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RESERVE BANK OF AUSTRALIA

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 * Monetary Policy
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THE BANK'S MISSION AND KEY STATISTICS

We are Australia’s central bank and serve the people of Australia.

We conduct monetary policy, determine payments system policy, work to maintain a
stable financial system, issue the nation’s banknotes, operate the core of the
payments system and provide banking services to the government.


CASH RATE TARGET

4.35 %

Effective date 8 November 2023 Next update 2.30 pm, 5 December 2023

Cash rate target


INFLATION

Consumer Price Index Annual change September quarter 2023

5.4 %

Monthly Indicator September 2023

5.6 %

Inflation


EXCHANGE RATES

AUD/USD

0.6468

Trade-weighted Index

60.6

As at 4.00 pm, 17 November 2023

Exchange rates


NEWS & ANNOUNCEMENTS

Use left and right arrow keys to switch between tabs.
 * Latest news
 * Coming up


LATEST NEWS

APPOINTMENT OF CHIEF COMMUNICATIONS OFFICER

Media Release

17 November 2023 11.30 am AEDT

THE OUTLOOK FOR THE AUSTRALIAN ECONOMY

In a speech to the UBS Australasia Conference, acting Assistant Governor
(Economic) Marion Kohler talks about how we see the outlook for the Australian
economy, approaches we use to assess where we are relative to full employment
and our review of economic forecasts for the past year.
Audio 35.2MB Q&A Transcript Download 565KB

13 November 2023 10.30 am AEDT

STATEMENT ON MONETARY POLICY – NOVEMBER 2023

10 November 2023 11.30 am AEDT

CHART PACK: GRAPHS ON THE AUSTRALIAN ECONOMY AND FINANCIAL MARKETS

8 November 2023 11.30 am AEDT

STATEMENT BY MICHELE BULLOCK, GOVERNOR: MONETARY POLICY DECISION

Media Release

7 November 2023 2.30 pm AEDT
More news and announcements


COMING UP

PANEL PARTICIPATION BY MICHELE BULLOCK, GOVERNOR, AT THE ASIC ANNUAL FORUM,
MELBOURNE

21 November 2023 10.00 am AEDT

SPEECH BY CARL SCHWARTZ, ACTING HEAD OF DOMESTIC MARKETS F AT THE AUSTRALIAN
SECURITISATION FORUM'S CONFERENCE, SYDNEY

21 November 2023 10.45 am AEDT

MINUTES OF NOVEMBER 2023 MONETARY POLICY MEETING OF THE RESERVE BANK BOARD

21 November 2023 11.30 am AEDT

SPEECH BY MICHELE BULLOCK, GOVERNOR, AT THE ABE ANNUAL DINNER, SYDNEY

22 November 2023 7.35 pm AEDT

PAYMENTS SYSTEM BOARD MEETING

23 November 2023

RESERVE BANK BOARD MEETING – MONETARY POLICY DECISION

5 December 2023 2.30 pm AEDT

CHART PACK: GRAPHS ON THE AUSTRALIAN ECONOMY AND FINANCIAL MARKETS

6 December 2023 11.30 am AEDT
More upcoming events


MONETARY POLICY DECISION



At its meeting, the Board decided to raise the cash rate target by 25 basis
points to 4.35 per cent.


OUR ASSESSMENT OF CURRENT ECONOMIC CONDITIONS AND THE OUTLOOK.




FEATURED AREAS OF THE BANK'S WORK


MONETARY POLICY

Our role is to contribute to the stability of the currency, full employment, and
the economic prosperity and welfare of the Australian people.

 * MONETARY POLICY DECISION
   
   7 November 2023
   

 * STATEMENT ON MONETARY POLICY
   
   10 November 2023


PAYMENTS AND MARKET INFRASTRUCTURE

We promote the efficiency and competitiveness of the payments system, and
regulate market infrastructure to support financial stability.

 * PAYMENTS SYSTEM BOARD ANNUAL REPORT 2023
   
   9 October 2023

 * ASSESSMENT OF ASX CLEARING AND SETTLEMENT FACILITIES – OCTOBER 2023
   
   9 October 2023

 * CENTRAL BANK DIGITAL CURRENCY RESEARCH


FINANCIAL STABILITY

We work with other regulatory bodies to maintain the stability of the financial
system to create favourable conditions to foster economic growth.

 * FINANCIAL STABILITY REVIEW
   
   6 October 2023

 * REGULATORY FRAMEWORK

   

 * CLIMATE CHANGE AND FINANCIAL RISK


BANKNOTES

We are responsible for all aspects of the production and issuance of Australian
banknotes. We work to make them durable and difficult to counterfeit.

 * COUNTERFEIT DETECTION

 * BANKNOTE FEATURES

 * DAMAGED BANKNOTES


STATISTICS

We publish statistics and graphs that are relevant to our policy and regulatory
responsibilities.

 * RBA BALANCE SHEET
   
   17 November 2023

 * OFFICIAL RESERVE ASSETS – OCTOBER 2023
   
   7 November 2023

 * INDEX OF COMMODITY PRICES – OCTOBER 2023
   
   1 November 2023
   
   


EDUCATION

We are committed to supporting teachers and students who want to learn more
about our activities and the Australian economy.

 * RESOURCES

 * TEACHER MATERIALS

 * ECONOMIC UPDATE WEBINAR EVENT


ABOUT THE RESERVE BANK OF AUSTRALIA

We are Australia’s central bank.
Learn more about what we do and how we do it.

Hide transcript


TRANSCRIPT


MICHELE BULLOCK, GOVERNOR (2023 – PRESENT)

Our job here at the Reserve Bank is to serve the community. The Parliament of
Australia has given the Reserve Bank some very important responsibilities. It is
our duty to promote the economic prosperity and welfare of the people of
Australia, both now and into the future. We do this in many ways, including by
setting monetary policy to maintain price stability and full employment, by
contributing to the efficiency and stability of the payments system and the
stability of the financial system, and by banking the Australian Government and
providing the nation’s banknotes.

Probably the thing we do that is most familiar to people is set the level of
interest rates. This is known as ‘monetary policy’, where we change interest
rates to try to smooth fluctuations in the economy. The interest rate we control
is the cash rate, which is the rate that banks charge each other to borrow
overnight. Now this interest rate influences other interest rates in the
economy, such as those charged on your loans, or those you earn on your savings.
Changes in interest rates influence people’s decisions to buy things or invest
money, and they affect the exchange rate and the value of any assets that people
might hold, such as homes or shares. All this affects economic activity. In
deciding where to set the cash rate, we want to keep inflation low and stable,
averaging 2-3 per cent – our inflation ‘target’, if you like. But we want to do
it in a way that keeps the level of employment as high as possible. These
outcomes are essential for a prosperous economy.

But there are many other things that we are responsible for as well.

The Reserve Bank’s also responsible for the stability of the financial system.
We typically think of a stable financial system as one that is safe and helps
money flow within the economy, even when there are disruptive events. We
contribute to financial stability in a number of ways. One important way is by
setting monetary policy that helps keep inflation low and stable and people
fully employed. We also collaborate with other financial regulators – Australian
Prudential Regulation Authority, Australian Securities and Investment Commission
and the Australian Treasury – through the Council of Financial Regulators to
identify risks in the financial system and to develop plans to address them if
they arise. In extreme situations, we can also provide lending to financial
institutions that are sound but experiencing difficulties with liquidity.

Now we also make and distribute Australia’s banknotes. We have some of the
highest quality and most secure banknotes in the world and they use technology
that we in Australia invented, the Bank invented it with the CSIRO in the 1980s
– polymer, or if you like, plastic banknotes. We have a purpose-built banknote
printing facility and vault in the outer suburbs of Melbourne. It might surprise
many people that despite the use of electronic payments increasing, there is
still a lot of demand for banknotes, particularly as a store of value.

We also operate the payment system that is at the centre of the movement of
money in Australia. When money goes from one bank to another, say when you pay a
bill to somebody who banks with a different bank, the money comes through the
Reserve Bank. We are also constantly looking at innovations to provide
Australians with the most efficient and secure ways to pay. For example, we
worked with the banks to develop the New Payments Platform, which allows people
to make payments in close to real time, 24 hours a day, 7 days a week. And we
are looking at how the nature of money and the payments system could evolve as
technology changes.

We are the banker for the Australian Government. So, when you get a Medicare
refund, pay your tax or receive a refund, those transactions occur through the
government’s bank accounts here at the Reserve Bank. It’s the same if you’ve
ever needed a disaster relief or other support payment, perhaps during the
COVID-19 pandemic, floods or bushfires. We know that many people rely on these
payments, and we feel privileged to partner with the government in getting these
vital payments to you quickly and reliably.

A lot of research, analysis, innovation and support is required to deliver all
of these functions. We do all this with a bit over 1,500 people. Most of us are
located here in Sydney. But we have a banking branch in Canberra and offices in
Brisbane, Melbourne, Adelaide, Perth, Beijing, London and New York.

We’re the nation’s central bank and we take our responsibilities to the
Australian people very seriously.

View transcript
Find out about our role and functions


CAREERS

Ready to be part of something bigger? Use your talents and experience to make a
difference for millions of Australians. Explore careers at the Bank, our current
opportunities or our intern and graduate programs and discover how you can be
more.


RBA MUSEUM

Explore Australia's banknotes from before Federation to the introduction of
decimal currency and our current banknote series. Learn about banknote designs
and the people on them, including First Nations peoples, other Notable
Australians and Queen Elizabeth II.

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The materials on this webpage are subject to copyright and their use is subject
to the terms and conditions set out in the Copyright and Disclaimer Notice. ©
Reserve Bank of Australia, 2001–2023. All rights reserved. The Reserve Bank of
Australia acknowledges the Aboriginal and Torres Strait Islander Peoples of
Australia as the Traditional Custodians of this land, and recognises their
continuing connection to country. We pay our respects to their Elders, past and
present.


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