The House of Representatives Standing Committee on Economics released its report Review of the Reserve Bank of Australia Annual Report 2021. The report focuses on matters arising from the committee’s public hearing with the RBA in September 2022.

Media release issue date: Thursday, 22 December 2022

The House of Representatives Standing Committee on Economics today released its report Review of the Reserve Bank of Australia Annual Report 2021. The report focuses on matters arising from the committee’s public hearing with the RBA in September 2022. Dr Daniel Mulino MP, chair of the committee, said: “The committee’s regular scrutiny of the RBA occurred at an unprecedented time." “The domestic and global environment had changed rapidly since the last hearing in February. International pressures, including the war in Ukraine, a recovery in local demand as we came out of pandemic lockdowns, and supply side constraints all combined to push inflation to its highest rate since 1990.” The committee appreciates that several factors influencing inflation could not have been foreseen. During the hearing, the committee scrutinised the RBA’s approach to monetary policy, including the inflation target; forward guidance on interest rate movements; and the path to bringing inflation down within the target range over time. “Transparency and accountability in the RBA’s monetary policy decision-making are paramount, and the committee will continue to scrutinise the RBA’s policy responses to current and emerging threats to the economy,” Dr Mulino said. “The committee also expects the RBA to closely examine lessons learnt from its approach to forecasting and the way it communicated this. Australian households, workers and industries deserve nothing less.” Other issues the committee canvassed included: the interaction between fiscal and monetary policy climate change housing affordability productivity and the labour market. A full copy of the report is available on the committee’s website. The committee will next hear from the RBA on 17 February 2023. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au 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 (RBA), Mr Philip Lowe, on Friday 16 September 2022—the first public hearing for the Economics Committee this Parliament.

Media release issue date: Tuesday, 13 September 2022

The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank (RBA), Mr Philip Lowe, on Friday 16 September 2022—the first public hearing for the Economics Committee this Parliament. Committee Chair, Dr Daniel Mulino MP, said that with “Australia experiencing its highest inflation in 20 years, household budgets are feeling the pressure”. “Australians have also seen interest rates rise for the past five months, which not only affects mortgage holders and families but small businesses and investment, too. “In this context, continuing scrutiny of our monetary policy settings remains important, particularly in view of the need to learn from past decisions,” Dr Mulino said. “Accordingly, the committee will probe the recent decisions of the RBA regarding interest rate policy, the challenges of tackling our high inflation, and the RBA’s approach to returning inflation to the 2-3% range over time. “The committee hearing will thus complement, not replicate, the work of the Independent Review of the Reserve Bank” announced by the Treasurer in July, Dr Mulino said. Dr Mulino noted that the first independent review of the Reserve Bank in four decades would be conducted in the face of challenging economic circumstances, the likes of which Australia had not seen for generations. “Ensuring the RBA remains fit for purpose in the longer term is critical.” Public hearing details Date: Friday 16 September 2022 Time: 9.30am – 12.30pm Location: Main Committee Room, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live.  Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au