The RBA is Australia’s central bank, known as the Reserve Bank of Australia, which is wholly owned by the Australian government.
The Reserve Bank of Australia (RBA) is a statutory body established under the Reserve Bank Act 1959 and is accountable to the Parliament of Australia and consists of the Board of Reserve Banks and the Payment Systems Committee.
The Board of Governors of the Reserve Banks is responsible for the stability of the financial system as a whole, and the Board of Payments Systems is responsible for the safety and efficiency of the payments system.
The RBA is primarily responsible for formulating and implementing policy.
Other responsibilities include maintaining the stability of the financial system, promoting the safe and efficient operation of the payment system, participating in financial markets, regulating, issuing banknotes and acting as an agent of the Treasury.
The Reserve Bank of Australia also provides statistics and business research information on, money and credit growth.
The RBA has ceased to supervise banks since 1998.
