- Reserve Bank of Australia
Infobox Central bank
image_1 = RBA_logo.png
image_title_1 = Reserve Bank of Australia logo
Sydney, New South Wales, Australia
coordinates = coord|-33.868086|N|151.211749|E|region:AU_type:landmark|display=inline,title
established = 1960
leader_title = Governor
bank_of = AUS
currency_iso = AUD
borrowing_rate = 6.00%
website = [http://www.rba.gov.au/ www.rba.gov.au]
The Reserve Bank of Australia came into being on
14 January 1960to operate as Australia's central bankand banknote issuing authority. The bank offers banking services to the Federal Government, and to licensed banks that participate in the payments system. It is headed by the Governor of the Reserve Bank, Glenn Stevens.
The predecessor to the Reserve Bank, the Commonwealth Bank of Australia, was established in 1911. It was initially a commercial and savings bank. The Department of Treasury issued notes until 1924, when this responsibility was transferred to the Commonwealth Bank.
The Commonwealth Bank gradually gained more central banking activities until 1945, when new laws formalised its central banking powers. In 1960 the central banking functions of the Commonwealth Bank were transferred to the new Reserve Bank of Australia.
The 1980s saw the abolition of Exchange Control as a result of the float of the Australian dollar and the creation of a banking supervision function for the Reserve Bank. This banking supervision function was then transferred to the newly created
Australian Prudential Regulation Authorityin 1998.
Roles and responsibilities
"It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank ... are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to:"
:"(a) the stability of the
":"(b) the maintenance of
full employmentin Australia; and
":"(c) the economic prosperity and welfare of the people of Australia."
In practice the Reserve Bank concentrates on the first objective, that is to control
inflationthrough monetary policy. (See also open market operation.) The current objective is a policy of inflation targetingaimed at maintaining the annual inflation rate at between "2-3 per cent, on average, over the cycle". This target was first set in 1993 by the then Reserve Bank Governor Bernie Fraserand was then formalised in 1996 by the then Treasurer Peter Costelloand incoming Reserve Bank Governor Ian Mcfarlane.
Before 1961, the functions of the Reserve Bank were performed by the Note Issuing Branch of the Commonwealth Bank. The Commonwealth Bank continued to exist as a government operated retail and commercial bank (until it was privatised in the early 1990s), whilst the Reserve Bank offers no such services.
Board of directors
The Reserve Bank's board of directors consists of the Governor of the Reserve Bank, Deputy Governor of the Reserve Bank and Secretary to the Treasury as well as 6 external members appointed by the Treasurer. Excluding changes in the number of directors, the structure of the board of directors has remained unchanged since 1951.
The current members of the board of directors are:
Glenn Stevens, Governor
* Ric Battellino, Deputy Governor
* Ken Henry, Secretary to the Treasury
* Jillian Broadbent
* Donald McGauchie
* Roger Corbett
* Graham Kraehe
* John Akehurst
Meetings of the Reserve Bank Board
The board normally meets in Sydney nine times each year, on the first Tuesday of each month, except January (when no meeting is held). One meeting each year is held in Melbourne, usually in the first half of the year [http://www.rba.gov.au/AboutTheRBA/rba_board.html] . From time to time other meetings are held in other Australian Capitals.
The Governor of the Reserve Bank of Australia is the most senior position in the Reserve Bank of Australia. The Governor is appointed by the Treasurer for a term of up to seven years (reappointment for another term is possible).
Australian Prudential Regulation Authority
Australian Bank Notes Tax Act 1910
Note Printing Australia
Official Cash Rate
Royal Australian Mint
* [http://www.rba.gov.au/ Reserve Bank of Australia]
* [http://www.rba.gov.au/Museum Museum of Australian Currency Notes]
* [http://www.unswecosoc.com/ RBA Economics Competition]
* [http://www.cbrates.com/ cbrates.com: Central Bank Rate Decisions and Monetary Meetings]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Reserve Bank of Australia — Siège Sydney Coordonnées géographiques du siège … Wikipédia en Français
Reserve Bank of Australia — Saltar a navegación, búsqueda La sede del RBA, en 65 Martin Place, Sydney El Reserve Bank of Australia o Banco de Reserva de Australia en español, llegó a existir el 14 de enero de 1960 como Australia s central bank and banknote issuing authority … Wikipedia Español
Reserve Bank of Australia — The Reserve Bank of Australia is Australia s central bank and its main responsibility is to be involved in Australia s monetary policy. In addition, the Reserve Bank of Australia is also involved in banking and registry services for federal… … Investment dictionary
Reserve Bank of Australia — noun the central bank of Australia, responsible for banking and other services for the federal and some state governments; regulates the Australian monetary and banking system; originated in 1911 with the establishment of the Commonwealth Bank of … Australian English dictionary
Reserve Bank — can amongst other things be:* Reserve Bank of Australia * Reserve Bank of Fiji Building * Reserve Bank of India * Reserve Bank of New Zealand * Reserve Bank of Vietnam * Federal Reserve Bank (United States) … Wikipedia
Reserve Bank of Zimbabwe — Logo of Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe. Contents 1 History 2 Structure … Wikipedia
Reserve Bank — /rəzɜv ˈbæŋk/ (say ruhzerv bangk) noun → Reserve Bank of Australia … Australian English dictionary
Reserve Bank of New Zealand — Reserve Bank of New Zealand … Deutsch Wikipedia
Reserve Bank of New Zealand — Infobox Central bank bank name in local = image 1 = Reserve Bank of New Zealand logo.svg image title 1 = Reserve Bank of New Zealand logo image 2 = Reserve Bank of New Zealand.jpg image title 2 = RBNZ headquarters in Wellington headquarters =… … Wikipedia
Commercial Bank of Australia — Ehemaliges Bankgebäude der Commercial Bank of Australia (1938) in Wondai, Queensland Die Commercial Bank of Australia Limited (CBA) wurde 1866 in Melbourne, Victoria gegründet. 1982 fusionierte die Bank mit der Bank of New South Wales zur Westpac … Deutsch Wikipedia