ABE Annual Dinner – Sydney
In a fireside chat at the at the Australian Business Economists 2025 Annual Dinner, Governor Michele Bullock sat down with Head of Economic Analysis Michael Plumb to discuss the current economic and financial outlook.
Building Bridges in the Digital Economy: Modernising Australia’s Payments System
In this Bradfield Oration at The Daily Telegraph’s Future Sydney 2025, Governor Michele Bullock speaks about the importance of continuing to build a modern, innovative, and robust payments system. The Governor focuses on digital payments, the RBA’s infrastructure underpinning the digital payments system, and cash.
Managing Systemic Liquidity Risk
Assistant Governor (Financial System) Brad Jones joins a panel at the ISDA/AFMA Derivatives Trading Forum 2025, Sydney.
Back to the Futures: Liquidity in Australian Bond Futures amid Market-moving Events since COVID-19
Research Discussion Paper 2025-07
Staff Appointment
Media Release
Australian Financial Conditions – How Do We Judge How Tight or Easy They Are?
In this speech to the CFA Society Australia Conference, Assistant Governor (Financial Markets) Chris Kent explains the three building blocks RBA uses to assess financial conditions.
Why Productivity Matters for Central Bankers
In this speech, the RBA’s Assistant Governor (Economic) Sarah Hunter unpacks the link between productivity, inflation, and monetary policy – and why it matters for living standards and the economic outlook.
Interview with Money News, Nine Radio
Sarah Hunter, Assistant Governor (Economic)
Exchanges With Evan Lucas
Sarah Hunter, Assistant Governor (Economic)
Appearance before the Senate Economics Legislation Committee – Supplementary Budget Estimates 2025-26 – Canberra
Governor Michele Bullock and Assistant Governor (Financial Markets) Christopher Kent
The Evolving Global Payments Landscape: Challenges and Opportunities for Australia and the Broader Asia-Pacific Region
In remarks at a joint workshop hosted by the Bank for International Settlements, the Institute of International Finance, and the RBA, Governor Michele Bullock discusses the opportunities and challenges of technological innovation in cross-border payments, digital money, and the resilience of the payments system.
Release of Financial Stability Review – October 2025
Media Release
September 2025
Variation to the Access Regime for the ATM System
Media Release
Opening Statement to the House of Representatives Standing Committee on Economics
Governor Michele Bullock provides an update on the RBA’s operations and activities, before she and senior colleagues answer questions from the Committee members.
A Hedge Between Keeps Friendship Green: Could Global Fragmentation Change the Way Australian Investors Think About Currency Risk?
In this speech for a function hosted by CLS and NAB, Deputy Governor Andrew Hauser discusses the critical role CLS plays in safeguarding global financial stability by mitigating settlement risk in the foreign exchange market, the global significance of the Australian dollar, and the importance of continued collaboration in an increasingly complex financial landscape.
Anti-fragility and the Financial System
In this speech to the Financial Services Institute of Australasia, Assistant Governor (Financial System) Brad Jones discusses how regulators and the financial services industry can meet the challenges of strategic, technological, and operational disruption.
Panel Participation by Ellis Connolly, Head of Payments Policy, at the Stripe Tour Sydney
No text available.
Technology and the Future of Central Banking at the RBA
In this address to the 60th Shann Memorial Lecture, Michele Bullock, Governor, discusses the impact of technological change on our economy – drawing on insights from businesses through the RBA’s liaison program – and outlines how the RBA is adapting to this evolving landscape.
Staff Appointment
Media Release
ABS and RBA Joint Conference
Available papers presented at the 2025 conference on ‘Opening Doors: Data and Analytics Shedding Light on Housing Challenges’.
Inaugural release of Oral History interviews on Unreserved
Explore the inaugural official Oral History interviews with former Governors Ian Macfarlane and Glenn Stevens, and Deputy Governors Stephen Grenville and Guy Debelle. They are available as audio recordings and indexed transcripts.
August 2025
Payments System Board Update: August 2025 Meeting
Media Release
An AI-powered Tool for Central Bank Business Liaisons: Quantitative Indicators and On-demand Insights from Firms
Research Discussion Paper 2025-06
Panel Discussion – The Future of Money, Online
Economic Society of Australia webinar with Assistant Governor (Business Services) Michelle McPhee and Assistant Governor (Financial System) Brad Jones.
No text available.
Fireside Chat with Head of Payments Policy Ellis Connolly, at the COSBOA National Small Business Summit, Melbourne
No text available.
How Costly are Mark-ups in Australia? The Effect of Declining Competition on Misallocation and Productivity
Research Discussion Paper 2025-05
July 2025
The RBA’s Dual Mandate – Inflation and Employment
In this speech to the Anika Foundation Fundraising Lunch, Michele Bullock, Governor, reflects on recent monetary policy settings, how the labour market has adjusted in the current cycle, and how the RBA’s goals of price stability and full employment generally reinforce each other.
Review of Merchant Card Payment Costs and Surcharging
Media Release
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.
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.
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
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