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Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

RBA

Review of Retail Payments Regulation – Postponement

In light of the current extraordinary circumstances associated with the impact of COVID-19, the Reserve Bank is putting on hold the Review of Retail Payments Regulation that was announced on 29 November 2019. Whereas the Bank had previously expected that the Review would be completed by late 2020, we now expect that it will be completed in 2021. This decision is intended to reduce the demands on industry stakeholders at a time when they are...

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Reserve Bank of Australia and US Federal Reserve Announce Swap Arrangement

The Reserve Bank of Australia and the Federal Reserve will establish a temporary reciprocal currency arrangement (swap line) for the provision of US dollar liquidity. The Federal Reserve will also establish temporary arrangements with the Banco Central do Brasil, the Danmarks Nationalbank, the Bank of Korea, the Banco de Mexico, the Norges Bank, the Reserve Bank of New Zealand, the Monetary Authority of Singapore and the Sveriges Riksbank. These...

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Statement by Philip Lowe, Governor: Monetary Policy Decision

The coronavirus is first and foremost a public health issue, but it is also having a very major impact on the economy and the financial system. As the virus has spread, countries have restricted the movement of people across borders and have implemented social distancing measures, including restricting movements within countries and within cities. The result has been major disruptions to economic activity across the world. This is likely to...

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Statement by Philip Lowe, Governor

As Australia's financial system adjusts to the coronavirus (COVID-19), financial regulators and the Australian Government are working closely together to help ensure that Australia's financial markets continue to operate effectively and that credit is available to households and businesses. (Refer to earlier Council of Financial Regulators' (CFR) press release.) Australia's financial system is resilient...

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Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 0.50 per cent. The Board took this decision to support the economy as it responds to the global coronavirus outbreak. The coronavirus has clouded the near-term outlook for the global economy and means that global growth in the first half of 2020 will be lower than earlier expected. Prior to the outbreak, there were signs that the slowdown in the global economy that started in...

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ISO 20022 Migration for the Australian Payments System – Conclusions Paper

The Reserve Bank of Australia (RBA) and the Australian Payments Council (APC) today released the ISO 20022 Migration for the Australian Payments System – Conclusions Paper. This is the final paper in a series of three papers aimed at assisting the industry to come to an agreement on key strategic issues regarding the adoption of the International Organization for Standardization (ISO) 20022 messaging standards. The Issues Paper was...

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Next Generation of Banknotes: $100 Design Reveal

The Reserve Bank today revealed the design of the new $100 banknote, which is the final denomination to be redesigned as part of the Next Generation Banknote Program. The banknote will be released into circulation in the second half of 2020. As with the existing banknote, the new $100 features Sir John Monash and Dame Nellie Melba. Governor Philip Lowe said, ‘Australians should feel proud of our banknotes. They are innovative and contain...

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Payments System Board Update: February 2020 Meeting

At its meeting today, the Payments System Board discussed a number of issues, including: The results of the Bank's 2019 Consumer Payments Survey. Members noted that the decline in the use of cash for consumer payments had continued, with households increasingly choosing to use electronic payment methods. At the same time, cash remains widely held for precautionary purposes and some members of the community continue to make most of their payments in cash....

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Renewal of Bilateral Local Currency Swap Agreement With Bank of Korea

Today, the Reserve Bank of Australia renewed the bilateral local currency swap agreement with the Bank of Korea. The initial swap agreement between the two central banks was signed in 2014 and has been renewed for three year periods since that time. The new agreement is for a further period of three years and can be renewed again in the future by mutual consent of both sides. The new agreement allows for the exchange of local currencies between...

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Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 0.75 per cent. The outlook for the global economy remains reasonable. There have been signs that the slowdown in global growth that started in 2018 is coming to an end. Global growth is expected to be a little stronger this year and next than it was last year and inflation remains low almost everywhere. One continuing source of uncertainty, despite recent progress, is...

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