Reserve Bank of Australia Annual Report 2018
Download the complete Report 6.7MB
Contents
-
Download 105KB
-
Download 76KB
-
Part 1: About the Reserve Bank
-
Download 304KB
In its role as Australia's central bank, the Reserve Bank of Australia determines and implements monetary policy, fosters financial stability, undertakes a range of activities in financial markets, acts as a banker to the Australian Government, issues Australia's banknotes and has policy, supervisory and operational roles in the payments system.
-
Download 427KB
The Reserve Bank has two boards: the Reserve Bank Board, which has responsibility for monetary and banking policy and the Bank's policy on other matters excluding payments system policy; and the Payments System Board, which has responsibility for payments system policy. Under the Reserve Bank Act 1959, the Bank is managed by the Governor.
-
Download 761KB
The Reserve Bank Board comprises nine members: the Governor (Chair), Deputy Governor (Deputy Chair), Secretary to the Treasury (ex officio member) and six other non-executive members appointed by the Treasurer. Further to the legislative requirements, and in recognition of their responsibility to uphold the integrity of the Board and the Reserve Bank, members have adopted a Code of Conduct.
-
Download 728KB
The Reserve Bank is an independent central bank, accountable to the Parliament of Australia. The Bank engages with the Australian Government at a range of levels and seeks to enhance the community's understanding of its responsibilities, policies and actions through a broad communication program.
-
Download 312KB
The Reserve Bank is managed by the Governor, Philip Lowe, and the Deputy Governor, Guy Debelle. It has five operational groups – Business Services Group, Corporate Services Group, Economic Group, Financial Markets Group and Financial System Group – and six supporting departments.
-
-
Part 2: Our Operations
-
Download 809KB
The Reserve Bank operates in domestic and international financial markets in order to achieve the policy objectives for which it is responsible. These operations include implementing the monetary policy decisions of the Reserve Bank Board, facilitating the smooth functioning of the payments system, managing the nation's foreign exchange reserve assets and providing banking services to clients (mainly the Australian Government and foreign central banks).
-
Download 394KB
The Reserve Bank provides banking and payment services to support the efficient and stable functioning of the Australian financial system. The Bank is currently engaged in projects to renovate and strengthen its banking and settlement capabilities and operate new infrastructure to support real-time payments by households and businesses on a 24/7 basis. This will enable the Bank to continue to meet the banking and payment needs of its government and agency customers and, in turn, the Australian public.
-
Download 790KB
The Reserve Bank is responsible for producing and issuing Australia's banknotes. Public demand for banknotes stems from the role of banknotes as both a payment mechanism and store of value. To maintain the capacity of banknotes to perform these roles, the Bank seeks to ensure banknotes in circulation are of high quality and sufficient volume to meet public demand. The Bank conducts research and development to ensure that Australia's banknotes remain secure against counterfeiting. Based on this work, the Bank is issuing an upgraded series of banknotes with world-leading security features.
-
Download 640KB
The Reserve Bank participates actively in initiatives that seek to address the challenges facing the global economy and improve the global financial architecture. It does so through its membership of global and regional forums and its close bilateral relationships with other central banks.
-
Download 623KB
The Reserve Bank devotes considerable effort to community engagement. Staff in the Bank's Head Office and State Offices work to help the community understand the Bank's role and, in turn, to understand the community's perspectives. The Bank supports academic research, continues to build its public education program, and also engages with the public through the Reserve Bank of Australia Museum.
-
-
Part 3: Management and Accountability
-
Download 580KB
The Reserve Bank seeks to attract, develop and retain high-quality people, and to foster an environment where there is a strong focus on values and behaviour, and a clear understanding of the Bank’s risk appetite. This is supported by the Bank’s People and Culture Strategy, which focuses on leadership development, diversity and inclusion. In 2017/18, the proportion of women in management increased and the Bank created additional employment opportunities for Indigenous Australians and those seeking flexible work arrangements. The total number of employees declined slightly. The composition of the workforce changed, reflecting the completion of a number of large projects.
-
Download 410KB
The Reserve Bank has a strong emphasis on efficiency and cost control, supported by a focus on continuous improvement and established budget processes. Technology plays a key role in the Bank's ongoing operations and forms a major component of a number of the Bank’s strategic projects. Further significant progress was made on projects in 2017/18, with completion of the settlements infrastructure supporting the New Payments Platform (NPP) and enhancements to banknote logistics. Accordingly, project costs declined, although the Bank's general operating costs increased as a result of operating this new infrastructure.
-
Download 405KB
In meeting its objectives, the Reserve Bank takes on a variety of risks. The framework through which these risks are managed is overseen by the Risk Management Committee. The Bank seeks to promote a strong risk management culture and deploys a framework designed to ensure the consistent management of strategic, operational and financial risks.
-
Download 423KB
In 2017/18, the Reserve Bank recorded a net profit of $3.8 billion. In accordance with the Reserve Bank Act 1959, unrealised gains are not available for distribution and are transferred to the unrealised profits reserve. Earnings available for distribution amounted to $0.7 billion. The Reserve Bank remains well capitalised.
-
Download 274KB
The following set of accounts for the Reserve Bank's contestable business has been prepared in accordance with competitive neutrality guidelines. These accounts do not form part of the audited financial statements.
-
Download 367KB
-
Download 292KB
The Reserve Bank has a number of statutory reporting requirements that extend beyond its policy objectives and cover areas such as equal employment opportunity, work health and safety and freedom of information requests.
-
-
Part 4: Financial Statements
-
Download 764KB
-
-
Part 5: Indexes
ISSN 1448–5303 (Print)
ISSN 1448–5192 (Online)