The House of Representatives Standing Committee on Economics will hold its first biannual public hearing of 2025 with the Governor of the Reserve Bank of Australia (RBA), Ms Michele Bullock, and other senior RBA officials on Friday 21 February 2025.

Media release issue date: Friday, 14 February 2025

The House of Representatives Standing Committee on Economics will hold its first biannual public hearing of 2025 with the Governor of the Reserve Bank of Australia (RBA), Ms Michele Bullock, and other senior RBA officials on Friday 21 February 2025. This will be the RBA’s first parliamentary appearance following its much-anticipated 18 February monetary policy decision. Committee Chair Dr Daniel Mulino MP said the RBA’s Tuesday cash rate call would be closely followed, with many Australian mortgage holders eager for relief. 'We know many Australians with mortgages have been making sacrifices, holding on and hoping for interest rates to ease,' he said. 'Whether or not the RBA cuts the cash rate target next Tuesday, the latest inflation data is extremely encouraging. It suggests the end of the road is in sight, and that efforts by both the RBA and the Government to tame inflation without massive job losses are getting the job done.' The latest monthly data shows that the RBA’s preferred measure of underlying or core inflation – annual trimmed mean inflation – dropped to 2.7 per cent in December 2024, down from 3.2 per cent in November. Dr Mulino noted that this is the first time trimmed mean inflation has fallen within the RBA’s target band since December 2021. 'The monthly data can be volatile,' Dr Mulino cautioned, 'but this is still a major milestone – and the quarterly data also shows a sustained downward trend.' He noted that quarterly trimmed mean inflation was at 4 per cent in the June 2024 quarter, then dropped to 3.6 per cent in the September quarter and 3.2 per cent in the December quarter. Dr Mulino also noted that inflation had been brought down from its December 2022 peak of more than 8 per cent (in headline terms) while keeping the unemployment rate 'in the very low fours – a historic achievement.' Dr Mulino said the Committee looked forward to discussing the RBA Board’s latest monetary policy decision, and the possible trajectory of monetary policy in 2025 under complex and uncertain global conditions. Dr Mulino said the Committee was also interested in the RBA’s Review of Merchant Card Payment Costs and Surcharging, and its progress implementing the Government’s once-in-a-generation reforms to RBA governance arrangements, including the creation of a dedicated Monetary Policy Board. Public hearing details Date: Friday, 21 February 2025 Time: 9.30am – 12.30pm Location: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live and www.youtube.com/@AUSParliamentLive. Media enquiries Alice Ryan, Media Adviser Office of Dr Daniel Mulino MP, Chair alice.ryan@aph.gov.au Mobile: 0400 263 059 Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au https://aph.gov.au/economics For more information about this Committee, you can visit its website: www.aph.gov.au/economics. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right-hand corner of the page.

The House of Representatives Standing Committee on Economics will hold its second biannual public hearing with the Governor of the Reserve Bank of Australia (RBA), Ms Michele Bullock, on Friday 16 August 2024. Additional RBA representatives will also appear.

Media release issue date: Thursday, 8 August 2024

The House of Representatives Standing Committee on Economics will hold its second biannual public hearing with the Governor of the Reserve Bank of Australia (RBA), Ms Michele Bullock, on Friday 16 August 2024. Additional RBA representatives will also appear. Committee Chair Dr Daniel Mulino MP said that the RBA’s decision this week to leave interest rates unchanged was “welcome news to those who feared a rate rise, but no doubt very frustrating to the many praying for rate relief”. Consumer price data for the June quarter showed a slight easing in the RBA’s preferred inflation measure to 3.9 per cent, forestalling the risk of another rate rise for now. However, the RBA says inflation is still too high and has fallen very little over the past year. The RBA has foreshadowed that it will take inflation longer than previously predicted to return to target, and that restrictive monetary policy will continue. Dr Mulino said the committee would continue its scrutiny of the RBA’s work as the bank strives to return Australia to its target inflation band of 2–3 per cent, in an environment of growing global volatility and domestic cost of living pressures. Dr Mulino said: “The RBA says it believes Australia is still on the ‘narrow path’ to a soft landing, but we also know that both inflation and mortgage stress are causing real pain for our households and businesses. The country relies on sound decision-making by the RBA and the committee looks forward to questioning Governor Bullock and her colleagues about their recent decisions and the path forward.” Dr Mulino said the committee was also interested in the RBA’s evolving regulatory remit for payment systems, including Buy Now Pay Later services and credit card payments. Public hearing details  Date: Friday, 16 August 2024 Time: 9.30am – 12.30pm Location: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat  02 6277 4587 economics.reps@aph.gov.au https://aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hold its biannual public hearing with the Governor of the Reserve Bank of Australia (RBA), Ms Michele Bullock, on Friday 9 February 2024.

Media release issue date: Thursday, 8 February 2024

The House of Representatives Standing Committee on Economics will hold its biannual public hearing with the Governor of the Reserve Bank of Australia (RBA), Ms Michele Bullock, on Friday 9 February 2024. This will be Ms Bullock’s first appearance before the committee as Governor, with additional Bank representatives also appearing. Committee Chair, Dr Daniel Mulino MP, said that, ‘The RBA’s decision at its latest meeting this week saw another pause in interest rate rises — no doubt welcome news for many Australians, including mortgage holders.’ Inflation fell to 4.1 per cent in the year to December, its lowest level in two years. ‘The ABS has shown that our cost-of-living polices across energy bills, rents and childcare are helping, but inflation is still too high,’ Dr Mulino said. ‘The committee takes its scrutiny of the RBA seriously and will continue to examine the Bank’s approach to tackling high inflation. The committee is interested to hear how the RBA will factor in future data and evolving risks as it continues to support a return to the target inflation rate.’ Public hearing details Date: Friday, 9 February 2024 Time: 9.30am – 12.30pm (AEDT) Location: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au https://www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hold its biannual public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday 11 August 2023.

Media release issue date: Wednesday, 9 August 2023

The House of Representatives Standing Committee on Economics will hold its biannual public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday 11 August 2023. This will be the Bank’s first public hearing since the release of the Review of the RBA and marks Governor Lowe’s last appearance before his term ends on 17 September 2023. His successor, Ms Michele Bullock, and other Bank officials will appear alongside him. Committee Chair, Dr Daniel Mulino MP, said that, ‘The RBA’s decisions to pause interest rates in July and this month were welcome news to mortgage holders and renters. Although inflation is declining, it remains a key challenge to Australia’s economy and household budgets are still feeling the pressure.’ ‘The committee takes its scrutiny of the RBA seriously and will continue to examine how the challenges of tackling high inflation are evolving – especially in light of the RBA’s mandate of returning inflation to the 2 to 3 per cent range over time.’ ‘I would also like to take this opportunity to thank Governor Lowe for his long service to the community – not just the past seven years as Governor but also the 40 years he has spent at the RBA.’ Public hearing details Date: Friday, 11 August 2023 Time: 9.30am – 12.30pm Location: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat  02 6277 4587 economics.reps@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track this Committee’ button in the bottom right-hand corner of the page.

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, and other senior RBA officials.

Media release issue date: Thursday, 16 February 2023

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, and other senior RBA officials on Friday 17 February 2023. Committee Chair, Dr Daniel Mulino MP, said that, ‘Since the committee’s last public hearing in September last year, the RBA has raised the cash rate one per cent—a cumulative rise of 3.25 per cent since the RBA started hiking rates in May 2022. Right now, inflation is the primary challenge to Australia’s economy, with the latest CPI inflation figures reaching 7.8 per cent over the year to the December quarter.’ ‘This sharp increase in rates, unprecedented in recent times, has been creating pressure across households and the economy. While the RBA’s view is that inflation is likely to have peaked around the end of 2022, there is still considerable uncertainty in the economic outlook with further interest rate increases expected in the months ahead,’ said Dr Mulino. ‘The committee takes its scrutiny of the RBA very seriously and will continue to examine how the challenges of tackling high inflation are evolving. The RBA’s mandate of returning inflation to the 2 to 3 per cent range over time is vital, and there are many domestic and global factors that will need to be addressed.’ Public hearing details Date: Friday 17 February 2023 Time: 9.30am – 12.30pm Location: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au aph.gov.au/economics