The role of the Reserve Bank of Australia (RBA) is control monetary policy and to issue currency.
Set up to be “at arm’s length “ and “independent” of the federal government of the day it plays a part in the agenda of the dictatorship of monopoly capital in Australia.
The nine members of the boards reflect this status. They are made up of company directors, international banking and finance executives and academics. There are no workers or farmers on board. Two members belong to the Centre for Independent Studies (CIS) a neo-liberal think tank linked to the Liberal Party and funded by international capital. The RBA is a donor to the CIS too.
As it sets the money rate, its decisions have huge impacts on the people of Australia; as it has a direct impact on mortgage rates. This crude method was justified as a means of stopping inflation by setting a level of unemployment to slow spending and suppress wages.
The proof of this is a speech by incoming RBA Governor J. Bullock in June 2023-
“….. At lower levels of unemployment, wage and price pressures rise and vice versa at higher levels of unemployment. But, if unemployment remains too low for too long, inflation expectations will rise, which will make it that much harder for the monetary authorities to bring inflation back down.”
Despite huge price rises and record profits in the banking, power, oil, transport and retail industries, the unemployed and mortgagees must pay the price for inflation. The burden falls on workers again.
The role of the RBA is to serve the needs of monopoly capital in Australia and ensure that the surplus value generated by workers in their jobs and their relations with banks flows directly and steadily without pause.
No review or reorganisation planned by the the Albanese ALP will change that vital truth.
| Members | Affiliations |
| Phillip Lowe | Chair |
| Michele Bullock | Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) |
| Mark Barnaba | Fortescue Metals Group Ltd ,HBF Health Limited Board Member – The Centre for Independent Studies Senior Advisory Board Member – Appian Capital Advisory |
| Ian Harper | Dean and Director – Melbourne Business School Limited Chair – Australian Statistics Advisory Council Chair – Stipends Committee, Anglican Diocese of Melbourne Director – Harper Associates Australia Director – Robert Menzies Institute |
| Carolyn Hewson | Non-executive Director – CSL Limited Non-executive Director – Infrastructure SA Director -BHP |
| Steve Kennedy | Ex officio member – Board of Taxation Ex officio member – Council of Financial Regulators |
| Iain Ross | Adjunct Professor – The University of Sydney Business School |
| Carol Swartz | Founding Chair – Women’s Leadership Institute Australia Chair – Climate Council |
| Alison Watkins | Chancellor – University of Tasmania Non-executive Director – CSL Limited Non-executive Director – The Centre for Independent Studies Non-executive Director – Wesfarmers Limited |
