Back بنك الاحتياطي الأسترالي Arabic Bancu de la Reserva d'Australia AST রিজার্ভ ব্যাংক অব অস্ট্রেলিয়া Bengali/Bangla Reserve Bank of Australia German Banco de la Reserva de Australia Spanish بانک ذخایر استرالیا Persian Banque de réserve d'Australie French Ավստրալիայի պահուստային բանկ Armenian Reserve Bank of Australia ID Reserve Bank of Australia Italian

Reserve Bank of Australia

Reserve Bank of Australia
Reserve Bank of Australia Building, Sydney
Reserve Bank of Australia Building, Sydney
HeadquartersReserve Bank of Australia Building, Sydney
Coordinates33°52′05″S 151°12′42″E / 33.8681°S 151.2117°E / -33.8681; 151.2117
Established14 January 1960 (1960-01-14)
Ownership100% state ownership by the Australian Government[1]
GovernorMichele Bullock
Central bank ofAustralia
CurrencyAustralian dollar
AUD (ISO 4217)
Reserves$80,837 million (AUD)
Reserve requirementsNone
Interest rate target4.35%[2]
Websitewww.rba.gov.au Edit this at Wikidata

The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank.[3]

The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1 and 2%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%.

The RBA also provides services to the Government of Australia and services to other central banks and official institutions.[4] The RBA currently comprises the Payments System Board, which sets the payment system policy of the bank, and the Reserve Bank Board, which sets all other monetary and banking policies of the bank.[5]

Both boards consist of members of the bank, the Treasury, other Australian government agencies, and leaders of other institutions that are part of the Australian economy.[5][6] The structure of the Reserve Bank Board has remained consistent ever since 1951, with the exception of the change in the number of members of the board.[3] The governor of the Reserve Bank of Australia is appointed by the Treasurer and chairs both the Payment Systems and Reserve Bank Boards and when there are disagreements between both boards, the governor resolves them.[5][7]

  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek. Archived from the original on 28 May 2020. Retrieved 8 May 2020.
  2. ^ "Cash Rate". Reserve Bank of Australia. Archived from the original on 9 June 2020. Retrieved 7 October 2023.
  3. ^ a b Cite error: The named reference history was invoked but never defined (see the help page).
  4. ^ Cite error: The named reference functions was invoked but never defined (see the help page).
  5. ^ a b c Cite error: The named reference payment was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference RBB was invoked but never defined (see the help page).
  7. ^ Cite error: The named reference reservebank1959 was invoked but never defined (see the help page).
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