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Reserve Bank of Australia Becomes Inaugural Member of New, International Central Bank Network for Indigenous Inclusion

Summary:
Joint statement from Te Pūtea Matua (Reserve Bank of New Zealand), the Bank of Canada and the Reserve Bank of Australia. Along with Indigenous partners, Te Pūtea Matua (Reserve Bank of New Zealand), the Bank of Canada and the Reserve Bank of Australia have formed a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues. The Central Bank Network for Indigenous Inclusion, established 1 January 2021, aims to share knowledge and best practices, promote engagement with Indigenous Peoples, and foster greater understanding and education about Indigenous economic issues and histories. The network will focus on: Conducting research for and with Indigenous peoples on economic issues, including the

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Joint statement from Te Pūtea Matua (Reserve Bank of New Zealand), the Bank of Canada and the Reserve Bank of Australia.

Along with Indigenous partners, Te Pūtea Matua (Reserve Bank of New Zealand), the Bank of Canada and the Reserve Bank of Australia have formed a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues.

The Central Bank Network for Indigenous Inclusion, established 1 January 2021, aims to share knowledge and best practices, promote engagement with Indigenous Peoples, and foster greater understanding and education about Indigenous economic issues and histories.

The network will focus on:

  • Conducting research for and with Indigenous peoples on economic issues, including the development of best practices, such as using Indigenous data respectfully.
  • Building cultural awareness, recruitment practices and other aspects of corporate culture to foster Indigenous inclusion within member organisations.
  • Strengthening engagement practices with Indigenous groups and communities.
  • Supporting economic and financial education for and about Indigenous peoples.

In addition, the network will plan a recurring Central Bank Symposium on Indigenous Economics. The first symposium will be hosted by the Bank of Canada in late 2021.

In formative discussions, Indigenous partners drew on their oral histories and contemporary economic experience to guide discussion and confirmation of the network's aims. This discussion sought the views of Indigenous partners including Te Rau Kupenga, representative of the Reserve Bank of New Zealand's Te Ao Māori external advisory panel; and Manny Jules, chief commissioner, First Nations Tax Commission and Founder of the Tulo Centre of Indigenous Economics.

The Central Bank Network for Indigenous Inclusion will serve as a community of practice and will not aim to set or take policy positions. The founding members encourage other central banking entities around the world to join. The chair of the Network will rotate annually, with the Reserve Bank of New Zealand serving as chair in 2021.

‘The Reserve Bank of Australia is proud to be a founding member of the Central Bank Indigenous Network,’ said Governor Philip Lowe. ‘Participation in this network will allow us to increase our knowledge and understanding of Indigenous communities both locally and globally. We are committed to building on the legacy of the Bank's first Governor, Dr HC ‘Nugget’ Coombs, who championed reconciliation with Aboriginal and Torres Strait Islander peoples.’

More about the Reserve Bank of Australia: The Reserve Bank published its ‘Innovate’ Reconciliation Action Plan in August 2020. The Plan recognises the contribution of Australia's First Nations peoples to our country's social and economic progress and sets out a strategy for reconciliation and meaningful engagement with them in our role as Australia's central Bank. By implementing the activities outlined in the Innovate RAP, we aim to create opportunities for First Nations people and, alongside our current programs, to raise cultural awareness and help further reconciliation between Aboriginal and Torres Strait Islander peoples and non-Indigenous peoples.

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.

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