Reserve Bank of Australia Annual Report 2016
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Contents
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Part 1: About the Reserve Bank
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In its role as Australia's central bank, the Reserve Bank of Australia determines and implements monetary policy, fosters financial stability, undertakes a range of associated activities in financial markets and banking, issues Australia's banknotes and has policy, supervisory and operational roles in the payments system. The Bank's values are promotion of the public interest, integrity, excellence, intelligent inquiry and respect.
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The Reserve Bank's activities are overseen by the Reserve Bank Board, Payments System Board and several board and management committees. The Reserve Bank Board has responsibility for monetary policy, banking policy and other policy matters, except those relating to the payments system, which are overseen by the Payments System Board.
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The Board comprises nine members: the Governor (Chair), Deputy Governor (Deputy Chair), Secretary to the Treasury (ex officio member) and six other non-executive members appointed by the Treasurer. Further to the legislative requirements, and in recognition of their responsibility to uphold the integrity of the Board and the Reserve Bank, members have adopted a Code of Conduct.
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The Reserve Bank is an independent central bank, accountable to the Parliament of Australia for its actions. The Bank is required by legislation to consult with, and report to, the Australian Government. The Bank seeks to enhance the community's understanding of its responsibilities, policies and actions through a broad communication program.
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The Reserve Bank has the following operational structure: Business Services Group, Corporate Services Group, Economic Group, Financial Markets Group, Financial System Group and five supporting departments.
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Part 2: Our Operations in 2015/16
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The Reserve Bank transacts in domestic and international financial markets in order to meet the Bank's policy objectives. These transactions include implementing the monetary policy decisions of the Reserve Bank Board, facilitating the smooth functioning of the payments system, managing the nation's foreign reserve assets and providing banking services to clients (mainly the Australian Government and its agencies and foreign central banks).
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The Reserve Bank provides important banking and payment services that underpin the efficient and stable functioning of the Australian financial system. The Bank is currently developing new banking and settlement capabilities and new infrastructure to support real-time settlement of payments by Australian households and businesses. This will ensure that the Bank continues to meet the needs of its government and agency customers and, in turn, the public.
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The Reserve Bank is responsible for producing and issuing Australia's banknotes. The Bank seeks to ensure there are sufficient high-quality banknotes in circulation to maintain confidence in banknotes as a payment mechanism and store of wealth. The Bank also conducts research and development to ensure that Australian banknotes remain secure against counterfeiting. To this end, the Bank is issuing an upgraded series of banknotes, with the first denomination, the $5, to be issued from 1 September 2016. At the end of June 2016 there were 1.4 billion banknotes, worth $70.2 billion, in circulation.
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The Reserve Bank continues to participate actively in initiatives that seek to address the challenges facing the global economy and improve the global financial architecture. It does so through its membership of global and regional forums and its close bilateral relationships with other central banks.
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Community engagement is very important in ensuring that the Reserve Bank succeeds in promoting the public interest, which is a core value of the Bank. Staff across the Bank's Sydney Head Office and offices in other states work to ensure that the Bank's role and actions are well understood by the community and that the Bank in turn understands the community's perspectives. The Bank sponsors academic research and education, and further engages with the public and academic community through the Reserve Bank of Australia Museum.
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Part 3: Management and Accountability
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The total number of Reserve Bank employees increased by 7 per cent during 2015/16. Of the 263 staff members who joined the Reserve Bank during the year, most were recruited on a limited-duration basis, largely to handle project work. The Bank continues to attract diverse and talented new employees through its graduate and internship programs.
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Much of the Reserve Bank's call on resources comes from activities associated with its key policy and operational responsibilities in financial markets, banking and payments. A number of ongoing major projects, designed to strengthen its operations, have added to the Bank's capital and operating costs in recent years. Several of these are expected to be brought to completion in 2016/17 and costs are expected to return to historical levels in later years.
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The Reserve Bank seeks to carefully manage risks related to its role and responsibilities. The Risk Management Committee, which is chaired by the Deputy Governor, oversees the Bank's risk management processes and framework, key to which is maintaining the Bank's active risk management culture.
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The Reserve Bank's balance sheet fluctuates in size according to operations in financial markets conducted to pursue its monetary policy objectives and support an efficient and orderly payments system in Australia. The Bank earns a profit in most years. It holds reserves that are sufficient to cover potential financial losses. In 2015/16, the Bank recorded a net profit of $2.9 billion, with earnings available for distribution of $4.6 billion.
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The Pro Forma Business Accounts for the Reserve Bank's contestable business have been prepared in accordance with competitive neutrality guidelines. These accounts do not form part of the audited financial statements.
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The Reserve Bank has a number of statutory reporting requirements that extend beyond its policy objectives and cover areas such as equal employment opportunity, work health and safety and freedom of information requests submitted to the Bank. Priorities for the Bank's Diversity and Inclusion Program in 2015/16 included gender diversity, the Bank's culture of inclusiveness and flexible work practices.
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Part 4: Financial Statements
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Part 5: Indexes
ISSN 1448–5303 (Print)
ISSN 1448–5192 (Online)