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Encyclopedia > Reserve Bank of Australia
Reserve Bank of Australia
Headquarters Sydney
Governor Glenn Stevens
Central Bank of Australia
Currency Australian Dollar
ISO 4217 Code AUD
Base borrowing rate 6.25%
Website www.rba.gov.au


The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australia's central bank and 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 Sydney Opera House on Sydney Harbour Sydney (pronounced ) is the most populous city in Australia, with a metropolitan area population of approximately 4. ... The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australias central bank and banknote issuing authority. ... Glenn Stevens, 48, is governor of the Reserve Bank of Australia. ... ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 3. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... is the 14th day of the year in the Gregorian calendar. ... Year 1960 (MCMLX) was a leap year starting on Friday (link will display full calendar) of the Gregorian calendar. ... Glenn Stevens, 48, is governor of the Reserve Bank of Australia. ...

Contents

History

The predecessor to the Reserve Bank, the Commonwealth Bank of Australia, was established in 1911. It was initially just 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 of Australia (commonly just the Commonwealth Bank) is the second largest bank in Australia, after the National Australia 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 Authority in 1998. The Australian Prudential Regulation Authority (APRA) is the Australian regulator of banks, credit unions, building societies, insurance companies, friendly societies and superannuation funds. ...


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 currency of Australia
(b) the maintenance of full employment in 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 inflation through monetary policy. (See also open market operation.) 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 Treasurer Peter Costello and incoming Reserve Bank Governor Ian Mcfarlane. In economics, full employment has more than one meaning. ... Monetary policy is the process by which the government, central bank, or monetary authority manages the money supply to achieve specific goals—such as constraining inflation or deflation, maintaining an exchange rate, achieving full employment or economic growth. ... Open market operations are the means of implementing monetary policy by which a central bank controls its national money supply by buying and selling government securities, or other instruments. ... See forecasting and unexpected and expected inflation. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Bernie Fraser, Australian economist, was the Governor of the Reserve Bank of Australia from September 1989 – September 1996. ... The Department of the Treasury, Canberra The Australian Treasurer is the minister responsible for government expenditure and revenue raising. ... Peter Howard Costello (born 14 August 1957), Australian politician, has been Deputy Leader of the Liberal Party since 1994, and Treasurer in the Australian government since 1996. ...


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. Year 1961 (MCMLXI) was a common year starting on Sunday (link will display full calendar) of the Gregorian calendar. ... Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ... For the band, see 1990s (band). ...


Board of directors

Wikinews has related news:
Federal Opposition hounds Treasurer over appointment to RBA board, Gerard resigns

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. Image File history File links WikiNews-Logo. ... Wikinews is a free-content news source and a project of the Wikimedia Foundation. ...


The current members of the board of directors are:

Glenn Stevens, 48, is governor of the Reserve Bank of Australia. ... Hugh Matheson Morgan AC, (born September 9, 1940), an Australian businessman, is the son of former Western Mining Corporation CEO Bill Morgan, and was himself CEO of Western Mining Corporation from 1990 to 2003, and President of the Business Council of Australia from 2003 to 2005. ... Warwick McKibbin (born 21 April 1957 in Sydney) is an Australian Professor of economics at the Australian National University who works across a wide range of areas in applied policy. ...

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 [1]. From time to time other meetings are held in other Australian Capitals.


Governors

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).

Governor of the Reserve Bank of Australia Term as Governor
Glenn Stevens September 2006 –
Ian Macfarlane September 1996 – September 2006
Bernie Fraser September 1989 – September 1996
RA Johnston August 1982 – July 1989
HM Knight July 1975 – August 1982
JG Phillips July 1968 – July 1975
Herbert Coombs January 1960 – July 1968
Governor of the Commonwealth Bank of Australia Term as Governor
Herbert Coombs January 1949 – January 1960
HT Armitage July 1941 – December 1948
H Sheehan February 1938 – March 1941
EC Riddle October 1926 – February 1938
J Kell October 1924 – October 1926
DSK Miller June 1912 – June 1923

Glenn Stevens, 48, is governor of the Reserve Bank of Australia. ... For the Australian Minister for Industry, see Hon Ian Macfarlane. ... Bernie Fraser, Australian economist, was the Governor of the Reserve Bank of Australia from September 1989 – September 1996. ... Herbert Cole Coombs (24 February 1906 - 29 October 1997), referred to in his professional life as Dr. H. C. Coombs but commonly known as Nugget Coombs, Australian economist and public servant, was born born near Perth, Western Australia, one of six children of a railway station-master. ...

See also

ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 3. ... Royal Australian Mint The coat of arms of Australia is featured above the entrance to the Royal Australian Mint. ... Note Printing Australia (NPA), which is located in Craigieburn, Melbourne, is a wholly owned subsidiary of the Reserve Bank of Australia and was corporatised in July 1998. ... The Australian Prudential Regulation Authority (APRA) is the Australian regulator of banks, credit unions, building societies, insurance companies, friendly societies and superannuation funds. ...

External links

  • Reserve Bank of Australia
  • Museum of Australian Currency Notes
  • Maps and aerial photos Coordinates: -33.868086° 151.211749°

  Results from FactBites:
 
Reserve Bank of Australia - Wikipedia, the free encyclopedia (592 words)
The predecessor to the Reserve Bank, the Commonwealth Bank of Australia, was established in 1911.
In 1960 the central banking functions of the Commonwealth Bank were transferred to the new Reserve Bank of Australia.
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.
  More results at FactBites »

 
 

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