Friday , April 20 2018
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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

Small Business Finance Roundtable

The Reserve Bank hosted a roundtable discussion on small business finance today, along with the Australian Banking Association and the Council of Small Business Australia. The roundtable was chaired by Philip Lowe, Governor of the Reserve Bank. Small businesses are very important for the economy. They generate significant employment growth, drive innovation and boost competition in markets. Access to ...

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Bilateral Local Currency Swap Agreement with the People’s Bank of China

The Reserve Bank of Australia has extended its bilateral local currency swap agreement with the People's Bank of China (PBC) for a further three years. The agreement, which can be activated by either party, allows for the exchange of local currencies between the two central banks of up to A$40 billion or CNY 200 billion. An initial swap agreement between the two central banks had been signed in 2012, with a...

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Payments System Issues: Exchange Settlement Account Policy

The Reserve Bank has amended its Exchange Settlement Account (ESA) policy to remove the requirement that all banks must have an ESA, whether or not they use an agent to settle their real-time gross settlement (RTGS) transactions. The change follows amendments to the Banking Act 1959 that will allow all authorised deposit-taking institutions (ADIs) to use the term ‘bank’. ADIs...

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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 1.50 per cent. The global economy has strengthened over the past year. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. Growth picked up in the Asian economies in 2017, partly supported by increased international trade. The Chinese economy continues to grow solidly, with the...

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Payments System Board Update: February 2018 Meeting

At its meeting today, the Payments System Board considered a number of issues, including: The public launch of the New Payments Platform (NPP). Members welcomed the successful delivery of this important new payments infrastructure. Around 60 banks, credit unions and building societies are already using the NPP to provide their customers with real-time payments, with close-to-immediate funds ...

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Next Generation of Banknotes: $50 Design Reveal

The Reserve Bank has today revealed the design of the new $50 banknote. As with the existing banknote, the new $50 features portraits of Aboriginal writer and inventor David Unaipon and the first female member of an Australian parliament, Edith Cowan. The new banknotes will be released into general circulation in October 2018. Governor Philip Lowe said: ‘Improved security and ease of...

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Launch of the New Payments Platform

Today, the Reserve Bank of Australia and its Payments System Board (PSB) welcome the public launch of the New Payments Platform (NPP). The NPP is an important addition to Australia's payments infrastructure and it will provide a platform for innovation and competition in the provision of payment services. The Reserve Bank and the PSB thank the NPP Australia Board, NPP financial institutions ...

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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 1.50 per cent. There was a broad-based pick-up in the global economy in 2017. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. Growth has also picked up in the Asian economies, partly supported by increased international trade. The Chinese economy continues to grow solidly,...

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Appointment of Assistant Governor, Corporate Services

The Governor, Philip Lowe, is pleased to announce the appointment of Susan Woods to the position of Assistant Governor (Corporate Services) at the Reserve Bank of Australia. The Bank considered a competitive field of internal and external candidates for the role, which became vacant following the retirement of Frank Campbell in November. Ms Woods currently heads business technology services and...

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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 1.50 per cent. Conditions in the global economy have improved over 2017. Labour markets have tightened and further above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy continues to be supported by increased spending on infrastructure and property...

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