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RESERVE BANK OF AUSTRALIA

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 * Monetary Policy
 * Market Operations
 * Payments & Infrastructure
 * Financial Stability
 * Banknotes
 * Financial Services
 * About Us

 * Media Releases
 * Speeches
 * Publications
 * Statistics
 * Chart Pack
 * Research
 * Archives
 * Education
 * Careers
 * Q&A


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

4.10 %

Effective date 2 August 2023 Next update 2.30 pm, 5 September 2023

Cash rate target


INFLATION

Consumer Price Index Annual change June quarter 2023

6.0 %

Monthly Indicator June 2023

5.4 %

Inflation


EXCHANGE RATES

AUD/USD

0.6573

Trade-weighted Index

60.7

As at 4.00 pm, 4 August 2023

Exchange rates


NEWS & ANNOUNCEMENTS

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 * Latest news
 * Coming up


LATEST NEWS

STATEMENT ON MONETARY POLICY – AUGUST 2023

4 August 2023 11.30 am AEST

CHART PACK: GRAPHS ON THE AUSTRALIAN ECONOMY AND FINANCIAL MARKETS

2 August 2023 11.30 am AEST

STATEMENT BY PHILIP LOWE, GOVERNOR: MONETARY POLICY DECISION

Media Release

1 August 2023 2.30 pm AEST

TREASURER ANNOUNCES NEW MEMBERS FOR PAYMENTS SYSTEM BOARD

Media Release

28 July 2023

2024 RESERVE BANK BOARD MEETING DATES

Media Release

25 July 2023 3.30 pm AEST

APPEARANCE BY ELLIS CONNOLLY, HEAD OF PAYMENTS POLICY, AND CHRIS THOMPSON,
DEPUTY HEAD OF PAYMENTS POLICY, BEFORE THE SENATE ECONOMICS LEGISLATION
COMMITTEE INQUIRY INTO DIGITAL ASSETS (MARKET REGULATION) BILL 2023, CANBERRA

25 July 2023 2.40 pm AEST
More news and announcements


COMING UP

SPEECH BY CARL SCHWARTZ, ACTING HEAD OF DOMESTIC MARKETS – AUSTRALIAN FINANCIAL
MARKETS AND CLIMATE CHANGE – RISK AUSTRALIA CONFERENCE, SYDNEY

8 August 2023 9.05 am AEST

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

15 August 2023 11.30 am AEST

PAYMENTS SYSTEM BOARD MEETING

17 August 2023

SPEECH BY MICHELE BULLOCK, DEPUTY GOVERNOR, SIR LESLIE MELVILLE LECTURE AT THE
ANU, CANBERRA

29 August 2023 5.40 pm AEST

RESERVE BANK BOARD MEETING – MONETARY POLICY DECISION

5 September 2023 2.30 pm AEST

CHART PACK: GRAPHS ON THE AUSTRALIAN ECONOMY AND FINANCIAL MARKETS

6 September 2023 11.30 am AEST

SPEECH BY PHILIP LOWE, GOVERNOR – SOME FINAL REMARKS – ANIKA FOUNDATION, SYDNEY

7 September 2023 1.10 pm AEST
More upcoming events


MONETARY POLICY DECISION



At its meeting, the Board decided to leave the cash rate target unchanged at
4.10 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.

 * STATEMENT ON MONETARY POLICY
   
   4 August 2023

 * MONETARY POLICY DECISION
   
   1 August 2023
   


PAYMENTS AND MARKET INFRASTRUCTURE

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

 * CENTRAL BANK DIGITAL CURRENCY RESEARCH

 * UPDATE ON LEAST-COST ROUTING

 * PAYMENTS SYSTEM BOARD UPDATE
   
   25 May 2023


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 April 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
   
   4 August 2023

 * INDEX OF COMMODITY PRICES – JULY 2023
   
   1 August 2023

 * FINANCIAL AGGREGATES – JUNE 2023
   
   31 July 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

 * BOOK A TALK


ABOUT THE RESERVE BANK OF AUSTRALIA

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

3:50
Hide transcript


TRANSCRIPT


PHILIP LOWE, GOVERNOR (2016 – PRESENT)

The Parliament of Australia has given the Reserve Bank some incredibly important
responsibilities. The one the community's most familiar with is that the first
Tuesday of every month except for January, the Reserve Bank Board meets to set
the cash rate. The cash rate's very important because it influences the cost of
people's mortgages, the rate of return they get on their savings. It influences
the exchange rate and the value of people's assets. So the community has a lot
of interest in those decisions.

The Reserve Bank also produces and distributes Australia's banknotes. We have
some of the best quality banknotes in the world. We've got fantastic technology.
We were the first country to introduce the polymer banknotes. We were also one
of the first countries to have a man and a woman on every single banknote which
I'm particularly proud of. The banknotes are produced in a purpose built
facility down on the outer suburbs of Melbourne. We've got a huge vault there
which we store and distribute banknotes from. It might come as a surprise to
many people that despite the use of, increase in use of electronic payments, the
value of bank notes on issue is at a record high. So many people are holding our
banknotes as a store of value.

The Reserve Bank is also the banker for the Australian Government. So when you
get a Medicare refund or if you're lucky enough to get a tax refund. Or when you
have to pay your tax, those transactions occur through the government's bank
accounts at the Reserve Bank. So, we manage all the government's payments
whether it's for defence purposes or social security. So we're a very large
transactional banker in our own right.

The Reserve Bank also operates the core of Australia's payment system. When
money goes from one bank to another, perhaps because you are paying a bill to
somebody who banks with a different bank. The money finds its way from your bank
to the other bank through the Reserve Bank. So, it's a really central part of
Australia's payment system.

The Reserve Bank has also developed with the banks, the New Payments Platform.
Which allows people to make payments 24 hours a day, 7 days a week using just a
mobile phone number or an email address. So, you don't need to know a BSB or
account number anymore. The Reserve Bank encouraged the financial institutions
to develop this new system and then we built a core part of the infrastructure
that allows the money to move from one bank to another.

The Reserve Bank is also responsible for the stability of the financial system.
We do this in a number of ways. We operate in the financial markets every day to
keep the liquidity of the system stable. In extremes we can operate as the
lender-of-last-resort providing liquidity of solvent but troubled institutions.
We also work with the other regulators APRA and ASIC, through the Council of
Financial Regulators to identify risks in the financial system. And develop
plans when we see the risks developing. And we put out public analysis and
research on financial stability issues on a regular basis.

The Reserve Bank also manages Australia's foreign exchange reserves, which is
very important. We represent Australia in many international forums, the G20,
the Bank for International Settlements, and the International Monetary Fund.
We're bringing Australia's particular perspective to international audiences.
Which in many cases is very important and it's often highly valued. We do all
this with 1,300 people. Most of us are located here in the head office in
Sydney. But we have offices in Brisbane, in Melbourne, in Adelaide, in Perth.
And we also have offices in Beijing, London and New York.

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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AFFILIATE SITES

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 * H.C. Coombs Centre

The Reserve Bank of Australia supports the Foundation for Children.

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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