The House of Representatives Standing Committee on Economics today tabled its report titled Uncharted Territory: Review of the Reserve Bank of Australia (RBA) Annual Reports 2019 and 2020. The report focuses on matters arising from public hearings held in August 2020, December 2020, February 2021, August 2021 and February 2022.

Media release issue date: Friday, 25 March 2022

The House of Representatives Standing Committee on Economics today tabled its report titled Uncharted Territory: Review of the Reserve Bank of Australia (RBA) Annual Reports 2019 and 2020. The report focuses on matters arising from public hearings held in August 2020, December 2020, February 2021, August 2021 and February 2022. The committee scrutinised the RBA on its response to the COVID-19 pandemic through monetary policy – in particular, reducing the cash rate, introducing a bond yield target and bond purchase program, providing a Term Funding Facility (TFF), and reducing the interest rate paid on Exchange Settlement (ES) balances. The committee also heard from the RBA on Australia’s economic recovery, and broader economic conditions including inflation, unemployment, wage growth, labour supply and housing affordability. Beyond the COVID-19 pandemic, the committee inquired into issues such as digital currency, digital wallets and governance issues in the RBA. Monetary policy will remain incredibly consequential for the Australian economy during these times of great uncertainty—in the wake of Russia’s invasion of Ukraine and as we emerge from the pandemic. Accordingly, the committee will continue to scrutinise the RBA’s policy responses to current and emerging threats to the strength of the nation’s economy and ensure the transparency and accountability of RBA decisions.   A full copy of the committee’s report is available on committee’s website. For media comment  Please contact the Committee Chair Mr Jason Falinski MP: Electorate: (02) 8484 0300     Parliament: (02) 6277 2324 For background information  Please contact the Committee Secretariat: Phone: (02) 6277 4587           Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, on Friday, 11 February 2022. The RBA last appeared before the committee in August 2021.

Media release issue date: Thursday, 10 February 2022

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, on Friday, 11 February 2022. The RBA last appeared before the committee in August 2021. Monetary policy has been incredibly consequential for the Australian economy and the decisions the RBA take, have an impact on everyone. Particularly at a time of great uncertainty when the COVID-19 pandemic and new strains continue to affect economies and markets around the globe. The committee will be scrutinising recent measures of the RBA, including its decisions to cease further purchases under the bond purchasing program and to maintain the cash rate target at 10 basis points. Additionally, the committee will scrutinise the RBA’s thinking around inflation targets and its outlook for monetary policy. Public hearing details Committee:         House of Representatives Economics Committee Venue:                 Video Conference, Committee Room 2R1 Date:                    Friday, 11 February 2022 Time:                   9.30am to 12.30pm Due to health and safety concerns relating to the COVID-19 pandemic, these hearings are not currently scheduled to be open for public attendance. The hearing will be broadcast live at aph.gov.au/live. Media enquiries Committee Chair Mr Jason Falinski MP Electorate: (02) 8484 0300 Parliament: (02) 6277 2324 For background information Committee Secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, on Friday, 5 February 2021. The RBA last appeared before the committee in December 2020.

Media release issue date: Thursday, 4 February 2021

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Mr Philip Lowe, on Friday, 5 February 2021. The RBA last appeared before the committee in December 2020. Committee Chair, Mr Tim Wilson MP, said ‘there have been few times when monetary policy has been more consequential for the Australian economy’. ‘The committee will be scrutinising the RBA’s measures in response to the COVID‑19 pandemic, particularly the move to implement quantitative easing, and how these measures will help the Australian economy recover’. ‘The decisions the RBA are making has an impact on everyone, and with cheap easy money pushing up asset prices, and the spectre of inflation and higher super that could soften wage increases on the horizon, there needs to be scrutiny of the consequences of their decisions’. ‘Issues of the governance culture within the RBA remain a point of public discussion and also need to be properly scrutinised’, Mr Wilson said. Public hearing details Date:Friday, 5 February 2021 Time: 9.30am to 12.30pm Location: Main Committee Room, Parliament House The hearing will be broadcast live at aph.gov.au/live. For media comment:  Mr Tim Wilson MP Electorate: (03) 9557 4644     Parliament: (02) 6277 2392 For background information: Committee Secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au  Website: www.aph.gov.au/economics  

The House of Representatives Standing Committee on Economics will tomorrow hold a public hearing with the Governor of the Reserve Bank of Australia, Dr Philip Lowe.

Media release issue date: Tuesday, 1 December 2020

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Wednesday, 2 December 2020. The RBA last appeared before the committee in August 2020. At its meeting on 3 November, the RBA Board announced a package of further measures to support the Australian economy as it recovers from COVID-19, comprising: a reduction in the cash rate target, the three-year yield target, and the interest rate on new drawings under the Term Funding Facility to 10 basis points, from the current 25 basis points; a reduction in the interest rate on Exchange Settlement balances to zero from the current 10 basis points; and committing to the purchase of $100 billion of government bonds over the next six months. Committee Chair, Mr Tim Wilson MP, said ‘the committee will be scrutinising the RBA’s measures in response to the COVID-19 pandemic, particularly the move to implement quantitative easing, and how these measures will help the Australian economy recover after a very difficult year.’ ‘We will also be scrutinising the RBA’s recent decision to start work on a digital currency, as well as zoning and planning regulation that is contribution to house price inflation.’ Public hearing details Date: Wednesday, 2 December 2020 Time: 10.00am to 12.00pm Location: Main Committee Room, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. For media comment Mr Tim Wilson MP Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Please contact the committee secretariat Phone: 02 6277 4587 Email: economics.reps@aph.gov.au

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday, 14 August 2020 via videoconference. The RBA last appeared before the committee in February 2020.

Media release issue date: Thursday, 13 August 2020

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday, 14 August 2020 via videoconference. The RBA last appeared before the committee in February 2020. At its meeting on 4 August, the RBA Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Government bonds of 25 basis points. Commenting on the decision, the RBA Governor said that ‘This accommodative approach will be maintained as long as it is required. The Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3 per cent target band.’ The RBA Governor added that ‘The Australian economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s. As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia. This recovery is, however, likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy.’ Committee Chair, Mr Tim Wilson MP, said ‘the committee will be scrutinising the RBA’s measures in response to the COVID-19 pandemic. We are interested in learning more about the RBA’s plans to support a strong recovery for the Australian economy.’ ‘There’s never been a more lively time to discuss monetary policy, with reckless proposals for Modern Monetary Theory floated in the media. This hearing will provide a good opportunity for the RBA to outline the shortcomings of such proposals.’ Mr Wilson said. Public hearing details Date: Friday, 14 August 2020 Time: 9.30am to 12.30pm Venue: Videoconference The hearing will be broadcast live at aph.gov.au/live For media comment Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday, 7 February 2020 in Canberra.

Media release issue date: Wednesday, 5 February 2020

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday, 7 February 2020 in Canberra. Since the RBA appeared before the committee during the previous Parliament in August 2019, the RBA has eased monetary policy by 25 basis points to 0.75 per cent, following the RBA’s decisions to cut the cash rate in October. At its meeting yesterday, the RBA decided to leave the cash rate unchanged at 0.75 per cent. Commenting on the decision to keep rates on hold, the RBA Governor said ‘the central scenario is for the Australian economy to grow by around 2¾ per cent this year and 3 per cent next year, which would be a step up from the growth rates over the past two years. In the short term, the bushfires and the coronavirus outbreak will temporarily weigh on domestic growth.’ The Governor further remarked ‘due to both global and domestic factors, it is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target.’ The Chair of the House Economics Committee, Mr Tim Wilson MP, said ‘the committee will examine the decisions of the RBA in the context of Australia’s broader macroeconomic conditions and assess the RBA’s confidence in current monetary policy settings which aim to encourage growth and keep inflation consistent with the target over the coming years.’ Public hearing details Date: Friday, 7 February 2020 Time: 9.30am to 12.30pm Location: Committee Room 1R1, Parliament House The hearing will be audio cast live at aph.gov.au/live. Media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au