Decisions on monetary policy takes Australia, the Governing Board of the Bank of Australia. Council members hold meetings 11 times a year, every first Tuesday of the month, except January.
Decisions on the discount rate is usually announced a day after the meeting. 9 members of the Board are: three ex officio members - the Manager, Assistant Manager, and Secretary of the Treasury, as well as six external members, appointed by the Treasury. Governor and Deputy Governor are appointed for a term of up to 7 years, with the right to re-election. 6 external members are appointed for a term of 5 years.
A key instrument of monetary policy the Reserve Bank of Australia (RBA) is the interest rate on the overnight money market presented in the form of the target level for the receipt of the course.
Checking rate - the interest charged for overnight loans in the calculations between financial institutions.
According to the regulations of the Reserve Bank of Australia, the central bank aims to maintain the stability of the Australian dollar and to maintain full employment. The objectives of the Bank were formulated in 1993, when he received operational independence, and are based on the target inflation rate is equal to 3.2% y / y This goal is set for medium and stimulate a healthy and sustainable economic growth.
Despite the fact that the independent Bank of Australia since 1993, Governor of the Bank and his deputy are appointed by the Treasurer.
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