On the day the RBA “welcomed” the Review, it noted that it:

is comprehensive and covers the Bank’s objectives and responsibilities, the framework for monetary policy, the governance of the Bank and the way the Reserve Bank Board and the Bank operate.  

In the Foreword to the Review, the authors stated that it was “not a judgement on the past 6 months; but rather had looked back over 3 decades”. Further, their stated objective was to identify changes that strengthen Australia’s monetary policy framework and the central bank culture to support ongoing public confidence. 

According to the media release accompanying the Review, it noted that the Review makes 51 specific recommendations under 14 broader headings, grouped into 5 themes:

1. A clearer monetary policy framework, with clear objectives and tools, and a well defined financial stability role
2. Stronger monetary policy decision making and accountability, including a more expert Monetary Policy Board supported by better processes and greater transparency and accountability around decisions
3. An open and dynamic RBA, with a more agile and empowering culture and more open and constructive debate
4. More robust corporate governance, including the establishment of a new Governance Board to support and oversee management, and
5. Steps to ensure RBA leaders drive institutional and cultural change.

The media release also says that the government is committed to working with the Reserve Bank, Council of Financial Regulators, and other stakeholders “to implement these recommendations, collaboratively and constructively”. The government also acknowledged that the RBA’s independence necessitates bipartisan support for implementing some of the recommendations through legislation.

The authors will monitor the implementation of the reform recommendations and note the developments in upcoming publications.
 

The legal content of the Banking and Finance Practice Area is both wide and complex, being subject to dynamic change. 

Extensive expert commentary addresses ASC's role, dispute resolution, foreign investment, insurance law, financial planning and retail and commercial banking practices. Specific areas within the banking and finance industry covered in detail include the law relating to guarantees, personal property securities and the impact of  the National Credit Regulation and Anti-Money Laundering regimes.

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