The Australian Government has published an Issues Paper for consultation as part of its review of the Reserve Bank of Australia. Background.

The Issues Paper addresses 4 themes and raises questions relating to each theme:

• Theme 1 focuses on Australia’s current monetary policy framework as outlined in the Reserve Bank Act (1959) and the Statement on the Conduct of Monetary Policy. Issues canvassed include the ability of Australia’s flexible-inflation-targeting regime to respond to various economic challenges, alternative monetary policy arrangements and the interaction of monetary policy with other macroeconomic policy levers.
• Theme 2 focuses on the RBA’s implementation of the framework, with a view to identifying what lessons can be learned for the future, including the choice of tools and approach to communication.
• Theme 3 looks at the RBA’s governance arrangements and invites views on how these arrangements can best contribute to an effective institution and high-quality monetary policy settings.
• Theme 4 is focused on the RBA’s institutional culture, including its management and recruitment practices.

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