RBA – Reserve Bank of Australia is the central bank of Australia. The RBA are responsible for the money and banking system. The Reserve Bank is different from other banks as they do not desire profit. Instead they work on the maintenance of the Australian Financial System in accordance to the rules of the Commonwealth Government. The RBA was made under the Reserve bank Act 1959 and was officially established in the 14th of January, 1960.The RBA’s main responsibility is monetary policy and achieves their goals through overlooking the maintenance of the Australian Dollar, full employment and also the overall welfare and prosperity of the Australian People. This is through the objective of maintaining low and stable inflation over the medium term. The RBA provides information regarding interest rates, exchange rates, and money and credit growth and also up to date news on the condition of the Australian Dollar.
The Reserve Bank actively participates in Australia’s financial markets by managing Australia’s foreign reserves, note issuing and also works as a banker to the Australian government.
Decisions by the Reserve Bank are made by the Reserve Bank Board. The Reserve Bank Board has the authority to determine the policy of the Bank in relation to any matter other than its payments system policy. It is the responsibility of the Reserve Bank Board, within its powers, to ensure that monetary and banking policy of the Bank is aimed to the greatest advantage for the people of Australia. The main focus of the Reserve Bank Board meetings each month is monetary policy. The Board normally meets eleven times every year on the first Tuesday of each month, excluding January. At least one meeting it to be held in Melbourne, usually in the first half of the year and they may meet in other Australian capitals.
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