scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,214
Jonathan Rosenberg Economics Assessment - Reserve Bank The Reserve Bank of Australia RBA is Australias central bank and was established by the Government Its responsibilities include monetary policy and the maintenance of financial stability The Governor I J Macfarlane chairs the Reserve Bank Board The Banks responsibilities as well as the fact that it prints and issues Australias currency notes ensure that it remains an active participant in financial markets and the payments system Its assets include Australias holdings of gold and foreign exchange which amount to around A56 billion 300600 The Australian Government receives all profits made by the Bank The bank was originally known as The Commonwealth Bank of Australia which was established in 1911 In 1945 the Commonwealth Bank was given power to administer monetary and bank policy during WWI and it was later formalized in the Commonwealth Bank Act and the Banking Act In 1959 it was renamed the Reserve Bank of Australia but the original central banking functions of the Commonwealth Bank were still to be carried out In 1959 the Reserve Bank Act 1959 took effect making it Australias central bank with its own Board Governor and staff The Banks main role is the stability to the economy on Australia By ensuring this its main function is the implementation of Monetary Policy Australias monetary policy is guided by domestic economic objectives The bank manipulates interest rates in pursuit of domestic policy objectives including inflation and economic growth The reserve bank meets 11 times a year every 1st Tuesday of the month except January In these meetings the board discusses whether it is going to lower or raise interest rates The RBA pushes interest rates up when the economy is growing too fast and lowers them when the economy needs to grow By doing this it achieves the following Stability of inflation Maintenance of full employment The economic welfare and prosperity of the people of Australia
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA