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Central Banks
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Reserve Bank of Australia |
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Reserve
Bank of Australia
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The Reserve
Bank commenced operations as Australia’s central bank on 14 January 1960.
The Reserve Bank of Australia is Australia’s central bank. It conducts
monetary policy, works to maintain a strong financial system and issues the
nation’s currency. As well as being a policy-making body, the Reserve Bank
provides selected banking and registry services to a range of Australian
government agencies and to a number of overseas central banks and official
institutions. |
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It also
manages Australia's gold and foreign exchange reserves. The role and
functions of the Reserve Bank are underpinned by various pieces of
legislation. The Bank is a statutory authority, established by an Act of
Parliament, the Reserve Bank Act 1959, which gives it specific powers and
obligations. In terms of the Act, there are two Boards: the Reserve Bank
Board and the Payments System Board. The Reserve Bank seeks to enhance the
community's understanding of its responsibilities and policies through a
broad communications program. |
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The Reserve Bank Board's duty stated in the Act, within its outlined
boundaries, is to ensure that the Bank's monetary and banking policy is used
to help the Australian population. This should be accomplished through
consultation with the Government and so in the Reserve Bank Board's opinion
that its powers are used to help with:
(a) the stability of the currency of Australia;
(b) the maintenance of full employment in Australia; and
(c) the economic prosperity and welfare of the people of Australia.
The Reserve Bank of Australia have overseas representative offices in New
York and London.
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Reserve Bank of Australia |
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HQ
Address: |
65 Martin Place
Sydney NSW 2000
Australia |
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Telephone: |
+61 2 9551
8111 |
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Facsimile: |
+61 2 9551
8000 |
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Website: |
www.rba.gov.au |
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Swift Code: |
RSBKAU2S |
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Currency: |
Australia Dollar |
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Banking Hours: |
Monday - Thursday : 9.30am - 4.00pm
Friday : 9.30am - 5.00pm |
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The banks are
regulated by the Australian Prudential Regulatory Authority (APRA) in
Australia. APRA is
responsible for regulating much of the financial industry, including
insurance and superannuation companies. Institution seeking to be
prudentially regulated as an Authorised Deposit-taking Institution (ADI) is
required to be authorised under the Banking Act 1959 (the Banking Act). The
Australian Prudential Regulatory Authority (APRA) is responsible for the authorisation process.
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