Reserve Bank of Australia regulates national Eftpos network

The Reserve Bank of Australia (RBA) has officially designated the national electronic funds transfer at point of sale (Eftpos) system as a payment system, paving the way for the imposition of standards and possible fee-capping for the network.

Why the Reserve Bank of Australia should be reviewed

Most Australians wouldn’t have given too much thought to the Reserve Bank of Australia.

Apart from when it changes official interest rates following its monthly meetings, the role and importance of the RBA, and it’s governor Phil Lowe, is little understood or even acknowledged.

But the Reserve Bank is now facing rare criticisms by leading economists for not having met its core targets for nearly a decade.

And this week, international think tank the OECD has called for a review of the RBA. A call since endorsed by Treasurer Josh Frydenberg, who said he’d consider a review after the next election.

And with the Federal ALP previously calling for an independent review of the Reserve Bank in April, it’s increasingly likely the RBA will next year face its first independent review in 40 years.

Watch Brendan Coates, Economic Policy Program Director, discuss the role of the RBA and whether it should be reviewed with Kat Clay, Head of Digital Communication.

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Reserve Bank of Australia May Hike Rates in August, CBA’s Mundy Says

Kim Mundy, senior economist and currency strategist at Commonwealth Bank of Australia, discusses the central bank’s policy and the outlook for the economy. The Reserve Bank has signaled it’ll remain at the dovish end of the global policy spectrum even as it ended one of its crisis-era tools. Mundy also talks about the Australian and U.S. dollars and the euro. She speaks on “Bloomberg Daybreak: Australia.”

Reserve Bank of Australia Likely to Hike Rates by 40 Basis Points: JPMorgan AM

Kerry Craig, global market strategist at JPMorgan Asset Management, discusses Reserve Bank of Australia’s policy, its implications for the economy and markets. He also discusses the outlook for China’s economy and financial assets. He speaks with Haidi Stroud-Watts and Shery Ahn on “Bloomberg Daybreak: Asia.”

Reserve Bank – Role and Functions

The Reserve Bank of Australia is Australia’s central bank. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation’s banknotes. The Bank also manages Australia’s foreign exchange reserves and provides banking services to the government.