The Reserve Bank of Australia (RBA) has published a revised Statement on the Conduct of Monetary Policy (SCMP) and released its first Statement of Expectations for the newly formed Governance Board, marking a significant milestone in the Albanese Government’s central bank reform agenda.
These announcements, agreed at the Monetary Policy Board meeting on 7–8 July, are part of a broader set of reforms aimed at reinforcing the RBA’s independence while improving transparency and modernising its governance structure. According to the government, the publication of unattributed votes by the Monetary Policy Board is a key feature of the updated SCMP, reflecting recommendations from the RBA Review to boost accountability.
Another critical reform introduced is the requirement for each member of the Monetary Policy Board to deliver at least one public speech or engagement per year. This aims to encourage greater interaction with the public and provide deeper insights into the RBA’s decision-making process.
In parallel, the first Statement of Expectations for the RBA Governance Board outlines clear responsibilities for the Board, focusing on issues of transparency, operational oversight, and institutional reform. It requires the Governance Board to report on its progress in implementing the RBA Review’s recommendations and maintain oversight of the Bank’s internal culture.
The Governance Board formally reviewed the Statement at its meeting on 10 June, and it is expected to play a key role in ensuring the RBA aligns with international best practices going forward.
The reforms are intended to bolster the RBA’s position as a world-class central bank capable of addressing both present and future economic challenges with a fit-for-purpose policy and governance framework.
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