The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Wednesday, 2 December 2020. The RBA last appeared before the committee in August 2020.
At its meeting on 3 November, the RBA Board announced a package of further measures to support the Australian economy as it recovers from COVID-19, comprising:
- a reduction in the cash rate target, the three-year yield target, and the interest rate on new drawings under the Term Funding Facility to 10 basis points, from the current 25 basis points;
- a reduction in the interest rate on Exchange Settlement balances to zero from the current 10 basis points; and
- committing to the purchase of $100 billion of government bonds over the next six months.
Committee Chair, Mr Tim Wilson MP, said ‘the committee will be scrutinising the RBA’s measures in response to the COVID-19 pandemic, particularly the move to implement quantitative easing, and how these measures will help the Australian economy recover after a very difficult year.’
‘We will also be scrutinising the RBA’s recent decision to start work on a digital currency, as well as zoning and planning regulation that is contribution to house price inflation.’
Public hearing details
Date: Wednesday, 2 December 2020
Time: 10.00am to 12.00pm
Location: Main Committee Room, Parliament House, Canberra
The hearing will be broadcast live at aph.gov.au/live.
For media comment
Mr Tim Wilson MP
Electorate: 03 9557 4644
Parliament: 02 6277 2392
For background information
Please contact the committee secretariat
Phone: 02 6277 4587
Email: economics.reps@aph.gov.au
