BSL welcomes reforms to the Reserve Bank of Australia

20 April 2023

BSL welcomes the findings from the independent review of the Reserve Bank of Australia (RBA) and its recommendations for reform that will ensure the institution is better placed to deal with the difficult economic times ahead.

In particular, we welcome the dual mandate to contribute to full employment and price stability when setting future monetary policy, which will strike a balance between managing inflation and supporting employment.

The changes to the Board structure and composition will allow for greater clarity between monetary policy and corporate governance and ensure the right skills and expertise are applied to both important functions.

The importance of broad community experience and input to the monetary policy Board will be critical in ensuring that community members doing it toughest have their interests heard and acted on.

As the Treasurer has already flagged, the economic forecast for 2023 and 2024 is for the weakest two years of global growth in decades, apart from the Global Financial Crisis of 2008-09 and the COVID-19 pandemic.

It is therefore critical for the needs of those already living in poverty – around 12.5 percent of the Australian population – to be front of mind for RBA decisions, along with other Australians.

As Australia’s central bank, the RBA has a responsibility to contribute to the economic prosperity and welfare of all Australians, including those living in poverty.

BSL has been working for over 90 years to prevent and alleviate poverty across Australia. We remain committed to working collaboratively to find innovative solutions and ensure the voices of people with lived experience of poverty and inequality can contribute to evidence-based policy and practice.

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