Summary
Partially implements the Government’s response to the review of the Reserve Bank of Australia (RBA) by amending the
Reserve Bank Act 1959
to: remove the Government’s power to override monetary policy decisions of the RBA and remove the RBA’s power to determine the lending policy of banks; clarify the objectives and functions of the RBA; replace the existing Reserve Bank Board with a Monetary Policy Board and Governance Board; and make consequential and minor amendments.