Statement on RBA review

Wednesday, 20 July 2022

A strong and independent Reserve Bank of Australia (RBA) is essential to Australia’s future economic prosperity. 

The RBA plays a crucial role in delivering Australia's monetary policy. It is essential the review be independent of the political process and focused on preserving the strengths of the RBA as an institution.

I note the Treasurer has indicated he wants this review to be bipartisan. We look forward to being engaged throughout the review process. 

The Coalition reaffirms our in-principle support for the 2-3 per cent medium-term inflation target as the appropriate framework for achieving medium-term price stability.

It is also important that the RBA’s capability in forecasting and guidance be part of the review. 

With rising interest rates weighing heavily on the minds of Australian families and household budgets, it is essential the RBA's mandate remains laser focused on its core purpose which is the stability of the currency of Australia, the maintenance of full employment and the economic prosperity and welfare of the Australian people.

This will be central to ensuring that we have a strong, independent and capable Reserve Bank. 

We’ll be holding the Government to its commitment to ensure this review remains bipartisan.