A century of secrecy coming to an end for Reserve Bank
'A lot of progress has been made already, and I'm looking forward to bedding down these final changes.'
A decision about whether to make public an interest rate vote will be discussed at the bank's meeting of July 7 and 8. Financial markets put the chance of a rate cut at that meeting at 97 per cent.
If, as expected, the bank signs off on the change, there is only one substantial reform from the independent review – for non-bank staff on the monetary policy committee to make public speeches – to be acted upon.
As part of its reforms, the bank now has a separate governance board alongside the board that sets interest rates.
The two boards, as well as the RBA's board responsible for the nation's payments system, have signed their own memorandum of understanding that canvasses what happens if there is a difference of opinion among them. This was raised by some opponents as a potential problem, especially if the interest rate setting board takes actions that might cause financial issues for the overall bank.
The RBA has lost a combined $51 billion since the COVID-19 pandemic, including a record $36.7 billion in the 2021-22 financial year. At the end of the 2023-24 financial year, it had negative equity of $20.4 billion.
Under the agreement between the two boards, the interest rate setting board can make decisions that affect the size or composition of the RBA's balance sheet.
'At times, the monetary policy board may use the bank's balance sheet to adjust the stance of monetary policy, respond to emerging financial instability or in other ways necessary to meet its objectives,' the agreement between the two says.
While the agreement gives 'complete authority' to the interest rate board on policies that may affect the RBA's financials, it has to give 'regard to the duties of the governance board' as the overarching authority for the bank.
The bank's governor and the interest rate board are to 'carefully consider' whether to consult the governance board if there is a decision that affects the RBA's balance sheet.
'The monetary policy board also commits to follow a clear and sound process for identifying and analysing any risks (financial, reputational and other) associated with policy decisions that materially affect the balance sheet,' the agreement states.
An updated statement between Chalmers and Bullock on the conduct of monetary policy will soon be signed off. The statement, first used by then treasurer Peter Costello to set the RBA's 2-3 per cent inflation target, outlines the general way in which the bank should manage the economy.
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