Reserve Bank of Australia Annual Report – 2015 Organisation Structure

The Reserve Bank has the following operational structure: Banking and Payments Group; Corporate Services Group; Currency Group; Economic Group; Financial Markets Group; Financial System Group; and five complementary departments.

The Reserve Bank is organised along the following operational lines, under the leadership of the Governor, Glenn Stevens[*], and Deputy Governor, Philip Lowe[*][†].

Banking and Payments Group

Assistant Governor: Keith Hall[*][†]

Banking and Payments Group comprises Banking Department and Payments Settlements Department.

Banking Department

Head: Lindsay Boulton

Deputy Heads: Stephanie Connors, Paul Phibbs

Banking Department provides a range of banking services to Australian Government departments and agencies as well as a number of overseas central banks and official institutions. The services are broadly divided into two activities – management of the government's core accounts and transactional banking. Sydney-based staff are responsible for the direction, administration and development of the Department's work, while the day-to-day interaction with customers is largely managed by staff in the Bank's Canberra Branch.

Payments Settlements Department

Head: Greg Johnston

Deputy Heads: David Brown, Peter Gallagher

Payments Settlements Department is 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 system. 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: Frank Campbell[*][†]

Corporate Services Group comprises three departments, which provide services to other parts of the Reserve Bank.

Facilities Management Department

Head: Grant Baldwin

Deputy Head: Matt Nolan

Facilities Management Department is responsible for the Reserve Bank's properties, security management and a range of facilities services.

Finance Department

Chief Financial Officer: Robert Middleton-Jones[†]

Financial Controller: Colleen Andersen

Chief Manager, Superannuation Fund and Special Projects: Michael Davies

Finance Department prepares the Reserve Bank's financial and management accounts and is responsible for a range of staff services, including payroll, superannuation and travel. Finance also manages the Bank's Enterprise Portfolio Management Office.

Information Technology Department

Chief Information Officer: Sarv Girn[†]

Deputy Head, Infrastructure and Operations: Peter Speranza

Deputy Head, Technology Services: Gayan Benedict

Information Technology Department is responsible for maintaining and developing the IT functions that support the Reserve Bank's policy, operational and corporate objectives.

Currency Group

Assistant Governor: Michele Bullock[*][†]

Currency Group is responsible for all aspects of the banknote life cycle, including the design, production and distribution of banknotes.

The Assistant Governor (Currency) is Chair of Note Printing Australia Limited (NPA), a separately incorporated, wholly owned subsidiary of the Reserve Bank. It is responsible for printing banknotes, passports and other security documents for Australia and for export. More detail on NPA's governance and structure is provided in the chapter on ‘Currency’.

Note Issue Department

Head: Michael Andersen

Deputy Heads: Keith Drayton, James Holloway

Note Issue Department is responsible for research into and development of new banknote designs and security features, and the supply of high-quality banknotes to meet the community's demand. The Department manages laboratories to assess new and used banknotes, develop new security features and assess counterfeits detected in circulation. It has an extensive public engagement program with commercial banks, retailers, cash-in-transit companies, law enforcement agencies and banknote equipment manufacturers. Staff actively participate in a number of international groups with the objective of minimising the threat posed by counterfeiters internationally.

Economic Group

Assistant Governor: Christopher Kent[*]

Economic Group is responsible for analysis of economic trends, both domestic and overseas, forecasting and research relevant to the framing of monetary policy. It comprises Economic Analysis Department and Economic Research Department.

Economic Analysis Department

Head: Alexandra Heath

Deputy Heads: Andrea Brischetto, Merylin Coombs, Michael Plumb

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 Reserve Bank Board, contributes to various external bodies, maintains contacts with relevant external analysts, undertakes applied research and prepares reports for publication.

The Reserve Bank maintains four State Offices, covering: Queensland; South Australia and the Northern Territory; Victoria and Tasmania; and Western Australia. New South Wales and the Australian Capital Territory are covered by Head Office. These offices analyse economic conditions in regions throughout Australia and conduct liaison with individual firms and agencies in both the private and public sectors. They also provide a vehicle for communicating the workings of monetary policy to the wider community and for improving access to the Reserve Bank.

The Reserve Bank has an office in Beijing, which is responsible for monitoring Chinese economic and financial developments as well as maintaining relationships with government and private sector entities.

Economic Research Department

Head: John Simon

Deputy Head: Adam Cagliarini

Economic Research Department undertakes longer-term research into issues relevant to monetary policy formulation 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 academic visitors each year and is responsible for administering a comprehensive library service for the Reserve Bank.

Financial Markets Group

Assistant Governor: Guy Debelle[*][†]

Financial Markets Group is responsible for implementing the Reserve Bank's operations in domestic and foreign exchange markets, monitoring developments in financial markets and coordinating the Bank's relationships with international institutions. The Group comprises Domestic Markets Department and International Department.

Domestic Markets Department

Head: Chris Aylmer

Deputy Head: Ellis Connolly

Domestic Markets Department is responsible for the Reserve Bank's operations in the domestic money and bond markets. The Department 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 Reserve Bank Board on these issues.

International Department

Head: Chris Ryan

Deputy Heads: Matthew Boge, Marion Kohler

International Department is 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 Reserve Bank Board. The Department is also responsible for maintaining the Reserve Bank's relations with major international institutions.

The Reserve Bank's Representative Offices in London and New York come under the umbrella of the Financial Markets Group. 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 the local markets, and are responsible for foreign exchange operations and investment of international reserves.

The Reserve Bank's investment and trading operations are supported by the Business Support Services area.

Financial System Group

Assistant Governor: Malcolm Edey[*]

Financial System Group supports the Reserve Bank's role in payments system regulation and its broad responsibilities for financial system stability. The Group comprises Financial Stability Department and Payments Policy Department.

Financial Stability Department

Head: Luci Ellis

Deputy Heads: David Orsmond, Carl Schwartz

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 Reserve Bank Board and supports the Reserve Bank's representation on bodies such as the Council of Financial Regulators, Financial Stability Board and Basel Committee on Banking Supervision. It is responsible for producing the Financial Stability Review.

Payments Policy Department

Head: Tony Richards

Deputy Heads: Darren Flood, Mark Manning

Payments Policy Department is 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 and efficiency of the payments system. The Department is also responsible for oversight of Australia's clearing and settlement facilities and represents the Bank on the Committee on Payments and Market Infrastructures of the Bank for International Settlements.

Audit Department

Head: Darryl Ross[†][‡]

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 controls has been established and is operating effectively. The Head of Audit Department reports to the Deputy Governor and Chair of the Audit Committee.

Human Resources Department

Head: Melissa Hope[*][†]

Deputy Head: Bruce Harries

Human Resources Department provides a range of centralised functions to support and enable the Reserve Bank to deliver its core objectives. These include shaping and maintaining a positive culture, a productive and engaged workforce and a safe, inclusive work environment; developing and fully utilising the talents of its staff to achieve with excellence; attracting, rewarding and retaining high-quality staff; and ensuring compliance with legislative requirements and legal standards.

Information Department

Head: Jacqui Dwyer[†][‡]

Information Department is responsible for preparing and publishing Reserve Bank information and maintaining the Bank's websites. It handles enquiries from the public and media. In addition, the Department is responsible for the Bank's records management system, archives and the Museum of Australian Currency Notes.

Risk and Compliance Department

Head: Michelle McPhee[†][‡]

The Risk and Compliance Department supports the consistent and effective application of the Reserve Bank's framework for managing risk, both at the enterprise level and for individual business units across the Bank. 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 Head of Risk and Compliance Department reports to the Risk Management Committee and the Deputy Governor. The Department is responsible for secretariat services for the Risk Management Committee.

Secretary's Department

Secretary: Anthony Dickman[*]

Deputy Secretary: Peter Stebbing

General Counsel: Catherine Parr[†][‡]

Deputy General Counsel: Peter Jones

As a custodian of governance in the Reserve Bank, Secretary's Department provides secretariat and coordination services for the Governors, the Reserve Bank Board and its Audit and Remuneration Committees, the Payments System Board and the Executive Committee. In addition, it provides legal services to the Bank through the General Counsel, and coordinates a range of contacts with government, the Parliament, other central banks and international organisations, including arranging programs for visitors.


Member of Executive Committee [*]

Member of Risk Management Committee [†]

Advisor to Executive Committee [‡]