{ "entity_id": "O-000942", "folder": "Reserve-Bank-of-Australia", "name": "Reserve Bank of Australia", "type": "Corporate Commonwealth Entity", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "https://www.rba.gov.au/", "data_status": "rich", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": true, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": true, "has_global_initiatives_text": true, "has_ideas": true, "has_artifacts": true, "n_ideas": 8, "n_legislation": 19, "n_artifacts": 15, "n_kpi_targets": 2, "n_kpi_results": 2, "n_outcomes": 1, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "To promote the economic prosperity and welfare of the Australian people, now and into the future", "official_site_url": "https://www.rba.gov.au/", "source_documents": [ { "type": "annual_report", "title": "annual-reports/2025.pdf", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "period": "2025", "confidence": "high" }, { "type": "annual_report", "title": "annual-reports/2024.pdf", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf", "period": "2024", "confidence": "high" }, { "type": "annual_report", "title": "Annual Report 2023-24", "url": "http://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf", "period": "2023-24", "confidence": "high" }, { "type": "annual_report", "title": "annual-reports/2023.pdf", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2023/pdf/rba-annual-report-2023.pdf", "period": "2023", "confidence": "high" }, { "type": "annual_report", "title": "annual-reports/2022.pdf", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2022/pdf/rba-annual-report-2022.pdf", "period": "2022", "confidence": "high" }, { "type": "corporate_plan", "title": "Download\n\n\t\t\t\t\t\t\t\t\tthe Corporate Plan 2.6MB", "url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "period": "2025", "confidence": "high" }, { "type": "corporate_plan", "title": "2022/23 Corporate Plan 4.2MB", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2022-23.pdf?d=2022-23", "period": "2022-23", "confidence": "high" }, { "type": "corporate_plan", "title": "2021/22 Corporate Plan 423KB", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2021-22.pdf?d=2021-22", "period": "2021-22", "confidence": "high" }, { "type": "corporate_plan", "title": "2020/21 Corporate Plan 1.27MB", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2020-21.pdf?d=2020-21", "period": "2020-21", "confidence": "high" }, { "type": "corporate_plan", "title": "2019/20 Corporate Plan 625KB", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2019-20.pdf", "period": "2019-20", "confidence": "high" } ], "purpose": { "text": "To promote the economic prosperity and welfare of the Australian people, now and into the future", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 4, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=4" }, "vision": { "text": "To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 6, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=6" }, "strategic_priorities": [ { "title": "Monetary policy that is fit for the future", "description": "Monetary policy that is fit for the future", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 8, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=8" }, { "title": "Highly resilient payment and banking services", "description": "Highly resilient payment and banking services", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 9, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9" }, { "title": "Shaping the future of money in Australia", "description": "Shaping the future of money in Australia", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 9, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9" }, { "title": "High-quality leadership and an open and dynamic culture", "description": "High-quality leadership and an open and dynamic culture", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 10, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10" }, { "title": "Smarter, simpler and faster ways of working", "description": "Smarter, simpler and faster ways of working", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 10, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10" } ], "values": [ { "name": "Promotion of the public interest", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Integrity", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Excellence", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Intelligent inquiry", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Respect", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Climate change and energy", "description": "Technological innovation and changing preferences mean that the landscape for retail payments and financial market infrastructure is evolving rapidly. We are helping to shape the future of money by exploring the case for new digital forms of money, and by ensuring cash remains a viable means of payment for those who need or want it.", "activities": [ "Determining whether a policy case for a central bank digital currency exists", "Supporting innovation and resilience in wholesale digital payments", "Supporting access to physical cash" ], "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 9, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9" } ], "performance_measures": [ { "code": "CCE01", "measure": "Consumer price inflation", "target": "between 2 and 3 per cent", "latest_result": "within the 2–3 per cent target range", "status": "Achieved", "target_source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "target_source_page": 12, "result_source_url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "result_source_page": 10 }, { "code": "FSS01", "measure": "RITS Fast Settlement Service availability", "target": "99.995 per cent on a 24/7 basis", "latest_result": "99.995 per cent on a 24/7 basis", "status": "Achieved", "target_source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "target_source_page": 14, "result_source_url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "result_source_page": 14 } ], "document_alignment_terms": { "must_support": [ "To promote the economic prosperity and welfare of the Australian people, now and into the future", "To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery", "Monetary policy that is fit for the future", "Highly resilient payment and banking services", "Shaping the future of money in Australia", "High-quality leadership and an open and dynamic culture", "Smarter, simpler and faster ways of working" ], "watch_terms": [ "Consumer price inflation", "RITS Fast Settlement Service availability" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# Reserve Bank of Australia — Strategy Brief\n\n**Reporting period**: 2024-25\n**Corporate plan in force**: 2025-26\n**Annual Report**: [2024-25](https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)\n**Corporate Plan**: [2025-26](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)\n\n## Vision\n\n> To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery [[CP p.6](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=6)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=6)]\n\n## Our purpose / purposes\n\n> To promote the economic prosperity and welfare of the Australian people, now and into the future [[CP p.4](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=4)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=4)]\n\n## How we deliver\n\n> Through a focus on the following strategic priorities: Monetary policy that is fit for the future, Highly resilient payment and banking services, Shaping the future of money in Australia, High-quality leadership and an open and dynamic culture, Smarter, simpler and faster ways of working [[CP p.6](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=6)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=6)]\n\n## Government priorities for this department\n\n- Monetary policy that is fit for the future [[CP p.8](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=8)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=8)]\n- Highly resilient payment and banking services [[CP p.9](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9)]\n- Shaping the future of money in Australia [[CP p.9](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9)]\n- High-quality leadership and an open and dynamic culture [[CP p.10](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10)]\n- Smarter, simpler and faster ways of working [[CP p.10](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10)]\n\n## Outcomes\n\n### Outcome 1: Climate change and energy\nTechnological innovation and changing preferences mean that the landscape for retail payments and financial market infrastructure is evolving rapidly. We are helping to shape the future of money by exploring the case for new digital forms of money, and by ensuring cash remains a viable means of payment for those who need or want it. [[CP p.9](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9)]\n\n**Key activities:**\n- Determining whether a policy case for a central bank digital currency exists\n- Supporting innovation and resilience in wholesale digital payments\n- Supporting access to physical cash\n\n## Values and principles\n\n- Promotion of the public interest\n- Integrity\n- Excellence\n- Intelligent inquiry\n- Respect\n\n## What they will measure themselves on this year (targets from 2025-26 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| CCE01 | Consumer price inflation | between 2 and 3 per cent | [CP p.12](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=12)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=12) |\n| FSS01 | RITS Fast Settlement Service availability | 99.995 per cent on a 24/7 basis | [CP p.14](http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=14)(http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=14) |\n\n## How they performed last year (results from 2024-25 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| CCE01 | Consumer price inflation | within the 2–3 per cent target range | Achieved | [AR p.10](https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf#page=10)(https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf#page=10) |\n| FSS01 | RITS Fast Settlement Service availability | 99.995 per cent on a 24/7 basis | Achieved | [AR p.14](https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf#page=14)(https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf#page=14) |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Reserve Bank of Australia - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-10T23:12:34.852258+00:00\n**Entity ID**: O-000942\n**Entity type**: Corporate Commonwealth Entity\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n**Website**: https://www.rba.gov.au/\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| annual-reports | 2 |\n| corporate-plans | 2 |\n| global-intelligence | 4 |\n| other-pdfs | 5 |\n| pages | 40 |\n\n## Executive Readout\n\n### Purpose\n\n- [Page 3]\n2025/26\nCorporate Plan\nContents\nForeword 1\nAbout the Reserve Bank of Australia 4\nOur mission 4\nOur objectives 4\nOur operating environment 6\nExternal 6\nInternal 7\nOur strategic priorities 8\nMonetary policy that is fit for the future 8\nHighly resilient payment and banking services 9\nShaping the future of money in Australia 9\nHigh-quality leadership and an open and dynamic culture 10\nSmarter, simpler and faster ways of working 10\nMeasuring our performance 12\nRisk oversight and management 16\nOur risk and compliance management framework 16\nGovernance 17\nKey risks 18\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- [Page 18]\nPerformance measures and Performance measures and\nKey objectives Key activities targets 2025/26 targets 2026/27–2028/29\nThe delivery of efficient Provide banking Implement banking strategy As for 2025/26.\nand effective banking services that are fit focused on efficient technology\nservices to Australian for purpose development, enhanced customer\ngovernment agencies connectivity and development of\nbest practice banking services.\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- Results\nTable 2.1.4: Performance Summary – The Delivery of Efficient and Effective Banking Services to\nAustralian Government Agencies\nPerformance measures\nKey objectives Key activities and targets Results\nThe delivery Provide banking Maintain and enhance Our suite of services enabled us to extend\nof efficient services that are fit banking services service provision to several new customers\nand effective for purpose provided to Australian during 2024/25, while retaining all existing\nbanking government agencies. agency customers.\nservices to\nAustralian Satisfy financial Minimum return on capital Our banking services achieved the minimum\ngovernment performance for transactional banking required return in 2024/25.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Results\nTable 2.1.4: P erformance Summary – The delivery of efficient and effective banking services to the\nAustralian Government\nKey objectives Key activities Performance Results\nmeasures and targets\nThe delivery of Provide banking Maintain and enhance banking Our suite of services enabled us to\nefficient and services that are services provided to Australian extend service provision to several\neffective banking fit for purpose. government agencies. new customers during 2023/24, while\nservices to Australian retaining all existing agency customers.\ngovernment\nagencies\nSatisfy financial Minimum return on capital for Our banking services achieved the\nperformance transactional banking business minimum required return in 2023/24.\nbenchmarks. equivalent to the yield on Pro forma accounts for the transactional\n10-year Australian Government banking business can be viewed in\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n\n### Role and Functions\n\n- Payments System Board • ensuring that the RBA’s powers and functions\nunder Parts 7.3 and 7.3B of the Corporations Act\nThe responsibilities of the Payments System Board, 2001 (dealing with licensing and crisis resolution\nas set out in section 10B of the Reserve Bank for clearing and settlement facilities) are performed\nAct, include: and exercised in a way that, in the Board’s opinion,\nbest contributes to the overall stability of the\n• determining the payments system policy of the RBA\nfinancial system.\nin a way that, in the Board’s opinion, is directed to the\ngreatest advantage of the people of Australia\nThe Payments System Board issues a separate annual\n• ensuring that the RBA’s powers under the Payment report, which, as required under the Reserve Bank Act,\nSystems (Regulation) Act 1998 and the Payment informs the Treasurer of the RBA’s role and activities\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 17]\n1.1 | Our Role\nPrice stability and full employment • working closely with the Council of Financial\nRegulators (CFR) to identify and address risks and\nThe RBA’s responsibility for monetary policy is set out\nto coordinate policy that can address these\nin section 9B of the Reserve Bank Act, which states\n• providing adequate liquidity to the financial system,\nthat a key function of the Monetary Policy Board is\nincluding in exceptional circumstances.\n‘to determine the monetary policy of the Bank in a\nway that, in the Board’s opinion, best contributes to: The RBA also has specific responsibility to oversee\n(a) price stability in Australia; and financial market infrastructures that could have\nimplications for financial stability (see below).\n(b) the maintenance of full employment in Australia’.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [pages 55,56,57,58,59,60]\nle for\nFinancial System Group supports our broad communicating our decisions and activities to the\nresponsibilities for financial system stability and role in Australian community.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- [Page 5]\n1.1 | Our Role\nPrice stability and full employment • working closely with the Council of Financial\nRegulators (CFR) to identify and address risks and\nThe RBA’s responsibility for monetary policy is set out\nto coordinate policy that can address these\nin section 9B of the Reserve Bank Act, which states\n• providing adequate liquidity to the financial system,\nthat a key function of the Monetary Policy Board is\nincluding in exceptional circumstances.\n‘to determine the monetary policy of the Bank in a\nway that, in the Board’s opinion, best contributes to: The RBA also has specific responsibility to oversee\n(a) price stability in Australia; and financial market infrastructures that could have\nimplications for financial stability (see below).\n(b) the maintenance of full employment in Australia’.\n Source: `other-pdfs/rba-annual-report-2025-part-1.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf)`\n- [Page 4]\nReserve Bank of Australia\nAnnual Report 2025\nContents\nLetter of Transmittal 7\nForeword 9\nPart 1: About the Reserve Bank 13\n1.1 Our Role 15\n1.2 Governance and Accountability 19\n1.3 Governance Board 35\n1.4 Monetary Policy Board 47\n1.5 Payments System Board 57\n1.6 Operational Structure 63\nPart 2: Performance 71\n2.1 Annual Performance Statement 73\n2.2 Operations in Financial Markets 87\n2.3 Banking and Payment Services 99\n2.4 Banknotes 105\n2.5 International Financial Cooperation 111\n2.6 Community Engagement 121\nPart 3: Management 133\n3.1 Management of the RBA 135\n3.2 Our People 143\n3.3 Risk Management 155\n3.4 Earnings, Distribution and Capital 163\n4 Reserve Bank of Australia\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 21]\n1.2 | Governance and Accountability\nTable 1.2.1: Governance Board Meetings – 2024/25\nAttendance by members\nNo. of meetings No. of meetings\nMember Role Term attended eligible to attend\nMichele Bullock Chair; Governor Governor – Sep 2023 2 2\nChair – Mar 2025 – Sep 2030\nCarol Schwartz Deputy Chair Mar 2025 – Feb 2027 2 2\nAndrew Hauser Ex officio member; Deputy Governor – Feb 2024 2 2\nDeputy Governor Ex officio member – Mar 2025\n– Feb 2029\nSusan Woods Ex officio member; COO – Mar 2024 2 2\nChief Operating Officer Ex officio member – Mar 2025\n– Feb 2030\nSwati Dave Non-executive member Mar 2025 – Aug 2029 2 2\nDanny Gilbert Non-executive member Mar 2025 – Feb 2030 2 2\nElana Rubin Non-executive member Mar 2025 – Aug 2028 2 2\nDavid Thodey Non-executive member Mar 2025 – Aug 2029 2 2\nJennifer Westacott Non-executive member Mar 2025 – Feb 2030 2 2\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n\n### Strategic Priorities\n\n- [Page 3]\n2025/26\nCorporate Plan\nContents\nForeword 1\nAbout the Reserve Bank of Australia 4\nOur mission 4\nOur objectives 4\nOur operating environment 6\nExternal 6\nInternal 7\nOur strategic priorities 8\nMonetary policy that is fit for the future 8\nHighly resilient payment and banking services 9\nShaping the future of money in Australia 9\nHigh-quality leadership and an open and dynamic culture 10\nSmarter, simpler and faster ways of working 10\nMeasuring our performance 12\nRisk oversight and management 16\nOur risk and compliance management framework 16\nGovernance 17\nKey risks 18\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- [Page 16]\n3.2 | Our People\nSafety and wellbeing activities WHS incidents, claims and investigations\nIn 2024/25, our strategic priorities for safety and In 2024/25, we continued to focus on improved\nwellbeing focused on three key areas: incident reporting and management.\n Source: `other-pdfs/rba-annual-report-2025-part-3.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf)`\n- [Page 30]\n3.3 | Risk Management\nTable 3.3.2: Key Operating Risks\nKey operating risks Approach to managing\nChange delivery: delivery of our core objectives Actively prioritise work based on our strategic priorities,\nand strategic priorities, given the high volume of charter objectives and our risk profile; continue to enhance\nconcurrent change being imposed on us in response our delivery capability; and suitably resource our programs of\nto independent reviews and the need to replace our work to effectively manage change.\ncore IT infrastructure.\n Source: `other-pdfs/rba-annual-report-2025-part-3.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf)`\n- Reserve Bank of Australia – Summary Measures of Performance – 2025/26–2028/29\nPerformance measures and Performance measures and\nKey objectives Key activities targets 2025/26 targets 2026/27–2028/29\nPrice stability and full Conduct monetary Consumer price inflation is between As for 2025/26.\nemployment policy in a way that 2 and 3 per cent, as part of a flexible\nbest contributes to: medium-term inflation target.\n– price stability Labour market is close to sustainable\nfull employment, which is the\n– the maintenance of maximum level of employment that\nfull employment is consistent with low and stable\ninflation.\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- [Page 18]\nPerformance measures and Performance measures and\nKey objectives Key activities targets 2025/26 targets 2026/27–2028/29\nThe delivery of efficient Provide banking Implement banking strategy As for 2025/26.\nand effective banking services that are fit focused on efficient technology\nservices to Australian for purpose development, enhanced customer\ngovernment agencies connectivity and development of\nbest practice banking services.\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- To best equip us to achieve our objectives over coming years, the RBA has five strategic priorities, as outlined in the\n2025/26 Corporate Plan.1 These are shown in Figure 1.1.1.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Results\nTable 2.1.1: Performance Summary – Price Stability and Full Employment\nPerformance measures\nKey objectives Key activities and targets Results\nPrice stability and Conduct monetary Flexible medium-term Consumer price inflation was\nfull employment policy in a way that best inflation target to achieve 2.1 per cent over the year to the\ncontributes to: consumer price inflation of June 2025 quarter and was within the\nbetween 2 and 3 per cent.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Results\nTable 2.1.4: Performance Summary – The Delivery of Efficient and Effective Banking Services to\nAustralian Government Agencies\nPerformance measures\nKey objectives Key activities and targets Results\nThe delivery Provide banking Maintain and enhance Our suite of services enabled us to extend\nof efficient services that are fit banking services service provision to several new customers\nand effective for purpose provided to Australian during 2024/25, while retaining all existing\nbanking government agencies. agency customers.\nservices to\nAustralian Satisfy financial Minimum return on capital Our banking services achieved the minimum\ngovernment performance for transactional banking required return in 2024/25.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- To best equip us to achieve our objectives, now and into the future, the RBA has five strategic priorities,\nas outlined in the 2024/25 Corporate Plan.1 These are shown in Figure 1.1.1.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- Results\nTable 2.1.4: P erformance Summary – The delivery of efficient and effective banking services to the\nAustralian Government\nKey objectives Key activities Performance Results\nmeasures and targets\nThe delivery of Provide banking Maintain and enhance banking Our suite of services enabled us to\nefficient and services that are services provided to Australian extend service provision to several\neffective banking fit for purpose. government agencies. new customers during 2023/24, while\nservices to Australian retaining all existing agency customers.\ngovernment\nagencies\nSatisfy financial Minimum return on capital for Our banking services achieved the\nperformance transactional banking business minimum required return in 2023/24.\nbenchmarks. equivalent to the yield on Pro forma accounts for the transactional\n10-year Australian Government banking business can be viewed in\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- Reserve Bank of Australia – Summary Measures of Performance – 2025/26–2028/29\nPerformance measures and Performance measures and\nKey objectives Key activities targets 2025/26 targets 2026/27–2028/29\nPrice stability and full Conduct monetary Consumer price inflation is between As for 2025/26.\nemployment policy in a way that 2 and 3 per cent, as part of a flexible\nbest contributes to: medium-term inflation target.\n– price stability Labour market is close to sustainable\nfull employment, which is the\n– the maintenance of maximum level of employment that\nfull employment is consistent with low and stable\ninflation.\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- Results\nTable 2.1.1: Performance Summary – Price Stability and Full Employment\nPerformance measures\nKey objectives Key activities and targets Results\nPrice stability and Conduct monetary Flexible medium-term Consumer price inflation was\nfull employment policy in a way that best inflation target to achieve 2.1 per cent over the year to the\ncontributes to: consumer price inflation of June 2025 quarter and was within the\nbetween 2 and 3 per cent.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 75]\n2.1 | Annual Performance Statement\nAnalysis\nThere was progress over 2024/25 in achieving the These developments afforded the Board sufficient\nRBA’s policy objectives of inflation being within the confidence that its policy settings were appropriate to\n2–3 per cent target band and the labour market being achieve its objectives.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- To secure the return of inflation\nconsistent with full employment. to target, at a time when the Board judged there to\nbe upside risks to inflation, the target cash rate was\nConsumer price inflation was within the 2–3 per cent\nmaintained at 4.35 per cent until February 2025.\ntarget range throughout 2024/25, having eased\nThis restrictive stance of monetary policy over recent\nfurther from the high rates of the preceding few years.\nyears contributed to closing the gap between the\nLower inflation partly reflected temporary government\ndemand and supply capacity of the economy;\nenergy subsidies to households.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Results\nTable 2.1.4: Performance Summary – The Delivery of Efficient and Effective Banking Services to\nAustralian Government Agencies\nPerformance measures\nKey objectives Key activities and targets Results\nThe delivery Provide banking Maintain and enhance Our suite of services enabled us to extend\nof efficient services that are fit banking services service provision to several new customers\nand effective for purpose provided to Australian during 2024/25, while retaining all existing\nbanking government agencies. agency customers.\nservices to\nAustralian Satisfy financial Minimum return on capital Our banking services achieved the minimum\ngovernment performance for transactional banking required return in 2024/25.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- 3 3\n2 2\nThe Board decreased the cash rate target twice in\n1 1\n2024/25 (at the February and May 2025 Board meetings), 0 0\nM J S D M J S D M J S D M J S\ntaking it from 4.35 per cent to 3.85 per cent (Graph 2.2.1).\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- 2022 2023 2024 2025\nThe rate paid to banks on ES balances was decreased by\nDifference between the interbank overnight cash rate and the cash\nthe same amount, from 4.25 per cent to 3.75 per cent. * rate target.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 91]\n2.2 | Operations in Financial Markets\nLiabilities declined by $25 billion over 2024/25, We also offer an overnight standing facility (OSF),\nas maturities of our bond holdings led to a reduction through which ES account holders can exchange\nin ES balances and Australian Government deposits. collateral for liquidity at an interest rate of 25 basis\nAs at 30 June 2025, ES balances comprised around points above the cash rate target.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- In April 2025, the RBA\nhalf of all liabilities (Graph 2.2.5), with banknotes and and the Australian Prudential Regulation Authority\nAustralian Government deposits comprising most of (APRA) released a joint statement emphasising that use\nthe remainder. of the OSF by banks is consistent with routine liquidity\nmanagement activities.6 Banks are expected and\nGraph 2.2.5\nencouraged to use the OSF if they cannot find liquidity\nRBA Liabilities on suitable terms in private markets or via OMO.\n$b $b\nBy providing an alternative source of liquidity to private\n600 600 markets, the OSF is designed to limit deviations in\n500 500 money market rates from the cash rate target.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Cash Market Activity\nMonthly\n• The cash rate was 1 basis point below the\n$b Value $b\ncash rate target for almost all of 2024/25 40 40\n(other than a few days in July 2024, when it 30 30\nwas 2 basis points below the target).\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [pages 9,10,11,12,13,14]\nexpect that it will take another year\nor two before it is sustainably back to the Reserve Bank Board’s target of between\n2 and 3 per cent.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- Inflation remains\nbetween 2 and 3 per cent, above the target band but has\n• stability of the currency\non average, over time. declined further over the past year.\n• maintenance of full Inflation is forecast to be sustainably\nemployment within the target range of 2–3 per cent\n• economic prosperity and in the second half of 2025 (based on\nthe welfare of the people May 2024 forecasts).\nof Australia.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- The labour market eased a little but remained\nThe target was increased by a further 25 basis points in tight over 2023/24, with the unemployment rate\nNovember 2023 – taking it to 4.35 per cent – as the Board averaging 4 per cent over the first six months of 2024;\nsought more assurance that inflation would return to the unemployment rate had not been consistently this\ntarget in a reasonable timeframe. low since the 1970s.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- [Page 64]\n2.1 | Annual Performance Statement\nReflecting both some expected near-term persistence\nin inflationary pressures and signs that these pressures\nwere easing as aggregate demand and supply in the\neconomy were becoming better aligned, the May 2024\nforecasts were for inflation to be around 3.8 per cent by\nthe end of 2024 and back within the 2–3 per cent target\nband in late 2025.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| 24\nStaff | We expect further\nMarkets, Part 2.3: Banking and Payment Services and investment to occur in 2024/25 as the transformation\nPart 2.4: Banknotes. continues. (For more details on our transformation\nagenda, see Part 1.2: Governance and Accountability\nand the 2024/25 Corporate Plan.2)\nTable 3.1.1: General Operating Costs(a)\n$ million\n2019/20 2020/21 2021/22 2022/23 2023/24\nStaff costs 241.8 243.2 256.3 299.7 334.5\nTechnology costs 41.0 42.4 44.6 52.8 | `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)` |\n| 25\nStaff | [Page 5]\n3.1 \\| Management of the RBA\nTable 3.1.1: General Operating Costs(a)\n$ million\n2019/20 2020/21 2021/22 2022/23 2023/24 2024/25\nStaff costs 241.8 243.2 256.3 299.7 334.5 394.9\nTechnology costs 41.0 42.4 44.6 52.8 62.3 77.2\nPremises costs 26.5 28.8 29.1 30.5 60.1 67.6\nOther costs 32.0 35.9 35.5 56.5 97.8 154.7\nGeneral operating costs\n(excl. depreciation) 341.4 350.3 365.5 439.4 554.7 694.5\nDepreciation 64.7 62.3 64.3 61.5 52.9 55.2\nGeneral | `other-pdfs/rba-annual-report-2025-part-3.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf)` |\n| $11.0 billion, 11.0 billion | Given the policy reasons that underpin\nIn 2024/25, our accounting profit of $11.0 billion our holdings of domestic and foreign assets, we have\n(Graph 3.4.1) comprised the following: limited discretion to manage market risk on these\nassets (see Part 3.3: Risk Management). | `other-pdfs/rba-annual-report-2025-part-3.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf)` |\n| $400,000 , $7.5 million, 7 per cent, 7.5 million | These rules apply when business-as-usual activities of 7 per cent, reflecting\nperforming duties relating to certain procurements growth in salaries (including impacts of enterprise\nwith an expected value exceeding $400,000 for agreements) and other non-staff contractual costs.\nnon-construction services and $7.5 million for\nThese strategic investments in transformation and\nconstruction services. | `other-pdfs/rba-annual-report-2025-part-3.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf)` |\n| $34 billion, $4 billion, 34 billion, 4 billion | The decline in assets over 2024/25 was driven by Graph 2.2.4\nthe maturing of $34 billion of AGS and $4 billion of RBA Assets\nsemi-government bonds. | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| $34 billion, $4 billion, 34 billion, 4 billion | [pages 90,91,92]\nhe decline in assets over 2024/25 was driven by Graph 2.2.4\nthe maturing of $34 billion of AGS and $4 billion of RBA Assets\nsemi-government bonds. | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| $34 billion, $4 billion, 34 billion, 4 billion | [pages 20,21,22]\nhe decline in assets over 2024/25 was driven by Graph 2.2.4\nthe maturing of $34 billion of AGS and $4 billion of RBA Assets\nsemi-government bonds. | `other-pdfs/rba-annual-report-2025-part-2.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-2.pdf)` |\n| $5.3 billion, $20.4 billion, 5.3 billion, 20.4 billion | 0 0\n• Asset revaluation reserves comprise accumulated\nvaluation gains on our non-traded assets, such as\n-15 -15\ngold holdings and property.\n-30 -30\nAs at 30 June 2025, the RBA recorded a negative equity\nposition of $5.3 billion (compared with a negative\n-45 -45\nequity position of $20.4 billion at 30 June 2024), 2004 / 05 2014 / 15 2024 / 25 2034 / 35\nas accumulated losses on the balance sheet exceeded Net equity Capital and statutory reserves\nUnr | `other-pdfs/rba-annual-report-2025-part-3.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf)` |\n| $5.3 billion, $20.4 billion, 5.3 billion, 20.4 billion | [Page 10]\n4 \\| Financial Statements\nNotes to and Forming Part of the Financial Statements\nReserve Bank of Australia and Controlled Entity\nNote 1 – Accounting Policies\nThe RBA reports its consolidated financial statements As at 30 June 2025, the RBA’s liabilities exceeded its\nin accordance with the Reserve Bank Act 1959 and the assets by $5.3 billion ($20.4 billion at 30 June 2024). | `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)` |\n| $1,793 million, $1,342 million, 1,793 million, 1,342 million | Interest income for 2024/25 includes $1,793 million calculated using the effective interest method for financial\nassets not at fair value through profit or loss ($1,342 million in 2023/24). | `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)` |\n| $13,385 million, $18,425 million, 13,385 million, 18,425 million | Interest expense for 2024/25 includes\n$13,385 million calculated using the effective interest method for financial liabilities not at fair value through profit\nor loss ($18,425 million in 2023/24). | `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)` |\n| $501 million, $407 million, 501 million, 407 million | Asset Revaluation Reserves\nNote 2025 2024\n$M $M\nGold 1(d) 12,759 8,907\nShares in international and other institutions 1(b), 7 654 542\nProperty 1(e), 8 193 199\nAs at 30 June 13,606 9,648\nNote 6 – Cash and Cash Equivalents\nCash and Cash Equivalents\n2025 2024\n$M $M\nCash 41 32\nOvernight settlements 501 407\nAs at 30 June 542 439\nCash and cash equivalents include net amounts of Cash and cash equivalents exclude Australian and\n$501 million owed to the R | `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)` |\n| $54.7 million, $212.3 million, $46.7 million, $164.1 million, $210.6 million, $147.8 million | [Page 20]\n4 \\| Financial Statements\nNote 7 – Other Assets\nOther Assets\nNote 2025 2024\n$M $M\nShareholding in Bank for International Settlements 1(b) 697 585\nSuperannuation asset 1(j), 14 623 496\nComputer software 1(f ) 48 63\nOther 229 176\nAs at 30 June 1,597 1,320\nAt 30 June 2025, the gross book value of the RBA’s Other assets include receivables of $54.7 million at\ncomputer software amounted to $212.3 million and 30 June 2025 ($46.7 million at 30 | `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)` |\n| 3 per cent | Reserve Bank of Australia – Summary Measures of Performance – 2025/26–2028/29\nPerformance measures and Performance measures and\nKey objectives Key activities targets 2025/26 targets 2026/27–2028/29\nPrice stability and full Conduct monetary Consumer price inflation is between As for 2025/26.\nemployment policy in a way that 2 and 3 per cent, as part of a flexible\nbest contributes to: medium-term inflation target.\n– price stability Labour market is | `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)` |\n| 2.1 per cent, 3 per cent | Results\nTable 2.1.1: Performance Summary – Price Stability and Full Employment\nPerformance measures\nKey objectives Key activities and targets Results\nPrice stability and Conduct monetary Flexible medium-term Consumer price inflation was\nfull employment policy in a way that best inflation target to achieve 2.1 per cent over the year to the\ncontributes to: consumer price inflation of June 2025 quarter and was within the\nbetween 2 and 3 per cent. | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| 3 per cent | [Page 75]\n2.1 \\| Annual Performance Statement\nAnalysis\nThere was progress over 2024/25 in achieving the These developments afforded the Board sufficient\nRBA’s policy objectives of inflation being within the confidence that its policy settings were appropriate to\n2–3 per cent target band and the labour market being achieve its objectives. | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| 3 per cent, 4.35 per cent | To secure the return of inflation\nconsistent with full employment. to target, at a time when the Board judged there to\nbe upside risks to inflation, the target cash rate was\nConsumer price inflation was within the 2–3 per cent\nmaintained at 4.35 per cent until February 2025.\ntarget range throughout 2024/25, having eased\nThis restrictive stance of monetary policy over recent\nfurther from the high rates of the preceding few years.\nyears contributed | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| 4.35 per cent, 3.85 per cent | 3 3\n2 2\nThe Board decreased the cash rate target twice in\n1 1\n2024/25 (at the February and May 2025 Board meetings), 0 0\nM J S D M J S D M J S D M J S\ntaking it from 4.35 per cent to 3.85 per cent (Graph 2.2.1). | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| 4.25 per cent, 3.75 per cent | 2022 2023 2024 2025\nThe rate paid to banks on ES balances was decreased by\nDifference between the interbank overnight cash rate and the cash\nthe same amount, from 4.25 per cent to 3.75 per cent. * rate target. | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n| $25 billion, 25 billion | [Page 91]\n2.2 \\| Operations in Financial Markets\nLiabilities declined by $25 billion over 2024/25, We also offer an overnight standing facility (OSF),\nas maturities of our bond holdings led to a reduction through which ES account holders can exchange\nin ES balances and Australian Government deposits. collateral for liquidity at an interest rate of 25 basis\nAs at 30 June 2025, ES balances comprised around points above the cash rate target. | `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)` |\n\n## Key Achievements\n\n- [Page 83]\n2.1 | Annual Performance Statement\nTable 2.1.4: Performance Summary – The Delivery of Efficient and Effective Banking Services to\nAustralian Government Agencies (continued)\nPerformance measures\nKey objectives Key activities and targets Results\nThe delivery Progress on • supporting agency We migrated several agencies to the new\nof efficient activities to deliver customer migration to gateway and are working with the remainder\nand effective convenient, new card acquiring and to complete migration in the coming year.\nbanking secure, reliable payments gateway\nservices to and cost-effective\n• IT systems and We completed migration of our core\nAustralian banking services\ninfrastructure supporting transactional banking systems to a highly\ngovernment to customers\nour banking services secure and available cloud environment.\nagencies (continued)\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 13]\n2.1 | Annual Performance Statement\nTable 2.1.4: Performance Summary – The Delivery of Efficient and Effective Banking Services to\nAustralian Government Agencies (continued)\nPerformance measures\nKey objectives Key activities and targets Results\nThe delivery Progress on • supporting agency We migrated several agencies to the new\nof efficient activities to deliver customer migration to gateway and are working with the remainder\nand effective convenient, new card acquiring and to complete migration in the coming year.\nbanking secure, reliable payments gateway\nservices to and cost-effective\n• IT systems and We completed migration of our core\nAustralian banking services\ninfrastructure supporting transactional banking systems to a highly\ngovernment to customers\nour banking services secure and available cloud environment.\nagencies (continued)\n Source: `other-pdfs/rba-annual-report-2025-part-2.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-2.pdf)`\n- [Page 75]\n2.1 | Annual Performance Statement\nAnalysis\nThere was progress over 2024/25 in achieving the These developments afforded the Board sufficient\nRBA’s policy objectives of inflation being within the confidence that its policy settings were appropriate to\n2–3 per cent target band and the labour market being achieve its objectives.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 5]\n2.1 | Annual Performance Statement\nAnalysis\nThere was progress over 2024/25 in achieving the These developments afforded the Board sufficient\nRBA’s policy objectives of inflation being within the confidence that its policy settings were appropriate to\n2–3 per cent target band and the labour market being achieve its objectives.\n Source: `other-pdfs/rba-annual-report-2025-part-2.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-2.pdf)`\n- At present,\nrisk of mistaken payments and invoice-related scams.\nmost payments are delivered using cost-effective\n• Commencing customer migration of card collections\ndirect-entry systems, both domestically and overseas.\nservices to a new service provider: This new solution\nOther payment methods used by our customers\ndelivers additional protections to combat fraud.\ninclude the New Payments Platform (NPP), the\nSeveral of our customers have already migrated to\nreal-time gross settlement system, cheques and BPAY.\nthe new solution, with the remainder scheduled to\nGovernment revenue is received by the above methods,\nmove over in 2025/26.\nby card (at a terminal, over the phone or via an online\nservice) and, to a lesser extent, in cash. • Enhancing several interbank messaging processes\nto align with the ISO 20022 messaging standard\nIn 2024/25, the number of payments processed for\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- In addition to strengthening risk management and\ngovernance, we made progress in 2024/25 across\nStrengthening the operating\nseveral other areas:\nenvironment supporting RITS\n• We completed a new prioritisation framework\nfor use by our Investment Committee.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 72]\n2.1 | Annual Performance Statement\nTable 2.1.4: P erformance Summary – The delivery of efficient and effective banking services to the\nAustralian Government (continued)\nKey objectives Key activities Performance Results\nmeasures and targets\nThe delivery of Progress on • IT systems and infrastructure We took the first step to deploy several\nefficient and activities supporting our banking transactional banking systems to a highly\neffective banking to deliver services and products are secure and available cloud environment.\nservices to Australian convenient, secure, resilient, efficient and Banking Department’s systems have been\ngovernment secure, reliable fit for purpose certified to the ISO 27001 information\nagencies and cost-effective security standard.\n(continued) banking services\nto customers.\n• implementing new We are working with our provider\n(continued)\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- The project will take several\n• delivered 178 million Australian banknotes to the RBA\nyears to complete.\nand was paid $47 million for the supply of banknotes\nand related services\nResearch and development\n• produced around 3.9 million R-series passports\nWe maintain an active banknote research and for the Australian Department of Foreign Affairs\ndevelopment program, to develop and assess and Trade\ncost-effective, counterfeit-resistant security features\n• printed 1.5 million births, deaths and marriages\nand detection technologies for Australian banknotes.\ncertificates for all state governments in Australia\nThe primary purpose of this program is to ensure\nthat Australia’s banknotes remain durable and secure • delivered around 323 million banknotes under\nagainst counterfeiting and are easy to authenticate contract to Singapore, Papua New Guinea and the\nfor a wide range of users.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- In 2024/25, this has seen us:\n• embed the new processes that support the provision of advice to\nthe Monetary Policy Board and formalise its role in contributing to\nfinancial stability, agree a new memorandum of understanding with the\nAustralian Prudential Regulation Authority and continue our transition\nto a new framework for implementing monetary policy\n• significantly progress the design of a new operating model for the\nReserve Bank Information and Transfer System (RITS) and create a new\nset of IT controls to mitigate the risk of unplanned outages\nReserve Bank of Australia | Annual Report 2025 9\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 81]\n2.1 | Annual Performance Statement\nAnalysis While we met our availability targets in 2024/25,\nfour incidents impacted performance:\nWe continued to make progress in 2024/25 on\n• In July 2024, a procedural error delayed the\ndelivering the Payments System Board’s strategic\nearly submission of settlement files from some\npriorities for the payments system, which focus on:\nlow-value payment systems by four minutes.\n• developments in the payments system that could\nHowever, the scheduled settlement time was\nhave significant implications for competition,\nunaffected.\nefficiency and safety over the next few years\n• In August 2024, an internal power supply issue\n• issues affecting payments and market infrastructures\ndisrupted the RITS Fast Settlement Service for\nand their implications for financial stability.\nnearly 26 minutes, affecting approximately\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Cash rate highlights\n• The cash rate remained between the ES rate Graph 2.2.7\nand the cash rate target throughout 2024/25.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- 0 0\n• We completed the migration to ISO 20022 for the 2013 2015 2017 2019 2021 2023 2025\n* Interbank payments only.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- [Page 20]\n1.2 | Governance and Accountability\nFigure 1.2.1: RBA Governance StruRcBtuAre Governance Structure\nSeptember 2025 September 2025\nGovernance Board1 Monetary Policy Board Payments System Board\nChair: Governor Chair: Governor Chair: Governor\nAudit and Risk Committee\nChair: Non-executive member\nof the Governance Board\nNPA2 Board Governor3\nChair: Senior RBA executive\nExecutive Committee\nChair: Governor\nNPA Executive NPA Audit and Risk Management\nCommittee Risk Committee Committee\nChair: Deputy Governor\nRisk and Compliance\nAudit Department\nDepartment\n11 .\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 21]\n1.2 | Governance and Accountability\nTable 1.2.1: Governance Board Meetings – 2024/25\nAttendance by members\nNo. of meetings No. of meetings\nMember Role Term attended eligible to attend\nMichele Bullock Chair; Governor Governor – Sep 2023 2 2\nChair – Mar 2025 – Sep 2030\nCarol Schwartz Deputy Chair Mar 2025 – Feb 2027 2 2\nAndrew Hauser Ex officio member; Deputy Governor – Feb 2024 2 2\nDeputy Governor Ex officio member – Mar 2025\n– Feb 2029\nSusan Woods Ex officio member; COO – Mar 2024 2 2\nChief Operating Officer Ex officio member – Mar 2025\n– Feb 2030\nSwati Dave Non-executive member Mar 2025 – Aug 2029 2 2\nDanny Gilbert Non-executive member Mar 2025 – Feb 2030 2 2\nElana Rubin Non-executive member Mar 2025 – Aug 2028 2 2\nDavid Thodey Non-executive member Mar 2025 – Aug 2029 2 2\nJennifer Westacott Non-executive member Mar 2025 – Feb 2030 2 2\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [pages 21,22,23]\nMar 2025\n– Feb 2030\nSwati Dave Non-executive member Mar 2025 – Aug 2029 2 2\nDanny Gilbert Non-executive member Mar 2025 – Feb 2030 2 2\nElana Rubin Non-executive member Mar 2025 – Aug 2028 2 2\nDavid Thodey Non-executive member Mar 2025 – Aug 2029 2 2\nJennifer Westacott Non-executive member Mar 2025 – Feb 2030 2 2\nThe Governance Board has an Audit and Risk Committee, whose activities are described below.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- Table 1.2.2: Audit and Risk Committee Meetings – 2024/25\nAttendance by members\nNo. of meetings No. of meetings\nMember Role Term attended eligible to attend\nDavid Thodey(a) Chair Mar 2025 – Aug 2029 1 1\nRahoul Chowdry Non-executive member Mar 2025 – Sep 2025 1 1\nGreg Couttas Non-executive member Mar 2025 – Sep 2025 1 1\nSwati Dave(a) Non-executive member Mar 2025 – Aug 2029 1 1\nDanny Gilbert(a) Non-executive member Mar 2025 – Feb 2030 1 1\nElana Rubin(a) Non-executive member Mar 2025 – Aug 2028 1 1\n(a) Member of the Governance Board.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- The NPA Board has an Audit and Risk Committee,\nwhose membership comprises:\nThe Remuneration Committee did not hold any formal\n• Megan Haas, an external member and former\nmeetings in 2024/25 and made a recommendation to\nPricewaterhouseCoopers partner with a background\nthe Reserve Bank Board in relation to the remuneration\nin cybersecurity and risk assurance across a broad\nof the Governor and Deputy Governor via written\nrange of industries, including manufacturing (Chair)\nresolution in July 2024.\n• Keith Drayton\nNote Printing Australia Limited\n• Emma Costello.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 44]\n1.3 | Governance Board\nGreg Couttas\nBCom (UNSW)\nMember\nMember since 11 March 2025\nPresent term ends 9 September 2025\nGreg Couttas has significant finance and risk management expertise,\nhaving served as a senior audit partner at Deloitte for 28 years until his\nretirement in November 2016.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 18]\n1.2 | Governance and Accountability\nFigure 1.2.1: RBA Governance SFtriguucrteu r1e.2.1: RBA Governance Structure\nSeptember 2024 September 2024\nReserve Bank Board Payments System Board Governor*\nChair: Governor Chair: Governor\nNPA† Board Remuneration Audit Executive\nChair: Committee Committee Committee\nSenior RBA Executive Chair: Governor\nNPA Audit NPA Executive Risk\nand Risk Committee Management\nCommittee Chair: NPA CEO Committee\nChair:\nAudit Risk and\nDeputy Governor\nDepartment Compliance\nDepartment\n† Note Printing Australia Limited\n* Under section 12 of the Reserve Bank Act 1959, the Governor is responsible for managing the RBA and under\nsection 7A of the Reserve Bank Act, the Governor is the accountable authority of the RBA for the purposes of the\nPublic Governance, Performance and Accountability Act 2013.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- [Page 44]\n1.3 | Reserve Bank Board\nGreg Couttas\nBCom (UNSW)\nMember\nMember since 9 September 2023\nPresent term ends 8 September 2028\nGreg Couttas has significant finance and risk management expertise,\nhaving served as a senior audit partner at Deloitte for 28 years until his\nretirement in November 2016.\n Source: `annual-reports/2024.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf)`\n- [Page 8]\n1.2 | Governance and Accountability\nFigure 1.2.1: RBA Governance StruRcBtuAre Governance Structure\nSeptember 2025 September 2025\nGovernance Board1 Monetary Policy Board Payments System Board\nChair: Governor Chair: Governor Chair: Governor\nAudit and Risk Committee\nChair: Non-executive member\nof the Governance Board\nNPA2 Board Governor3\nChair: Senior RBA executive\nExecutive Committee\nChair: Governor\nNPA Executive NPA Audit and Risk Management\nCommittee Risk Committee Committee\nChair: Deputy Governor\nRisk and Compliance\nAudit Department\nDepartment\n11 .\n Source: `other-pdfs/rba-annual-report-2025-part-1.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf)`\n- [Page 9]\n1.2 | Governance and Accountability\nTable 1.2.1: Governance Board Meetings – 2024/25\nAttendance by members\nNo. of meetings No. of meetings\nMember Role Term attended eligible to attend\nMichele Bullock Chair; Governor Governor – Sep 2023 2 2\nChair – Mar 2025 – Sep 2030\nCarol Schwartz Deputy Chair Mar 2025 – Feb 2027 2 2\nAndrew Hauser Ex officio member; Deputy Governor – Feb 2024 2 2\nDeputy Governor Ex officio member – Mar 2025\n– Feb 2029\nSusan Woods Ex officio member; COO – Mar 2024 2 2\nChief Operating Officer Ex officio member – Mar 2025\n– Feb 2030\nSwati Dave Non-executive member Mar 2025 – Aug 2029 2 2\nDanny Gilbert Non-executive member Mar 2025 – Feb 2030 2 2\nElana Rubin Non-executive member Mar 2025 – Aug 2028 2 2\nDavid Thodey Non-executive member Mar 2025 – Aug 2029 2 2\nJennifer Westacott Non-executive member Mar 2025 – Feb 2030 2 2\n Source: `other-pdfs/rba-annual-report-2025-part-1.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf)`\n- [pages 9,10,11]\nMar 2025\n– Feb 2030\nSwati Dave Non-executive member Mar 2025 – Aug 2029 2 2\nDanny Gilbert Non-executive member Mar 2025 – Feb 2030 2 2\nElana Rubin Non-executive member Mar 2025 – Aug 2028 2 2\nDavid Thodey Non-executive member Mar 2025 – Aug 2029 2 2\nJennifer Westacott Non-executive member Mar 2025 – Feb 2030 2 2\nThe Governance Board has an Audit and Risk Committee, whose activities are described below.\n Source: `other-pdfs/rba-annual-report-2025-part-1.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf)`\n- [Page 32]\n1.3 | Governance Board\nGreg Couttas\nBCom (UNSW)\nMember\nMember since 11 March 2025\nPresent term ends 9 September 2025\nGreg Couttas has significant finance and risk management expertise,\nhaving served as a senior audit partner at Deloitte for 28 years until his\nretirement in November 2016.\n Source: `other-pdfs/rba-annual-report-2025-part-1.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf)`\n- [Page 31]\n4 | Financial Statements\nMaturity Analysis – as at 30 June 2024 (continued)\nBalance sheet Contracted maturity No Weighted\ntotal $M specified average\nmaturity effective rate\n0–3 3–12 1–5 5+\n$M months months years years $M Per cent\nLiabilities\nDeposits 318,229 318,229 – – – – 4.28\nAustralian banknotes\non issue 100,765 – – – – 100,765 0.13\nCash collateral received\nand other liabilities 15,139 14,924 13 36 1 165 1.38\nTotal liabilities 434,133 333,153 13 36 1 100,930 3.22\nEquity (20,393)\nTotal balance sheet 413,740\nSwaps\nAustralian dollars\n– Contractual outflow (85) (85) – – – – n/a\n– Contractual inflow 21,572 2,706 8,871 9,995 – – n/a\n21,487 2,621 8,871 9,995 – –\nForeign currency\n– Contractual outflow (38,639) (19,139) (9,505) (9,995) – – n/a\n– Contractual inflow 17,152 16,518 634 – – – n/a\n(21,487) (2,621) (8,871) (9,995) – –\nCredit risk 1.\n Source: `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)`\n- Key audit matter How the audit addressed the matter\nValuation of Australian dollar and foreign To audit the valuation of Australian dollar and foreign\ncurrency investments currency investments, I performed the following\naudit procedures:\nRefer to Note 1 ‘Accounting Policies’ and note 15\n‘Financial Instruments and Risk’ • tested the design, implementation and operating\nValuation of Australian dollar and foreign currency effectiveness of key controls over the accurate\ninvestments is a key audit matter due to their recording of the purchase and sale of\nsignificant size relative to the Reserve Bank of investments, including Information Technology\nAustralia's statement of financial position General Controls (ITGCs) on the Reserve Bank of\n($388,026m as at 30 June 2025) and the complexity Australia’s investment trading system;\ninherent in auditing a wide range of investments\n Source: `other-pdfs/rba-annual-report-2025-part-4.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf)`\n\n## Corporate Values and Operating Culture\n\n- [pages 6,7,8]\nbe an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery\nAC H I E V E D T H R O U G H A F O C U S O N T H E F O L LO W I N G S T R AT E G I C P R I O R I T I E S\nServing Australia\nthrough:\nMonetary policy Shaping the future Highly resilient banking\nthat is fit for the future of money in Australia and payment services\nEnabled by:\nHigh-quality leadership and Smarter, simpler and\nan open and dynamic culture faster ways of working\nU N D E R P I N N E D B Y O U R V A L U E S\nPromotion of the public interest Integrity Excellence Intelligent inquiry Respect\nA N D O U R C U L T U R E\nInspire trust\nOpen minds\nWork dynamically\nIn an inclusive and diverse RBA where everyone belongs\nReserve Bank of Australia | CCoorrppoorraattee PPllaann 22002255//2266 3\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- [Page 16]\n1.1 | Our Role\nFigure 1.1.1: RBA Corporate Plan\nO U R M I S S I O N\nTo promote the economic prosperity and welfare of the Australian people, now and into the future\nO U R O B J E C T I V E S\nPrice stability and The stability of A secure, stable The delivery of efficient and The provision of secure\nfull employment the financial system and efficient effective banking services to and reliable banknotes\npayments system Australian government agencies\nO U R V I S I O N\nTo be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery\nAC H I E V E D T H R O U G H A F O C U S O N T H E F O L LO W I N G S T R AT E G I C P R I O R I T I E S\nServing Australia\nthrough:\nMonetary policy Shaping the future Highly resilient banking\nthat is fit for the future of money in Australia and payment services\nEnabled by:\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- [Page 4]\n1.1 | Our Role\nFigure 1.1.1: RBA Corporate Plan\nO U R M I S S I O N\nTo promote the economic prosperity and welfare of the Australian people, now and into the future\nO U R O B J E C T I V E S\nPrice stability and The stability of A secure, stable The delivery of efficient and The provision of secure\nfull employment the financial system and efficient effective banking services to and reliable banknotes\npayments system Australian government agencies\nO U R V I S I O N\nTo be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery\nAC H I E V E D T H R O U G H A F O C U S O N T H E F O L LO W I N G S T R AT E G I C P R I O R I T I E S\nServing Australia\nthrough:\nMonetary policy Shaping the future Highly resilient banking\nthat is fit for the future of money in Australia and payment services\nEnabled by:\n Source: `other-pdfs/rba-annual-report-2025-part-1.pdf (http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf)`\n- [Page 6]\nO U R M I S S I O N\nTo promote the economic prosperity and welfare of the Australian people, now and into the future\nO U R O B J E C T I V E S\nPrice stability The stability of A secure, stable and The delivery of efficient and The provision of secure\nand full employment the financial system efficient payments system effective banking services to and reliable banknotes\nAustralian government agencies\nO U R V I S I O N\nTo be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery\nAC H I E V E D T H R O U G H A F O C U S O N T H E F O L LO W I N G S T R AT E G I C P R I O R I T I E S\nServing Australia\nthrough:\nMonetary policy Shaping the future Highly resilient banking\nthat is fit for the future of money in Australia and payment services\nEnabled by:\nHigh-quality leadership and Smarter, simpler and\n Source: `corporate-plans/2025.pdf (http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf)`\n- [Page 81]\n2.1 | Annual Performance Statement\nAnalysis While we met our availability targets in 2024/25,\nfour incidents impacted performance:\nWe continued to make progress in 2024/25 on\n• In July 2024, a procedural error delayed the\ndelivering the Payments System Board’s strategic\nearly submission of settlement files from some\npriorities for the payments system, which focus on:\nlow-value payment systems by four minutes.\n• developments in the payments system that could\nHowever, the scheduled settlement time was\nhave significant implications for competition,\nunaffected.\nefficiency and safety over the next few years\n• In August 2024, an internal power supply issue\n• issues affecting payments and market infrastructures\ndisrupted the RITS Fast Settlement Service for\nand their implications for financial stability.\nnearly 26 minutes, affecting approximately\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- We also settle\nunder definitions published by the International Swaps\nrepo transactions contracted in our OMO within\nand Derivatives Association (ISDA) in 2020, it forms the\nASX Collateral, a collateral management service.\nbasis of the fallback to the Bank Bill Swap Rate (BBSW);\nDuring 2024/25, around 45 per cent of the value of\nthis fallback is calculated as AONIA plus a spread.10\nsecurities we held under repo in OMO was settled\nThe ISDA definitions were developed in the context\nwithin ASX Collateral, compared with around\nof global benchmark reforms, which have included\n40 per cent in 2023/24.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- The Fast Settlement Service (FSS) of RITS settled a daily average of\n3.6 million transactions – almost 19 per cent more than in 2023/24 – worth $4.7 billion per day.\n• Since late 2024, nearly all High Value Clearing System (HVCS) payments settled in RITS are using the\nnew ISO 20022 message format.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n- This includes: 0 0\nS D M J S D M J S D M J S D M J S D M J S D M J S D M J S D M J\n• high-value transactions from the HVCS (exchanged 2021 2022 2023 2024 20252021 2022 2023 2024 2025\n* Excluding FSS transactions.\nvia Swift messaging services), Austraclear, and cash\n** RITS Low Value Settlement Service, including cheque, BECS,\ntransfers (funds transfers between ES accounts BPAY, ATM and Visa settlements.\n Source: `annual-reports/2025.pdf (https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf)`\n\n## Global Ideas and Case Study Inputs\n\nGlobal source texts are available for later idea synthesis:\n- `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt`\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt`\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\n\n## Source Artifacts Used\n\n- `corporate-plans/2025.pdf` - corporate-plans - http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf\n- `corporate-plans/2022-23.pdf` - corporate-plans - http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2022-23.pdf?d=2022-23\n- `annual-reports/2025.pdf` - annual-reports - https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf\n- `annual-reports/2024.pdf` - annual-reports - https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf\n- `pages/about.html` - pages - https://www.rba.gov.au/about-rba/\n- `pages/announcements-index.html` - pages - https://www.rba.gov.au/rss/rss-cb-speeches.xml\n- `pages/annual-reports-index.html` - pages - http://www.rba.gov.au/publications/annual-reports/index.html\n- `pages/annual-reports-index__00.html` - pages - http://www.rba.gov.au/publications/annual-reports/index.html\n- `pages/annual-reports-index__01.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2025/\n- `pages/annual-reports-index__02.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2024/\n- `pages/annual-reports-index__03.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2023/\n- `pages/annual-reports-index__04.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2022/\n- `pages/annual-reports-index__05.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2021/\n- `pages/annual-reports-index__06.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2020/\n- `pages/annual-reports-index__07.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2019/\n- `pages/annual-reports-index__08.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2018/\n- `pages/annual-reports-index__09.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2017/\n- `pages/annual-reports-index__10.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2016/\n- `pages/annual-reports-index__11.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2015/\n- `pages/annual-reports-index__12.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2014/\n- `pages/annual-reports-index__13.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2013/\n- `pages/annual-reports-index__14.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2012/\n- `pages/annual-reports-index__15.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2011/\n- `pages/annual-reports-index__16.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2010/\n- `pages/annual-reports-index__17.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2009/\n- `pages/annual-reports-index__18.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2008/\n- `pages/annual-reports-index__19.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2007/\n- `pages/annual-reports-index__20.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2006/\n- `pages/annual-reports-index__21.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2005/\n- `pages/annual-reports-index__22.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2004/\n- `pages/annual-reports-index__23.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2003/\n- `pages/annual-reports-index__24.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2002/\n- `pages/annual-reports-index__25.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2001/\n- `pages/annual-reports-index__26.html` - pages - http://www.rba.gov.au/publications/annual-reports/rba/2000/\n- `pages/annual-reports-index__27.html` - pages - http://www.rba.gov.au/publications/annual-reports/psb/2025/\n- `pages/annual-reports-index__28.html` - pages - http://www.rba.gov.au/publications/annual-reports/psb/2024/\n- `pages/annual-reports-index__29.html` - pages - http://www.rba.gov.au/publications/annual-reports/psb/2023/\n- `pages/contact.html` - pages - https://www.rba.gov.au/contact/\n- `pages/corporate-plans-index.html` - pages - http://www.rba.gov.au/about-rba/corporate-plan.html\n- `pages/homepage.html` - pages - https://www.rba.gov.au/\n- `pages/inquiries-index.html` - pages - https://www.rba.gov.au/speeches/2026/sp-so-2026-02-24-2.html\n- `pages/media-releases-index.html` - pages - https://www.rba.gov.au/rss/rss-cb-media-releases.xml\n- `pages/publications-index.html` - pages - https://www.rba.gov.au/publications/\n- `pages/strategies-index.html` - pages - https://www.rba.gov.au/fin-stability/reg-framework/overview.html\n- `global-intelligence/source-text/association-worldbank.org-governance.txt` - global-intelligence - local file\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt` - global-intelligence - local file\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt` - global-intelligence - local file\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt` - global-intelligence - local file\n- `other-pdfs/Economics-20Committee_2026_02_24.pdf` - other-pdfs - https://parlinfo.aph.gov.au/parlInfo/download/committees/commrep/29330/toc_pdf/Economics%20Committee_2026_02_24.pdf;fileType=application%2Fpdf\n- `other-pdfs/rba-annual-report-2025-part-1.pdf` - other-pdfs - http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf\n- `other-pdfs/rba-annual-report-2025-part-2.pdf` - other-pdfs - http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-2.pdf\n- `other-pdfs/rba-annual-report-2025-part-3.pdf` - other-pdfs - http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf\n- `other-pdfs/rba-annual-report-2025-part-4.pdf` - other-pdfs - http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf\n\n## Gaps To Fix\n\n- No major source gaps detected by the deterministic checks.", "legislation_md": "# Reserve Bank of Australia — Legislation Administered\n\n**Generated**: 2026-05-12T23:14:41+00:00\n**Source**: LLM extraction (gemini-flash-lite) from latest annual report and corporate plan\n**Tokens**: 26,177 in / 2,119 out · cost: $0.00347\n\n> Acts and instruments this entity administers or has primary responsibility for.\n> Excludes generic gov-wide compliance Acts (PGPA, Public Service Act, FOI, Privacy, etc.).\n\n**Source documents fed to the model**:\n- Annual report: `annual-reports\\2025.txt`\n- Corporate plan: `corporate-plans\\2025.txt`\n\n## 19 laws administered\n\n| Title | Year | Type | What this entity does under it |\n|---|---|---|---|\n| [Reserve Bank Act 1959](https://www.legislation.gov.au/search?query=Reserve%20Bank%20Act%201959) | 1959 | Act | Establishes the Reserve Bank of Australia and outlines its functions, including determining and implementing monetary policy, contributing to financial system stability, supporting the payments system, providing banking services to the government, and issuing banknotes. |\n| [Payment Systems (Regulation) Act 1998](https://www.legislation.gov.au/search?query=Payment%20Systems%20(Regulation)%20Act%201998) | 1998 | Act | Provides the Reserve Bank of Australia with powers to regulate payment systems to control risk, promote efficiency, and promote competition. |\n| [Payment Systems and Netting Act 1998](https://www.legislation.gov.au/search?query=Payment%20Systems%20and%20Netting%20Act%201998) | 1998 | Act | Facilitates the netting of payment obligations and provides for the finality of settlement in payment systems, with the Reserve Bank of Australia having a role in ensuring these operate effectively. |\n| [Corporations Act 2001](https://www.legislation.gov.au/search?query=Corporations%20Act%202001) | 2001 | Act | Grants the Reserve Bank of Australia powers related to licensing and crisis resolution for clearing and settlement facilities, contributing to financial system stability. |\n| [Currency Act 1965](https://www.legislation.gov.au/search?query=Currency%20Act%201965) | 1965 | Act | Provides for the currency of Australia, including the issue of legal tender, with the Reserve Bank of Australia responsible for the design, production and distribution of Australian banknotes. |\n| [Commonwealth Bank Act 1911](https://www.legislation.gov.au/search?query=Commonwealth%20Bank%20Act%201911) | 1911 | Act | The historical Act under which the Reserve Bank of Australia was originally established as a body corporate. |\n| [Commonwealth Bank Act 1945](https://www.legislation.gov.au/search?query=Commonwealth%20Bank%20Act%201945) | 1945 | Act | Continued the Reserve Bank of Australia in existence as a body corporate. |\n| [Remuneration Tribunal Act 1973](https://www.legislation.gov.au/search?query=Remuneration%20Tribunal%20Act%201973) | 1973 | Act | Establishes the Remuneration Tribunal to determine remuneration for principal executive offices, including the Governor and Deputy Governor of the Reserve Bank of Australia. |\n| [Note Printing Australia Limited Charter](https://www.legislation.gov.au/search?query=Note%20Printing%20Australia%20Limited%20Charter) | 2025 | Instrument | Governs the operations of Note Printing Australia Limited, a wholly owned subsidiary of the RBA, responsible for producing Australian banknotes. |\n| [Statement on the Conduct of Monetary Policy](https://www.legislation.gov.au/search?query=Statement%20on%20the%20Conduct%20of%20Monetary%20Policy) | 2025 | Instrument | An agreement between the Treasurer and the Monetary Policy Board outlining the framework for achieving price stability and full employment. |\n| [Memorandum of Understanding between the RBA Boards](https://www.legislation.gov.au/search?query=Memorandum%20of%20Understanding%20between%20the%20RBA%20Boards) | 2025 | Instrument | Establishes how the RBA's three boards will work together to advance the RBA's overarching objective. |\n| [Governance Board Charter](https://www.legislation.gov.au/search?query=Governance%20Board%20Charter) | 2025 | Instrument | Outlines the responsibilities and functions of the RBA's Governance Board. |\n| [Monetary Policy Board Charter](https://www.legislation.gov.au/search?query=Monetary%20Policy%20Board%20Charter) | 2025 | Instrument | Outlines the responsibilities and functions of the RBA's Monetary Policy Board. |\n| [Payments System Board Charter](https://www.legislation.gov.au/search?query=Payments%20System%20Board%20Charter) | 2025 | Instrument | Outlines the responsibilities and functions of the RBA's Payments System Board. |\n| [Audit and Risk Committee Charter](https://www.legislation.gov.au/search?query=Audit%20and%20Risk%20Committee%20Charter) | 2025 | Instrument | Outlines the responsibilities and functions of the RBA's Audit and Risk Committee. |\n| [RBA Code of Conduct for Governance Board Members](https://www.legislation.gov.au/search?query=RBA%20Code%20of%20Conduct%20for%20Governance%20Board%20Members) | 2025 | Instrument | Sets out the ethical standards and conduct requirements for members of the Governance Board. |\n| [RBA Code of Conduct for Monetary Policy Board Members](https://www.legislation.gov.au/search?query=RBA%20Code%20of%20Conduct%20for%20Monetary%20Policy%20Board%20Members) | 2025 | Instrument | Sets out the ethical standards and conduct requirements for members of the Monetary Policy Board. |\n| [RBA Code of Conduct for Payments System Board Members](https://www.legislation.gov.au/search?query=RBA%20Code%20of%20Conduct%20for%20Payments%20System%20Board%20Members) | 2025 | Instrument | Sets out the ethical standards and conduct requirements for members of the Payments System Board. |\n| [RBA Payments Policy Conflict of Interest Policy](https://www.legislation.gov.au/search?query=RBA%20Payments%20Policy%20Conflict%20of%20Interest%20Policy) | 2025 | Instrument | Addresses potential conflicts of interest between the RBA's payments policy and banking departments. |", "global_initiatives_md": "# Reserve Bank of Australia — Global Initiatives Catalogue\n\n## Focus areas\n* Monetary Policy Frameworks and Tools\n* Financial System Stability and Regulation\n* Payments System Modernisation and Resilience\n* Digital Currencies and Future of Money\n* Central Bank Banking Services\n\n## Monetary Policy Frameworks and Tools\n\n### Federal Reserve System's Monetary Policy Toolkit\n**Jurisdiction**: United States\n**Run by**: Federal Reserve System\n**Year**: Established in stages, significant reforms in 2008 and 2020\n**Status**: Active\n**What it does (2–3 sentences)**: The Federal Reserve has evolved its monetary policy toolkit beyond traditional open market operations. This includes tools like interest on reserve balances, the overnight reverse repurchase agreement facility, and forward guidance to manage interest rates and liquidity in the financial system. Recent reforms have focused on maintaining ample reserves.\n**Why it matters to Australia (1–2 sentences)**: Understanding the evolution and effectiveness of the Fed's expanded toolkit, particularly its experience with ample reserves and new interest rate control mechanisms, can inform the RBA's own framework development.\n**Find more**: [Federal Reserve's Monetary Policy Tools](https://www.federalreserve.gov/monetarypolicy/monetary-policy-tools.htm)\n\n### European Central Bank's Forward Guidance and Communication Strategy\n**Jurisdiction**: Eurozone\n**Run by**: European Central Bank (ECB)\n**Year**: Formalised over time, with significant emphasis post-2010.\n**Status**: Active\n**What it does (2–3 sentences)**: The ECB uses forward guidance as a key communication tool to signal its future monetary policy intentions. This aims to influence market expectations, anchor inflation expectations, and enhance the transmission of monetary policy.\n**Why it matters to Australia (1–2 sentences)**: The RBA can learn from the ECB's experience in calibrating forward guidance to effectively manage market expectations and communicate policy objectives in a complex economic environment.\n**Find more**: [ECB Communication on Monetary Policy](https://www.ecb.europa.eu/mopo/communication/html/index.en.html)\n\n### Bank of England's Monetary Policy Committee (MPC) Decision-Making Process\n**Jurisdiction**: United Kingdom\n**Run by**: Bank of England\n**Year**: Established 1997\n**Status**: Active\n**What it does (2–3 sentences)**: The MPC is responsible for setting the UK's base interest rate and other monetary policy tools. It operates with a high degree of independence and publishes detailed minutes and reports explaining its decisions.\n**Why it matters to Australia (1–2 sentences)**: The RBA can examine the structure, transparency, and effectiveness of the MPC's decision-making and communication framework as a benchmark for its own policy formulation and public engagement.\n**Find more**: [Bank of England Monetary Policy Committee](https://www.bankofengland.co.uk/monetary-policy-committee)\n\n## Financial System Stability and Regulation\n\n### Financial Stability Board (FSB) - Global Regulatory Standards\n**Jurisdiction**: International (OECD countries and others)\n**Run by**: Financial Stability Board (FSB)\n**Year**: Established 2009 (evolved from the Financial Stability Forum)\n**Status**: Active\n**What it does (2–3 sentences)**: The FSB coordinates the work of national financial authorities and international standard-setting bodies. It develops and promotes the implementation of internationally agreed policy measures to strengthen financial regulation, supervision, and financial sector practices.\n**Why it matters to Australia (1–2 sentences)**: The RBA's engagement with the FSB is crucial for aligning Australian financial regulation with global best practices and understanding systemic risks that transcend national borders.\n**Find more**: [Financial Stability Board](https://www.fsb.org/)\n\n### US Financial Stability Oversight Council (FSOC)\n**Jurisdiction**: United States\n**Run by**: US Department of the Treasury\n**Year**: Established 2010 (Dodd-Frank Act)\n**Status**: Active\n**What it does (2–3 sentences)**: The FSOC is responsible for identifying risks to US financial stability and promoting market discipline. It brings together various US financial regulators to coordinate regulatory efforts and address emerging threats.\n**Why it matters to Australia (1–2 sentences)**: The FSOC's approach to identifying systemic risks and coordinating regulatory responses among diverse agencies offers insights for the RBA's role within the Council of Financial Regulators (CFR).\n**Find more**: [Financial Stability Oversight Council](https://home.treasury.gov/policy-issues/financial-markets-financial-institutions/financial-stability-oversight-council)\n\n### European Systemic Risk Board (ESRB)\n**Jurisdiction**: European Union\n**Run by**: European Systemic Risk Board (ESRB) Secretariat, hosted by the ECB\n**Year**: Established 2010\n**Status**: Active\n**What it does (2–3 sentences)**: The ESRB's primary task is to macro-prudentially supervise the financial system of the EU and prevent or reduce systemic risks. It issues warnings and recommendations to EU institutions and member states.\n**Why it matters to Australia (1–2 sentences)**: The ESRB's framework for identifying and addressing systemic risks across a large, integrated financial market provides a valuable model for the RBA's own financial stability mandate and coordination efforts.\n**Find more**: [European Systemic Risk Board](https://www.esrb.europa.eu/)\n\n## Payments System Modernisation and Resilience\n\n### Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures (CPMI)\n**Jurisdiction**: International\n**Run by**: Bank for International Settlements (BIS)\n**Year**: CPMI established 1974, evolved significantly since.\n**Status**: Active\n**What it does (2–3 sentences)**: The CPMI is a global forum for central banks to improve the safety and efficiency of payment, clearing, settlement, and related arrangements. It develops standards and guidance for financial market infrastructures.\n**Why it matters to Australia (1–2 sentences)**: The RBA's participation in CPMI is essential for aligning Australia's payments system standards with international best practices, particularly concerning resilience, security, and innovation.\n**Find more**: [Committee on Payments and Market Infrastructures (CPMI)](https://www.bis.org/cpmi/index.htm)\n\n### UK Faster Payments Service (FPS)\n**Jurisdiction**: United Kingdom\n**Run by**: Pay.UK (operated by Vocalink, a Mastercard company)\n**Year**: Launched 2008\n**Status**: Active\n**What it does (2–3 sentences)**: Faster Payments is a UK service allowing individuals and businesses to make payments in near real-time. It underpins many retail payment services, including mobile and online banking transfers.\n**Why it matters to Australia (1–2 sentences)**: The RBA can examine the operational model, governance, and evolution of the UK's Faster Payments Service to inform strategies for enhancing the speed and efficiency of Australia's own interbank settlement services.\n**Find more**: [UK Faster Payments](https://www.fasterpayments.co.uk/)\n\n### Singapore's FAST (Fast and Secure Transfers)\n**Jurisdiction**: Singapore\n**Run by**: The Association of Banks in Singapore (ABS)\n**Year**: Launched 2006\n**Status**: Active\n**What it does (2–3 sentences)**: FAST is an electronic funds transfer service that allows customers of participating banks to send and receive money instantly. It operates 24/7 and is accessible via online banking and mobile banking.\n**Why it matters to Australia (1–2 sentences)**: Singapore's FAST system demonstrates a successful model for real-time retail payments, offering lessons for the RBA on promoting accessibility, speed, and efficiency in Australia's payments landscape.\n**Find more**: [FAST Singapore](https://www.abs.org.sg/consumer-banking/fast)\n\n## Digital Currencies and Future of Money\n\n### European Central Bank's Digital Euro Project\n**Jurisdiction**: Eurozone\n**Run by**: European Central Bank (ECB)\n**Year**: Project initiated 2020, currently in a preparatory phase.\n**Status**: Preparatory Phase\n**What it does (2–3 sentences)**: The ECB is researching and preparing for the potential issuance of a digital euro. The project aims to ensure a safe, efficient, and accessible digital payment option for citizens and businesses.\n**Why it matters to Australia (1–2 sentences)**: The ECB's comprehensive research, public consultation, and design considerations for a central bank digital currency (CBDC) provide valuable insights into the challenges and opportunities for Australia's Project Acacia.\n**Find more**: [Digital Euro Project](https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html)\n\n### US Federal Reserve's Project Hamilton (CBDC Research)\n**Jurisdiction**: United States\n**Run by**: Federal Reserve Bank of Boston and MIT\n**Year**: Research project launched 2020, concluded 2022.\n**Status**: Research project completed, findings published.\n**What it does (2–3 sentences)**: Project Hamilton was a multi-year research effort to explore the potential implications of a central bank digital currency (CBDC) for the US. It focused on technological considerations and potential architectures.\n**Why it matters to Australia (1–2 sentences)**: The technical research and architectural explorations from Project Hamilton can inform the RBA's understanding of the technological feasibility and design choices for a potential digital currency.\n**Find more**: [Project Hamilton](https://www.bostonfed.org/research-and-publications/research-reports/2022/project-hamilton-exploring-a-digital-currency-architecture.html)\n\n### Bank of England's Digital Pound Research\n**Jurisdiction**: United Kingdom\n**Run by**: Bank of England and HM Treasury\n**Year**: Research initiated 2021, ongoing.\n**Status**: Research and Consultation\n**What it does (2–3 sentences)**: The Bank of England and HM Treasury are jointly exploring the case for a UK central bank digital currency (digital pound). They are assessing potential benefits, risks, and design considerations.\n**Why it matters to Australia (1–2 sentences)**: The UK's approach to researching a digital pound, including its engagement with industry and the public, offers a model for the RBA's own assessment of the case for a retail CBDC.\n**Find more**: [Digital Pound Research](https://www.bankofengland.co.uk/digital-pound)\n\n## Central Bank Banking Services\n\n### US Federal Reserve's FedNow Service\n**Jurisdiction**: United States\n**Run by**: Federal Reserve Banks\n**Year**: Launched 2023\n**Status**: Active\n**What it does (2–3 sentences)**: FedNow is an instant payment service for financial institutions in the US, enabling them to provide real-time payment capabilities to their customers. It operates 24/7/365.\n**Why it matters to Australia (1–2 sentences)**: The RBA can draw on the experience of developing and launching FedNow to inform its own strategies for modernising government banking services and potentially enhancing interbank settlement infrastructure.\n**Find more**: [FedNow Service](https://www.frbservices.org/financial-services/fednow/)\n\n### Bank of England's Banker to Government Services\n**Jurisdiction**: United Kingdom\n**Run by**: Bank of England\n**Year**: Ongoing, with continuous evolution.\n**Status**: Active\n**What it does (2–3 sentences)**: The Bank of England provides banking and payment services to HM Treasury and other government departments. This includes managing government accounts, processing payments, and providing liquidity management.\n**Why it matters to Australia (1–2 sentences)**: Examining the operational model and service delivery of the Bank of England's government banking functions can provide valuable benchmarks for the RBA's own provision of services to Australian government agencies.\n**Find more**: [Bank of England's Role as Banker to the Government](https://www.bankofengland.co.uk/about/role/banker-to-the-government)\n\n### European Central Bank's TARGET Services\n**Jurisdiction**: Eurozone\n**Run by**: European Central Bank (ECB) and national central banks of the Eurosystem\n**Year**: TARGET2 operational since 2007, with ongoing enhancements.\n**Status**: Active\n**What it does (2–3 sentences)**: TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) is a system for processing cross-border payments in euro. It comprises RTGS (Real-Time Gross Settlement) systems and provides a secure and efficient platform for large-value payments.\n**Why it matters to Australia (1–2 sentences)**: The RBA can learn from the design, resilience, and operational management of TARGET2, particularly its role in facilitating large-value interbank settlements across multiple jurisdictions.\n**Find more**: [TARGET Services](https://www.ecb.europa.eu/paym/target/html/index.en.html)\n\n*These entries are generated by an AI model based on its training data and should be verified with official sources before public citation.*", "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": "To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery", "vision_source_page": 6, "purposes": "To promote the economic prosperity and welfare of the Australian people, now and into the future", "purposes_source_page": 4, "how_we_deliver": "Through a focus on the following strategic priorities: Monetary policy that is fit for the future, Highly resilient payment and banking services, Shaping the future of money in Australia, High-quality leadership and an open and dynamic culture, Smarter, simpler and faster ways of working", "how_we_deliver_source_page": 6, "government_priorities": [ { "text": "Monetary policy that is fit for the future", "source_page": 8 }, { "text": "Highly resilient payment and banking services", "source_page": 9 }, { "text": "Shaping the future of money in Australia", "source_page": 9 }, { "text": "High-quality leadership and an open and dynamic culture", "source_page": 10 }, { "text": "Smarter, simpler and faster ways of working", "source_page": 10 } ], "outcomes": [ { "name": "Outcome 1: Climate change and energy", "description": "Technological innovation and changing preferences mean that the landscape for retail payments and financial market infrastructure is evolving rapidly. We are helping to shape the future of money by exploring the case for new digital forms of money, and by ensuring cash remains a viable means of payment for those who need or want it.", "key_activities": [ "Determining whether a policy case for a central bank digital currency exists", "Supporting innovation and resilience in wholesale digital payments", "Supporting access to physical cash" ], "source_page": 9 } ], "values": [ "Promotion of the public interest", "Integrity", "Excellence", "Intelligent inquiry", "Respect" ], "values_framework_name": null, "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Consumer price inflation", "target": "between 2 and 3 per cent", "source_page": 12 }, { "code": "FSS01", "measure": "RITS Fast Settlement Service availability", "target": "99.995 per cent on a 24/7 basis", "source_page": 14 } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Consumer price inflation", "result": "within the 2–3 per cent target range", "status": "Achieved", "source_page": 10 }, { "code": "FSS01", "measure": "RITS Fast Settlement Service availability", "result": "99.995 per cent on a 24/7 basis", "status": "Achieved", "source_page": 14 } ], "_source_urls": { "annual_report_url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "corporate_plan_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf" } }, "ideas": [ { "id": "rits-availability-monitoring-enhancement", "category": "Data & Performance", "title": "Enhance real-time monitoring of RITS availability", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Financial institutions, RBA operations", "description": "While RITS availability targets are high (99.95%), the corporate plan doesn't detail real-time public or internal dashboards for immediate issue identification and communication. Implement enhanced, real-time monitoring with automated alerts for any dip below target availability, enabling faster response and stakeholder notification.", "evidence_quote": "RITS availability is 99.95 per cent during core hours. [CP p.14]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Review existing RITS monitoring systems.", "Develop and integrate real-time availability dashboards with automated alert mechanisms.", "Establish protocols for immediate communication upon alert activation.", "Train relevant RBA staff on the new monitoring and alert system." ], "risks_to_manage": [ "Potential for alert fatigue if thresholds are too sensitive.", "Integration challenges with existing IT infrastructure.", "Ensuring timely and accurate communication to stakeholders." ] }, { "id": "cross-jurisdictional-cbdc-research-sharing", "category": "Strategy & Reform", "title": "Establish formal knowledge-sharing mechanism for CBDC research", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "Australian public, RBA, Treasury", "description": "The RBA is assessing the case for a retail central bank digital currency (CBDC) in Project Acacia, drawing on international experiences. To ensure comprehensive and up-to-date insights, establish a formal, ongoing knowledge-sharing mechanism with international central banks and research institutions actively exploring CBDCs, beyond the current project scope.", "evidence_quote": "Publish an assessment, with Treasury, of the case for a retail central bank digital currency in Australia, drawing on public engagement work as well as research and experiences of other jurisdictions. [CP p.13]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Identify key international bodies and central banks leading CBDC research.", "Propose a regular (e.g., quarterly) virtual or in-person forum for sharing research findings and policy developments.", "Develop a framework for collaborative research or data exchange.", "Allocate dedicated resources within the RBA for managing these international engagements." ], "risks_to_manage": [ "Confidentiality concerns regarding sensitive research data.", "Ensuring equitable contribution and benefit from knowledge sharing.", "Maintaining focus on Australian policy objectives amidst international developments." ] }, { "id": "payments-system-resilience-scenario-testing", "category": "Risk & Assurance", "title": "Expand scenario testing for payments system resilience", "scale": "Large", "impact": "Very High", "effort": "High", "proof": "Plausible", "beneficiaries": "Australian economy, financial system, RBA", "description": "The RBA aims to strengthen payments system resilience. While cyber resilience is mentioned, a more proactive approach involves regular, complex, cross-institutional scenario testing simulating diverse systemic shocks (e.g., major cyber-attack, natural disaster impacting critical infrastructure, geopolitical event). This would go beyond routine testing to identify previously unrecognised vulnerabilities.", "evidence_quote": "Strengthen the resilience of the payments system [CP p.13]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Develop a framework for advanced, multi-scenario resilience testing.", "Collaborate with the Council of Financial Regulators (CFR) and key industry participants to design and execute these simulations.", "Establish a robust post-exercise review process to identify and action improvements.", "Regularly update the testing scenarios based on evolving threat landscapes and technological advancements." ], "risks_to_manage": [ "Significant resource commitment required from RBA and industry partners.", "Potential for disruption if testing is not meticulously planned.", "Ensuring appropriate confidentiality and information sharing protocols." ] }, { "id": "government-banking-customer-feedback-loop", "category": "Citizen Services", "title": "Implement structured feedback mechanism for government banking services", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "Australian Government agencies, RBA", "description": "The RBA aims to provide 'fit for purpose' banking services to government agencies. Currently, there's no explicit mention of a formal, ongoing customer feedback mechanism beyond general performance benchmarks. Introduce a structured annual survey or regular consultation process specifically for government banking clients to identify pain points and opportunities for improvement.", "evidence_quote": "Provide banking services that are fit for purpose [CP p.15]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Design a customer feedback survey tailored to government banking services.", "Identify key government agencies to participate in the feedback process.", "Establish a schedule for administering the survey and analysing results.", "Develop a process for reporting feedback to relevant RBA teams and actioning identified improvements." ], "risks_to_manage": [ "Ensuring sufficient participation from government agencies.", "Managing expectations regarding the RBA's ability to implement all requested changes.", "Maintaining objectivity in feedback analysis." ] }, { "id": "monetary-policy-tool-framework-transparency", "category": "Regulation & Policy", "title": "Increase transparency around the framework for additional monetary policy tools", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "Public, financial markets, RBA", "description": "The RBA plans to 'progress' and 'maintain and adapt' a framework for additional monetary policy tools. To enhance public understanding and market confidence, consider publishing a more detailed, non-confidential overview of the RBA's framework, including the conditions under which these tools might be deployed and their intended effects, beyond current policy board communications.", "evidence_quote": "Progress a framework for the use of additional monetary policy tools. Maintain and adapt the framework. [CP p.12]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Identify elements of the framework suitable for public disclosure.", "Draft a public-facing document or webpage explaining the framework.", "Consult internally on the appropriate level of detail and potential sensitivities.", "Publish the information on the RBA website." ], "risks_to_manage": [ "Risk of revealing sensitive operational details or pre-empting policy decisions.", "Ensuring the information is accessible and understandable to a broad audience.", "Maintaining flexibility to adapt the framework without needing public consultation for every change." ] }, { "id": "banknote-quality-public-reporting", "category": "Data & Performance", "title": "Publicly report on banknote quality metrics", "scale": "Small", "impact": "Low", "effort": "Low", "proof": "Plausible", "beneficiaries": "Public, RBA", "description": "The RBA aims to maintain high-quality banknotes. While the Reserve Bank Online Banknotes Survey measures public confidence, specific operational metrics on banknote quality (e.g., percentage of unfit notes withdrawn, average lifespan of notes in circulation) are not explicitly detailed for public reporting. Introduce a simple annual report on these operational quality indicators to complement the confidence survey.", "evidence_quote": "Maintain high-quality banknotes [CP p.15]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Identify key operational metrics for banknote quality.", "Establish data collection and reporting processes for these metrics.", "Integrate these metrics into existing annual reporting or a dedicated section on the RBA website.", "Communicate the new reporting to the public." ], "risks_to_manage": [ "Ensuring metrics are meaningful and understandable to the public.", "Potential for negative perception if quality metrics decline.", "Data collection and aggregation effort." ] }, { "id": "financial-stability-risk-communication-platform", "category": "Citizen Participation", "title": "Develop a dedicated platform for financial stability risk communication", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "Public, financial sector, RBA", "description": "The RBA is committed to communicating financial stability risks regularly. To enhance accessibility and engagement, consider developing a dedicated online platform or section on the RBA website that aggregates all financial stability assessments, risk reports, and related policy discussions in a user-friendly format, potentially including interactive elements or simplified summaries.", "evidence_quote": "Publish financial stability assessments on a regular basis, including in Monetary Policy Board communications and the half-yearly Financial Stability Review. [CP p.12]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Map existing financial stability communication outputs.", "Design a user-centric online platform structure.", "Develop content strategy for the platform, including potential for simplified explanations or FAQs.", "Build and launch the platform, promoting its availability to stakeholders." ], "risks_to_manage": [ "Ensuring the platform does not oversimplify complex risks to the point of being misleading.", "Maintaining the platform with up-to-date information.", "Resource allocation for ongoing content development and maintenance." ] }, { "id": "rits-iso20022-framework-governance", "category": "Capability Building", "title": "Establish formal governance for ongoing ISO 20022 standard changes", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "Payments system participants, RBA, financial system", "description": "The RBA is supporting the industry's migration to ISO 20022 and embedding a framework for ongoing changes. To ensure long-term adaptability and efficiency, formalise the governance structure for managing these future standard changes, including clear roles, responsibilities, and decision-making processes for assessing, approving, and implementing updates to RITS functionality.", "evidence_quote": "Support the payment industry’s migration to ISO 20022 message formats, including by upgrading relevant functionality in RITS and embedding a framework for ongoing changes to the standard. [CP p.14]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Define the terms of reference for an ISO 20022 governance committee or working group.", "Establish clear processes for industry consultation on proposed standard changes.", "Develop criteria for assessing the impact and feasibility of implementing changes in RITS.", "Allocate resources for the ongoing management and implementation of ISO 20022 updates." ], "risks_to_manage": [ "Potential for industry divergence on standard interpretations or desired changes.", "Balancing the need for standardisation with RBA's operational requirements.", "Ensuring sufficient technical expertise within the RBA to manage evolving standards." ] } ], "legislation_administered": [ { "title": "Reserve Bank Act 1959", "year": "1959", "type": "Act", "role": "Establishes the Reserve Bank of Australia and outlines its functions, including determining and implementing monetary policy, contributing to financial system stability, supporting the payments system, providing banking services to the government, and issuing banknotes.", "register_url": "https://www.legislation.gov.au/search?query=Reserve%20Bank%20Act%201959" }, { "title": "Payment Systems (Regulation) Act 1998", "year": "1998", "type": "Act", "role": "Provides the Reserve Bank of Australia with powers to regulate payment systems to control risk, promote efficiency, and promote competition.", "register_url": "https://www.legislation.gov.au/search?query=Payment%20Systems%20(Regulation)%20Act%201998" }, { "title": "Payment Systems and Netting Act 1998", "year": "1998", "type": "Act", "role": "Facilitates the netting of payment obligations and provides for the finality of settlement in payment systems, with the Reserve Bank of Australia having a role in ensuring these operate effectively.", "register_url": "https://www.legislation.gov.au/search?query=Payment%20Systems%20and%20Netting%20Act%201998" }, { "title": "Corporations Act 2001", "year": "2001", "type": "Act", "role": "Grants the Reserve Bank of Australia powers related to licensing and crisis resolution for clearing and settlement facilities, contributing to financial system stability.", "register_url": "https://www.legislation.gov.au/search?query=Corporations%20Act%202001" }, { "title": "Currency Act 1965", "year": "1965", "type": "Act", "role": "Provides for the currency of Australia, including the issue of legal tender, with the Reserve Bank of Australia responsible for the design, production and distribution of Australian banknotes.", "register_url": "https://www.legislation.gov.au/search?query=Currency%20Act%201965" }, { "title": "Commonwealth Bank Act 1911", "year": "1911", "type": "Act", "role": "The historical Act under which the Reserve Bank of Australia was originally established as a body corporate.", "register_url": "https://www.legislation.gov.au/search?query=Commonwealth%20Bank%20Act%201911" }, { "title": "Commonwealth Bank Act 1945", "year": "1945", "type": "Act", "role": "Continued the Reserve Bank of Australia in existence as a body corporate.", "register_url": "https://www.legislation.gov.au/search?query=Commonwealth%20Bank%20Act%201945" }, { "title": "Remuneration Tribunal Act 1973", "year": "1973", "type": "Act", "role": "Establishes the Remuneration Tribunal to determine remuneration for principal executive offices, including the Governor and Deputy Governor of the Reserve Bank of Australia.", "register_url": "https://www.legislation.gov.au/search?query=Remuneration%20Tribunal%20Act%201973" }, { "title": "Note Printing Australia Limited Charter", "year": "2025", "type": "Instrument", "role": "Governs the operations of Note Printing Australia Limited, a wholly owned subsidiary of the RBA, responsible for producing Australian banknotes.", "register_url": "https://www.legislation.gov.au/search?query=Note%20Printing%20Australia%20Limited%20Charter" }, { "title": "Statement on the Conduct of Monetary Policy", "year": "2025", "type": "Instrument", "role": "An agreement between the Treasurer and the Monetary Policy Board outlining the framework for achieving price stability and full employment.", "register_url": "https://www.legislation.gov.au/search?query=Statement%20on%20the%20Conduct%20of%20Monetary%20Policy" }, { "title": "Memorandum of Understanding between the RBA Boards", "year": "2025", "type": "Instrument", "role": "Establishes how the RBA's three boards will work together to advance the RBA's overarching objective.", "register_url": "https://www.legislation.gov.au/search?query=Memorandum%20of%20Understanding%20between%20the%20RBA%20Boards" }, { "title": "Governance Board Charter", "year": "2025", "type": "Instrument", "role": "Outlines the responsibilities and functions of the RBA's Governance Board.", "register_url": "https://www.legislation.gov.au/search?query=Governance%20Board%20Charter" }, { "title": "Monetary Policy Board Charter", "year": "2025", "type": "Instrument", "role": "Outlines the responsibilities and functions of the RBA's Monetary Policy Board.", "register_url": "https://www.legislation.gov.au/search?query=Monetary%20Policy%20Board%20Charter" }, { "title": "Payments System Board Charter", "year": "2025", "type": "Instrument", "role": "Outlines the responsibilities and functions of the RBA's Payments System Board.", "register_url": "https://www.legislation.gov.au/search?query=Payments%20System%20Board%20Charter" }, { "title": "Audit and Risk Committee Charter", "year": "2025", "type": "Instrument", "role": "Outlines the responsibilities and functions of the RBA's Audit and Risk Committee.", "register_url": "https://www.legislation.gov.au/search?query=Audit%20and%20Risk%20Committee%20Charter" }, { "title": "RBA Code of Conduct for Governance Board Members", "year": "2025", "type": "Instrument", "role": "Sets out the ethical standards and conduct requirements for members of the Governance Board.", "register_url": "https://www.legislation.gov.au/search?query=RBA%20Code%20of%20Conduct%20for%20Governance%20Board%20Members" }, { "title": "RBA Code of Conduct for Monetary Policy Board Members", "year": "2025", "type": "Instrument", "role": "Sets out the ethical standards and conduct requirements for members of the Monetary Policy Board.", "register_url": "https://www.legislation.gov.au/search?query=RBA%20Code%20of%20Conduct%20for%20Monetary%20Policy%20Board%20Members" }, { "title": "RBA Code of Conduct for Payments System Board Members", "year": "2025", "type": "Instrument", "role": "Sets out the ethical standards and conduct requirements for members of the Payments System Board.", "register_url": "https://www.legislation.gov.au/search?query=RBA%20Code%20of%20Conduct%20for%20Payments%20System%20Board%20Members" }, { "title": "RBA Payments Policy Conflict of Interest Policy", "year": "2025", "type": "Instrument", "role": "Addresses potential conflicts of interest between the RBA's payments policy and banking departments.", "register_url": "https://www.legislation.gov.au/search?query=RBA%20Payments%20Policy%20Conflict%20of%20Interest%20Policy" } ], "artifacts": [ { "category": "annual-reports", "year": "2025", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "file": "annual-reports/2025.pdf", "bytes": 9425700, "link_text": "" }, { "category": "annual-reports", "year": "2024", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf", "file": "annual-reports/2024.pdf", "bytes": 10395846, "link_text": "" }, { "category": "annual-reports", "year": "2023-24", "url": "http://www.rba.gov.au/publications/annual-reports/rba/2024/pdf/rba-annual-report-2024.pdf", "file": "annual-reports/2023-24.pdf", "bytes": 10395846, "link_text": "Annual Report 2023-24" }, { "category": "annual-reports", "year": "2023", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2023/pdf/rba-annual-report-2023.pdf", "file": "annual-reports/2023.pdf", "bytes": 9805421, "link_text": "" }, { "category": "annual-reports", "year": "2022", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2022/pdf/rba-annual-report-2022.pdf", "file": "annual-reports/2022.pdf", "bytes": 14170780, "link_text": "" }, { "category": "corporate-plans", "year": "2025", "url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "file": "corporate-plans/2025.pdf", "bytes": 2547616, "link_text": "Download\n\n\t\t\t\t\t\t\t\t\tthe Corporate Plan 2.6MB" }, { "category": "corporate-plans", "year": "2022-23", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2022-23.pdf?d=2022-23", "file": "corporate-plans/2022-23.pdf", "bytes": 483200, "link_text": "2022/23 Corporate Plan 4.2MB" }, { "category": "corporate-plans", "year": "2021-22", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2021-22.pdf?d=2021-22", "file": "corporate-plans/2021-22.pdf", "bytes": 432775, "link_text": "2021/22 Corporate Plan 423KB" }, { "category": "corporate-plans", "year": "2020-21", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2020-21.pdf?d=2020-21", "file": "corporate-plans/2020-21.pdf", "bytes": 1333312, "link_text": "2020/21 Corporate Plan 1.27MB" }, { "category": "corporate-plans", "year": "2019-20", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2019-20.pdf", "file": "corporate-plans/2019-20.pdf", "bytes": 640532, "link_text": "2019/20 Corporate Plan 625KB" }, { "category": "other-pdfs", "year": "2026", "url": "https://parlinfo.aph.gov.au/parlInfo/download/committees/commrep/29330/toc_pdf/Economics%20Committee_2026_02_24.pdf;fileType=application%2Fpdf", "file": "other-pdfs/Economics-20Committee_2026_02_24.pdf", "bytes": 929098, "link_text": "Hansard Transcript" }, { "category": "other-pdfs", "year": "2025", "url": "http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-1.pdf", "file": "other-pdfs/rba-annual-report-2025-part-1.pdf", "bytes": 2890364, "link_text": "Download 3.17MB" }, { "category": "other-pdfs", "year": "2025", "url": "http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-2.pdf", "file": "other-pdfs/rba-annual-report-2025-part-2.pdf", "bytes": 2599274, "link_text": "Download 2.59MB" }, { "category": "other-pdfs", "year": "2025", "url": "http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-3.pdf", "file": "other-pdfs/rba-annual-report-2025-part-3.pdf", "bytes": 1328374, "link_text": "Download 1.32MB" }, { "category": "other-pdfs", "year": "2025", "url": "http://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025-part-4.pdf", "file": "other-pdfs/rba-annual-report-2025-part-4.pdf", "bytes": 617102, "link_text": "Download" } ], "_meta": { "snapshot_built_at": "2026-05-13T11:03:03+00:00", "strategy_brief_meta": { "model": "nova-lite", "folder": "Reserve-Bank-of-Australia", "annual_report": { "file": "annual-reports\\2025.txt", "url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "year": "2025" }, "corporate_plan": { "file": "corporate-plans\\2025.txt", "url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "year": "2025" }, "usage": { "input_tokens": 31245, "output_tokens": 762, "total_tokens": 32007, "model": "nova-lite" }, "cost_usd": 0.00205758, "elapsed_seconds": 6.64, "generated_at": "2026-05-13T04:31:18+00:00" }, "ideas_manifest": { "folder": "Reserve-Bank-of-Australia", "entity_id": "O-000942", "model": "gemini-flash-lite", "generated_at": "2026-05-12T23:15:00+00:00", "elapsed_seconds": 13.65, "usage": { "input_tokens": 7531, "output_tokens": 2867, "total_tokens": 10398, "model": "gemini-flash-lite" }, "cost_usd": 0.0018999000000000002, "n_ideas": 8, "inputs": { "overview_chars": 18521, "brief_chars": 1142, "legis_chars": 76441 } }, "global_intel_meta": { "folder": "Reserve-Bank-of-Australia", "entity_id": "O-000942", "model": "gemini-flash-lite", "usage": { "input_tokens": 4547, "output_tokens": 2881, "total_tokens": 7428, "model": "gemini-flash-lite" }, "cost_usd": 0.0016071, "elapsed_seconds": 8.41, "generated_at": "2026-05-12T23:15:13+00:00" } } }