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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

Appointment of Assistant Governor, Business Services

The Governor, Philip Lowe, is pleased to announce the appointment of Michelle McPhee to the position of Assistant Governor (Business Services) at the Reserve Bank of Australia. The Bank considered a competitive field of internal and external candidates for the role, which will become vacant on the retirement of Lindsay Boulton in February 2021. Ms McPhee is currently the Head of Banking at the Reserve Bank of Australia, a...

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Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to maintain the current policy settings, including the targets of 10 basis points for the cash rate and the yield on 3-year Australian Government bonds, as well as the parameters of the Term Funding Facility and the government bond purchase program. Globally, the news has been mixed recently. On the one hand, infection rates have risen sharply in Europe and the United States and the recoveries in these economies...

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South Pacific Central Bank Governors Committed to Cost Effective Remittances

At the South Pacific Central Bank Governors' Meeting on 17–18 November 2020, the South Pacific Governors[1] agreed that access to cost-effective remittances remains a high priority focus for the region. A key focus has been their collective effort to develop a regional ‘Know Your Customer’ (KYC)[2] facility. The central banks, with support from the International Monetary Fund and other international agencies, have successfully completed an initial...

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Committed Liquidity Facility

Following a review, the Reserve Bank has assessed that Authorised Deposit-taking Institutions (ADIs) using the Committed Liquidity Facility (CLF) can increase their reasonable holdings of high-quality liquid assets (HQLA) from 26 to 27 per cent of the stock of HQLA securities by the end of 2020, and to 30 per cent of the stock of HQLA securities by the end of 2021. This assessment reflects the increase in issuance of HQLA securities in 2020 and...

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Summary of Current Economic Conditions – data as at 5 November 2020

Gigi Lovicu provides an update on the Australian economy. Statement of Monetary Policy – November 2020: https://www.rba.gov.au/publications/smp/2020/nov/ Phil Lowe Speech – Today’s Monetary Policy Decision (3 November): https://www.rba.gov.au/speeches/2020/sp-gov-2020-11-03.html Illustrator – Unconventional Monetary Policy: https://www.rba.gov.au/education/resources/illustrators/pdf/unconventional-monetary-policy.pdf Resources for teachers and students are...

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Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided on a package of further measures to support job creation and the recovery of the Australian economy from the pandemic. With Australia facing a period of high unemployment, the Reserve Bank is committed to doing what it can to support the creation of jobs. Encouragingly, the recent economic data have been a bit better than expected and the near-term outlook is better than it was three months ago. Even so,...

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Reserve Bank partners with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software on Wholesale Central Bank Digital Currency Research Project

The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). This is part of ongoing research at the Reserve Bank on wholesale CBDC. The project will involve the...

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Next Generation of Banknotes: $100 Enters General Circulation

The new $100 banknote enters general circulation today. It is the final denomination to be redesigned as part of the Reserve Bank's Next Generation Banknote Program. Governor Philip Lowe said, ‘The release of the new $100 marks the completion of the decade-long program to upgrade the security of our banknotes. As a result, Australia continues to have some of the best and most secure...

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