- Introduction
Background
1.1The House of Representatives Standing Committee on Economics (the committee) is responsible for scrutinising the Reserve Bank of Australia (RBA) and for ensuring its transparency and accountability to the Parliament, the community, and the financial sector.
1.2The Standing Orders of the House of Representatives provide for the referral of annual reports of government departments and authorities tabled in the House to committees in accordance with the Speaker’s Schedule. The RBA’s annual reports stand referred to the committee under this schedule. On 25 August 2025, the committee adopted an inquiry into the Reserve Bank of Australia Annual Report2024.
1.3The RBA’s appearances before the committee also provide an important and long-established mechanism for promoting the central bank’s transparency and accountability. The RBA’s 1996 Statement on the Conduct of Monetary Policy first clarified the relationship between the Australia Government and the RBA and provided for ‘increased accountability through half-yearly reports on monetary policy and appearances by the Governor before a Parliamentary committee’. The most recent statement on the conduct of monetary policy reiterates this approach, outlining that ‘the Governor agrees to continue to be available to report twice a year’ to the committee, as well as other Parliamentary committees as appropriate.
Scope and conduct of the review
1.4The RBA appeared before the committee on 22 September 2025. The hearing was open to the public and broadcast on the Parliament’s website. The transcript of the hearing is available on the committee’s website. A list of the RBA representatives who appeared before the committee at the public hearing can be found at AppendixA.
1.5Prior to the hearing, the committee received a private briefing from prominent economist Mr Adam Boyton, Head of Australian Economics at ANZ Bank. This briefing provided valuable background information and expert insight to the committee, aiding in its discussions with the RBA at the public hearing. The committee extends its thanks to Mr Boyton for his assistance.
1.6This report highlights key matters raised at the public hearing and elaborates on issues raised in the RBA’s recent statements on monetary policy and its 2024 annual report. These statements and the annual report can be viewed on the RBA’s website.
1.7In this report, references to Committee Hansard are to proof transcripts. Proof transcripts are the preliminary, unedited records of proceedings. Page numbers may vary between proof and official transcripts.