Reserve Bank of Australia

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Reserve Bank of Australia
Reserve Bank of Australia logo.svg
RBA Building.jpg
RBA headquarters, 65 Martin Place, Sydney
Headquarters Sydney, New South Wales, Australia
Coordinates 33°52′05″S151°12′42″E / 33.868086°S 151.211749°E / -33.868086; 151.211749 Coordinates: 33°52′05″S151°12′42″E / 33.868086°S 151.211749°E / -33.868086; 151.211749
Established14 January 1960;59 years ago (1960-01-14)
Governor Philip Lowe
Central bank of Australia
Currency Australian dollar
AUD (ISO 4217)
Reserve requirementsNone
Interest rate target1.5% [1]
Website www.rba.gov.au

The Reserve Bank of Australia (RBA) is the country's central bank and banknote issuing authority. It has had that role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. [2]

Central bank public institution that manages a states currency, money supply, and interest rates

A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, and interest rates of a state or formal monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and also generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank also acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks also have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks.

The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015 with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Commonwealth Bank is also the largest bank in the Southern Hemisphere.

Contents

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. [3] 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. [4]

Government of Australia federal democratic administrative authority of Australia

The Government of Australia is the government of the Commonwealth of Australia, a federal parliamentary constitutional monarchy. It is also commonly referred to as the Australian Government, the Commonwealth Government, Her Majesty's Government, or the Federal Government.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make it exchange possible. A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.

Both boards consist of members of both the bank, the Treasury, other Australian government agencies, and leaders of other institutions that are part of the economy. [4] [5] The structure of the Reserve Bank Board has remained consistent ever since 1951, with the exception of the change in the number of members of the board. [2] The governor of the Reserve Bank of Australia is appointed by the Treasurer and chairs both the Payment Systems and Reserve Bank Boards and when there are disagreements between both boards, the governor resolves them. [4] [6]

Department of the Treasury (Australia) Australian government department

The Department of the Treasury is the Australian Government department responsible for economic policy, fiscal policy, market regulation, and the Australian federal budget. The Treasury is one of only two government departments that have existed continuously since Federation in 1901, along with the Attorney-General's Department.

Economy of Australia national economy

The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017. In 2018 Australia became the country with the largest median wealth per adult. Australia's total wealth was AUD$8.9 trillion as of June 2016. In 2016, Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession.

Treasurer of Australia Australian government minister in charge of economic policy

The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. The Treasurer plays a key role in the economic policy of the government. The current holder of the position is Josh Frydenberg, whose term began on 24 August 2018.

From the middle of the 19th century into the 1890s, the prospects of a national bank forming grew. In 1911, the Commonwealth Bank was established, but did not have the authority to print notes, which was a power that was still reserved to the Treasury. A movement toward reestablishing the gold standard occurred after World War I, with John Garvan leading various boards in contracting the money supply on the route to doing so, and the gold standard was instituted for both the British pound sterling and the Australian pound in 1925. [7]

In banking, the term national bank carries several meanings:

Gold standard monetary system in which the standard economic unit of account is based on a fixed quantity of gold

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, bullion, and exchange.

World War I 1914–1918 global war originating in Europe

World War I, also known as the First World War or the Great War, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. Contemporaneously described as "the war to end all wars", it led to the mobilisation of more than 70 million military personnel, including 60 million Europeans, making it one of the largest wars in history. It is also one of the deadliest conflicts in history, with an estimated nine million combatants and seven million civilian deaths as a direct result of the war, while resulting genocides and the 1918 influenza pandemic caused another 50 to 100 million deaths worldwide.

During the Great Depression, the Australian pound became devalued, no longer worth the same as the pound sterling, and formally departed from the gold standard with the Commonwealth Bank Act of 1932. [8] Legislation in 1945 led to regulation of private banks which H.C. Coombs was opposed to, and when he became governor in 1949, he gave them more overall control over their institutions. [2] [7] When the monetary authorities implemented the advice of Coombs to have a flexible interest rate, it allowed the bank to rely more on open market operations. [7] In 1980 the issue of short-term government bonds – Treasury notes of 13 and 26 weeks duration – changed from a tap system, in which the price was set, to a tender system in which the volume of stock was set and the price determined by the market. Soon afterwards the tender system was extended to the issue of longer-term government bonds.

Great Depression 20th-century worldwide economic depression

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until the late-1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how intensely the world's economy can decline.

Regulation is an abstract concept of management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example:

Interest rate percentage of a sum of money charged for its use

An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.

The float of the Australian dollar happened in 1983, around the same period of time that the financial system in Australia was deregulated. Administration of the banks was transferred in 1998 from the bank to the Australian Prudential Regulation Authority and the Payments System Board was created, while the bank was given power within the board in the same year. [2] The current governor of the Reserve Bank is Philip Lowe, who succeeded Glenn Stevens as governor on 18 September 2016. [9]

Australian dollar Official currency used in Australia; also used in Kiribati, Nauru, Tonga, Tuvalu, and Vanuatu

The Australian dollar is the currency of Australia, and of three independent Pacific Island states, specifically Kiribati, Nauru, and Tuvalu. It was introduced on 14 February 1966 when the pre-decimal Australian pound, with subunits of shillings and pence, was replaced by the new decimal currency, the Australian dollar.

The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth).

Philip Lowe

Philip Lowe is an Australian economist who is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from February 2012 to September 2016.

History

Mid 19th century–1924

Prime Minister Andrew Fisher, whose government created a commercial bank owned by the government, but not a central bank. Andrewfisher2.JPG
Prime Minister Andrew Fisher, whose government created a commercial bank owned by the government, but not a central bank.

The proposition of a national bank in Australia began to be raised in the middle of the 19th century. This interest accelerated significantly in the 1890s due to an austere collapse of the financial and banking sectors at the beginning of that decade. The Australian Labor Party consequently formed during the same decade and proposed a bank should be formed, which would be a protected and cheap way of having financial services. The party designed a platform in 1908 for a "Commonwealth Bank", which would be a combination of both a commercial and central bank. [7]

Regardless, Fisher's Labor government introduced legislation in 1911 for a government-owned commercial bank, without a complete central banking component. He stated that "Time and experience will show how its functions for usefulness may be extended [towards central banking]." The only function at the time that made the bank characteristic of a central one was that it was the banker to the Australian government, in addition to it being the same for the states. For the time being, the Treasury of Australia maintained the role of issuing bank notes through the Australian Notes Act 1910. [7]

The Commonwealth Bank of Australia gradually developed into the central bank of Australia. In response to the disruption of trade during World War I (1914–1918) the Commonwealth Bank began to manage the debt of the Australian government. Nevertheless, at the end of the war, the bank continued to have a primary role as a savings and trading bank. World War I had caused the currency of Australia to move away from the gold standard, in order to fund a great increase of government spending, as did the United Kingdom and other parts of the British Empire.

ANB Board member John Garvan led the movement toward reestablishing the gold standard. Gold Bars.jpg
ANB Board member John Garvan led the movement toward reestablishing the gold standard.

The value of the Australian pound remained tied to the pound sterling. Inflation in Australia thus increased, less than in Britain, but more than in the United States. The case for a central bank was increased by the need for the government to cut spending after the war to reduce its debt. Commonwealth Bank Governor Denison Miller had been arguing for the issue of Australian currency to be switched from the treasury to the bank, as it had more staff and more monetary knowledge. [7]

The Australian Notes Board (ANB) was created in 1920 and partially acceded to the request of Miller, in having four directors, with the governor of the bank being an ex officio member. [2] The ANB began to follow a policy of board member John Garvan, in contracting the money supply, with the goal of reducing prices so that free convertibility of the Australian pound to gold could be re-established at pre-war rates, that is return to the former gold standard.

This was accomplished by refusing the exchange of notes for gold and it was hoped that this would lower domestic prices and raise the exchange rate for the Australian pound. When gold arrived from New York the government sold securities in order to diminish the effect of monetary expansion, therefore executing the first open market operations in the history of Australia and thus the first attempt of central banking. [7]

1924–present

The Department of Treasury issued notes until 1924, when this responsibility was transferred to the Commonwealth Bank. [2] The ANB was abolished by the Commonwealth Bank Act 1924, due to Treasurer and Country Party Leader Earle Page wanting to end the monetary contraction which particularly hurt his farming constituents, who were as a result receiving reduced export prices. [7] The new Board of Directors replacing it, [2] which was composed of various areas of the industry, soon appointed Garvan chairman, and thus he continued his policies. In 1925, both the pound sterling and Australian pound returned to the pre-war gold standard. The primary role of the Commonwealth Bank continued to be a savings and trading bank, even though the government attempted to make the bank into a central bank through its actions in 1924. [7]

Legislation was introduced to the Parliament at the climax of the Great Depression, in May 1930, by Treasurer E.G. Theodore, to transfer central banking powers from the Commonwealth Bank to a new central bank, but this failed. [7] The Australian pound was devalued in 1931 and it ceased to be tied to the pound sterling. The Reserve Bank departed from the gold standard with the Commonwealth Bank Act 1932, which made the notes no longer exchangeable into gold and allowed the bank not to keep any gold reserves. [8] The monetary policy of the bank from 1931 until the early 1970s had been to keep a stable exchange rate with the pound sterling. [7]

Through the new Commonwealth Bank Act and the Banking Act 1945, the board was replaced by a six-member council, consisting of bank and treasury officials. It additionally formalised the bank's administrative powers of monetary and banking policy and exchange control and also stated the governor was responsible for managing the bank. [2] Highly debated legislation in 1945 caused high amounts of regulation on private banks, which later-Governor H.C. Coombs was opposed to, along with his opposition to bank nationalisation in 1947. [7] When he became governor in 1949, he allowed private banks to have more control over their liquidity and attempted to introduce market-based monetary policy. [2] [7] He also warned of the possibility of stagflation in 1959. [7]

Legislation in 1951, substituted the council by a 10-member board which included the governor, deputy governor and the secretary to the treasury. The board took over the management of the bank from the governor. The Reserve Bank Act 1959 (23 April 1959) took out the part of the Commonwealth Bank that executed central bank functions and placed it into the new Reserve Bank, while the commercial and savings bank functions stayed with the Commonwealth Bank. [2] This finally created a separate central bank for Australia in 1959, which took effect 14 January 1960, many years after several other nations already had one and similar to the early proposal by Treasurer Theodore. [2] [7]

In the mid-1960s, monetary authorities accepted Coombs' conclusions and allowed a flexible interest rate, making it easier for the bank to rely on open market operations. [7] The Exchange Control was abolished after the float of the Australian dollar occurred in 1983. In the five years after the Campbell Committee probe, 1979–1984, the financial system in Australia became deregulated. Another probe was the Wallis Committee in 1996, which took effect in 1998. The effects were the transfer of overseeing the banks from the RBA to the Australian Prudential Regulation Authority (APRA) and the creation of the Payments System Board (PSB), which would attempt to maintain the safety and performance of the payments system. The bank was given powers within the PSB through additional legislation in 1998. [2]

In August 1996, then Governor-designate Ian Macfarlane and the Treasurer issued a Statement on the Conduct of Monetary Policy which restated the roles of the Reserve Bank and the Government of Australia. It affirmed government endorsement of the Reserve Bank's inflation objective, which was introduced in 1993. A change of government in December 2007 led to another Statement, which was issued by both former Treasurer Wayne Swan and Reserve Bank Governor Glenn Stevens. This amends previous statements by giving the bank independence and encourages transparency and communication. [2]

Securency scandal

Since 2007, the RBA's reputation has been affected by the 'Securency' or Note Printing Australia scandal. These RBA subsidiaries were involved in bribing overseas officials so that Australia might win lucrative polymer note-printing contracts. Australian press coverage, which continued into late 2011, reflects concerns with the apparent laxity and tardiness of corrective actions undertaken by relevant RBA board members and officials. The matters were not reported to the Federal Police in 2007, although they have been since, while in 2011 it was revealed that the RBA had to correct inaccurate evidence previously given to parliamentary committees.

In July 2014, WikiLeaks released a copy of a court order prohibiting publication throughout Australia of information that "reveals, implies, suggests or alleges" corruption involving specifically named past and present high-ranking Malaysian, Indonesian, and Vietnamese officials in relation to the Note Printing Australia bribery allegations. [10]

Roles and responsibilities

Reserve Bank of Australia in Canberra Reserve Bank of Australia - Canberra.jpg
Reserve Bank of Australia in Canberra

It is currently governed by the Reserve Bank Act 1959, which was approved by Parliament. The Reserve Bank Board's duty stated in the Act, within its outlined boundaries, is to ensure that the bank's monetary and banking policy is used to help the Australian population. This should be accomplished through consultation with the government and so in the Reserve Bank Board's opinion that its powers are used to help with: [3]

  1. the stability of the currency of Australia;
  2. the maintenance of full employment in Australia; and
  3. the economic prosperity and welfare of the people of Australia. [3]

In practice the Reserve Bank concentrates on the first objective, that is to control inflation through monetary policy. The current objective is a policy of inflation targeting aimed 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 Fraser and was then formalised in 1996 by the then Treasurer Peter Costello and incoming Reserve Bank Governor Ian Mcfarlane. [2]

The Reserve Bank gives banking and registry services to agencies of the government, to other central banks, and other official institutions. The assets of the bank include the gold and foreign exchange reserves of Australia, which is estimated to have a net worth of A$101 billion.

Nearly 94% of the RBA's employees work at its headquarters in Sydney and at the Business Resumption Site. The remainder of the total 926 staff work in Adelaide, Brisbane, Canberra, Melbourne, Perth, London and New York City. A wholly owned subsidiary of the bank is Note Printing Australia, which employs 257 other workers, and which manufactures the Australian dollar and other securities, for markets both in and outside of Australia. [3]

The Payments System Board fills the role of deciding on the bank's payments system policy and the Reserve Bank Board is responsible for all other monetary and banking policies of the bank. Conflicts between the two Boards do not occur often and when they do, they are resolved by the governor. [4]

Reserve Bank Board

The Reserve Bank Board consists of nine members in total. These members include the three ex officio members of the board, consisting of the Governor of the Reserve Bank, who is Chair of the Board, the Deputy Governor of the Reserve Bank, who is the Deputy Chair of the Board, and the Secretary to the Treasury.

In addition, the board is composed of six external members who are appointed by the Treasurer for a period of five years. According to section 17(1) of the Reserve Bank Act, members of the board are not allowed to be a director, officer, or employee of an institution that is authorised to take in deposits. [5] Excluding changes in the number of directors, the structure of the board of directors has remained unchanged since 1951. [2]

One ex officio member of the board is the Secretary to the Treasury ( Treasury Department building seen here in Canberra) Australian Treasury.JPG
One ex officio member of the board is the Secretary to the Treasury ( Treasury Department building seen here in Canberra)

The current members of the board of directors are: [5]

NameOffice (if applicable)Term beginsTerm ends A
Ex officio members
Philip Lowe Governor of the Reserve Bank18 September 201617 September 2023
Guy DebelleDeputy Governor of the Reserve Bank18 September 201617 September 2021
Philip GaetjensSecretary to the Treasury1 August 2018Indefinite
External members
John Akehurst31 August 200730 August 2017
Kathryn Fagg7 May 20136 May 2018
Ian Harper31 July 201630 July 2021
Allan Moss 2 December 20151 December 2020
Heather Ridout 14 February 201213 February 2017
Catherine Tanna30 March 201129 March 2016

The board normally meets eleven times each year, on the first Tuesday of each month except January. Every year, the board meets at least once in Melbourne, usually in the first six months of the year. The board occasionally also meets in other Australian capitals. Five members of the board must meet in order to constitute a quorum, and the meeting must be chaired by the governor, or the deputy governor in his absence.

The board usually forms a consensus without a need for structured voting on the issues at hand. Meetings of the board are held in the boardroom of the Reserve Bank's Head Office in Sydney or the equivalent in other regional offices of the bank. The meetings begin at 9.00 am and continue for three and a half hours, with minutes published two weeks after the meeting is held. [5]

Payments System Board and the ACCC

The Reserve Bank Act 1959 allows the Payments System Board to decide the Reserve Bank's payment systems policy. This is done so it can command risk and to aid in competitiveness and balance in the financial system. The bank's power through the Payment Systems Act 1998 allows it to regulate any payment system and can create binding rules for security and performance in the system. If members of a payment system are at odds over issues of market risk, admission, safety, and rivalry, the RBA can additionally administer arbitration with the consent of those involved. The Reserve Bank is also permitted to gather information from a payment system or participants thereof. The bank was also given the power to regulate the competition of transactions in August 2001. [4]

The Payment Systems and Netting Act 1998 gives the board power in areas of the law that were previously uncertain. It removed the zero hour rule that allowed a bankruptcy to date a bankruptcy the previous midnight and the Act made it so payments the same day could not be undone. Before the removal of the zero hour rule, the Real Time Gross Settlement system had been violated because payments in the system should inherently not be reversed. Some payments systems had previously agreed to pay and receive obligations to the whole system, rather than merely maintaining their own. But in the event of a bankruptcy, the bankrupt institution did not pay what it owed back to the solvent parties, while they had to pay their dues to the failed bank. This was later changed, when cheques were deemed void if the bankrupt institution doesn't have the funds to back them up, after the Cheques Act 1986 was amended in 1998. The Trade Practices Act 1974 generally does not allow competitors to make cooperative agreements, but if the Australian Competition and Consumer Commission (ACCC) is permitted to make exceptions for competitors making agreements among themselves. The ACCC and the Payments Systems Board are encouraged to work together regarding access and rivalry through the Payment Systems (Regulation) Act 1998. [4]

Members of the Payment Systems Board are defined by Section 25A of the Reserve Bank Act 1959, with three of the members being ex officio or representatives of another organisation. The governor of the Reserve Bank of Australia is the Chairman of the Payments System Board, there is one representative of the RBA, and there is one representative of the Australian Prudential Regulation Authority (APRA). In addition, there are up to five other members of the board that are appointed by the Treasurer for a term up to five years in length. They meet once per quarter, with five members forming a quorum, and one meeting per year is generally held in Melbourne, while the rest are held in Sydney. The Chairman is to meet with the Chairman of the ACCC at least once annually on issues of interest to both parties in the payments system, in addition to members of both organisations consulting over issues that are mutually important. [4]

The current members of the Payments System Board are: [4]

NameOffice (if applicable)Term beginsTerm ends A
Ex officio or representative members
Philip Lowe Chairman of the Board (RBA Gov.)18 September 201617 September 2023
Michele BullockDeputy Chairman of the Board (RBA Rep.)29 October 2016indefinite
Wayne Byres APRA Representative9 July 2014indefinite
Other members
Gina Cass-Gottlieb15 July 201314 July 2018
Paul Costello15 July 201314 July 2018
Catherine Walter3 September 20072 September 2017
Brian Wilson15 November 201014 November 2020

Governors and their roles

H. C. Coombs is the only governor to have headed both the Commonwealth Bank and the Reserve Bank of Australia H. C. Coombs.jpg
H. C. Coombs is the only governor to have headed both the Commonwealth Bank and the Reserve Bank of Australia

The governor of the Reserve Bank of Australia is the most senior position in the Reserve Bank of Australia. The governor of the Commonwealth Bank of Reserve Bank of Australia was both an ex officio member of the Notes Board from 1920 to 1924 and of the eight directors of the Commonwealth Bank from 1924 to 1945. The Commonwealth Bank and Bank Acts in 1945 clearly stated the governor's responsibilities of managing the bank. In 1951, legislation established a 10-member board which the governor is a member of. The bank has maintained a similar structure ever since the 1951 legislation. [2]

The governor is required by the Reserve Bank Act 1959 to keep in contact with the Secretary on matters concerning both the Treasury and Reserve Bank and vice versa. It is also mandated that the board inform the government of the bank's monetary and banking policy, which is often accomplished through the governor's meetings with the Treasurer. Since 1996, the governor and other senior members of the bank have appeared twice annually before the House of Representatives Standing Committee on Economics to explain the conduct of the bank. [11] The Reserve Bank governor is appointed to a term of up to seven years by the Treasurer and are eligible to be reappointed at the end of their term. [6] The governor is the chairman of both the Payment Systems Board and the Reserve Bank Board and therefore resolves any disputes that occur between the two entities. [4]

The longest-serving governor, if his service to both the Commonwealth Bank and the Reserve Bank of Australia are included, is H.C. Coombs, who served nineteen years and six months combined. [9] He is regarded by some as one of the most committed anti-inflationists in government throughout the 1950s and 1960s. [7] The longest-serving Commonwealth Bank governor is Sir Ernest Riddle, who served eleven years and four months, while the longest-serving Reserve Bank governor is Ian Macfarlane, who served ten years. The shortest-serving governor by many years is James Kell, who served 2 years for the Commonwealth Bank. [9]

Key

*Died in office

Governors

#GovernorPost-NomonalsStartEndRef
Governors of the Commonwealth Bank of Australia
1 Sir Denison Miller KCMG June 1912June 1923 [9] [12]
2James KellOctober 1924October 1926 [9]
3 Sir Ernest Riddle October 1926February 1938 [9] [13]
4Sir Henry Sheehan CBE February 1938March 1941 [9] [14]
5Hugh Armitage CMG July 1941December 1948 [9] [15]
6 Herbert Coombs January 1949January 1960 [9] [16]
Governors of the Reserve Bank of Australia
1 Herbert Coombs January 1960July 1968 [9] [16]
2 Sir John Phillips KBE July 1968July 1975 [9] [17]
3 Sir Harold Knight KBE , DSC July 1975August 1982 [9]
4 Robert Johnston AC August 1982July 1989 [9]
5 Bernie Fraser September 1989September 1996 [9]
6 Ian Macfarlane AC September 1996September 2006 [9]
7 Glenn Stevens AC 18 September 200617 September 2016 [9]
8 Philip Lowe 18 September 2016present [9]

See also

Heritage listings

A number of buildings associated with the Reserve Bank are heritage-listed including:

Notes

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The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.

Australian Notes Act 1910

The Australian Notes Act 1910 was an Act of the Parliament of Australia which introduced an Australian national currency, the Australian pound. The Act was enacted on 16 September 1910 by the Fisher Labour Government under Section 51 (xii) of the Constitution of Australia that gives the Commonwealth Parliament the power to legislate with respect to “currency, coinage, and legal tender.”

Central Bank of The Bahamas central bank


The Central Bank of the Bahamas is the reserve bank of the Bahamas based in the capital Nassau.

Central Bank of the United Arab Emirates central bank

The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates (UAE).

This article is about the history of monetary policy in the United States. Monetary policy is associated with interest rates and availability of credit.

References

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