Reserve Bank sets out its priorities

Reserve Bank sets out its priorities

The Reserve Bank has outlined its priorities and initiatives that will enable it to achieve its goals in the Statement of Intent (SOI) for 2015-2018, Governor Graeme Wheeler said today.

The Reserve Bank contributes to economic growth by targeting price stability, supporting a sound and efficient financial system and meeting the public’s currency needs.

“We continually seek to strengthen our performance and meet the challenges and demands of the environment in which we operate,” said Mr Wheeler.

“Our funding will increase by an average of 1 percent a year between now and 2020 under the terms of our funding agreement. We are committed to using our resources effectively, and ensuring our business processes and culture enable us to be innovative and responsive.”

The SOI outlines the Bank’s priorities for the next three years. These are framed around three themes: continuing to strengthen the Bank’s performance; developing a more integrated approach to the Bank’s policies; and improving infrastructure and reducing enterprise risk.

“We believe these priorities position the Bank well to face the challenges ahead.”

Mr Wheeler said significant projects the Bank is managing include undertaking changes arising from its regulatory stocktake and reviewing other prudential settings, delivering the new Series 7 banknotes, implementing a review of its payment and settlement systems, and developing new financial management systems.

ENDS

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