Reserve Bank of Australia

Office address: 8 Chifley Square Sydney NSW 2000 
Website: rba.gov.au  
Year established: 1959 
Company type: banking 
Employees: 1,575+ 
Expertise: monetary policy, financial system stability, payments system management, economic research, interest rate setting, banking services, currency issuance, policy analysis 
Parent company: The Australian Government 
Key people: Michele Bullock (governor); Andrew Hauser (deputy governor); Susan Woods (COO); Michelle McPhee, Sarah Hunter, Christopher Kent, and Brad Jones (assistant governors) 
Financing status: N/A 

The Reserve Bank of Australia (RBA), based in Sydney, is the nation’s central bank with over 1,575 staff. The RBA manages monetary policy, sets the cash rate, and helps keep inflation steady while supporting financial stability and safe payments. 

History of Reserve Bank of Australia 

The Reserve Bank of Australia was founded in 1960 to take on central banking duties after separating from the Commonwealth Bank. This change followed decades of evolution, beginning with the Commonwealth Bank’s creation in 1911 and the gradual shift of note-issuing and policy roles. 

Through the 1930s and World War II, the Bank gained more control over currency and banking policy, adapting to economic pressures. The 1980s and 1990s brought major reforms, including the float of the Australian dollar and a move to market-based monetary policy. 

In 1998, banking supervision moved to a new authority, while the RBA became responsible for payments system safety. Since the 1990s, the RBA has focused on price stability and clear communication, with its mandate updated as recently as 2023. 

Products and services 

The Reserve Bank of Australia’s services and tools affecting the mortgage sector include: 

• monetary policy and cash rate decisions: sets and reviews the official cash rate 
• interest rate statistics: publishes monthly lenders’ mortgage rate data 
• market monitoring and reporting: tracks loans, refinancing, and loan sizes 
• payments system management: operates RITS for secure interbank settlements 
• financial system stability: works with regulators for banking safety 
• government banking services: provides banking for government and institutions 
• educational resources: shares statements, minutes, and policy data 

The RBA’s services underpin the way banks set mortgage rates and manage lending. Its decisions and data guide lenders, brokers, and borrowers across the Australian mortgage market.  

To see the current rates offered by banks based on the RBA’s cash rate, visit MPA’s Australian mortgage rates guide. 

Company culture and values  

The RBA’s culture is described as open and dynamic, with a strong focus on transparency and continuous improvement, while supporting staff through a range of benefits: 

• superannuation contribution: 15.4% employer super, above minimum 
• health benefits: health allowance, wellbeing programs, fitness classes 
• flexible working: hybrid, compressed weeks, extra leave 
• study and learning support: study funding, training, LinkedIn Learning 
• paid parental leave: 18 weeks paid, super included 
• employee assistance: confidential mental and financial support 
• giving and community: salary donations, volunteer days, resource groups 
• novated leasing: car finance, tax savings, salary sacrifice 

The Reserve Bank of Australia values a workplace that is open to new ideas and encourages teamwork across different areas. Staff are urged to focus on outcomes, learn from experience, and work together efficiently. 

About Governor Michele Bullock and key people 

Michele Bullock became governor of the Reserve Bank of Australia in September 2023 and chairs the main boards and councils. Before this, Bullock was deputy governor and held senior roles in financial system, currency, and more. She is a member of Chief Executive Women and co-chairs a regional financial group. 

The RBA’s leadership team brings a range of expertise and guides the bank’s core functions and strategy: 

• Andrew Hauser serves as deputy governor, responsible for monetary policy and supporting the governor across all RBA functions 
• Susan Woods is COO, overseeing the core modernisation, finance department, and more 
• Michelle McPhee leads as assistant governor (business services), managing banking, payments, and note issue operations 
• Sarah Hunter is assistant governor (economic), guiding economic analysis and research for policy decisions 
• Christopher Kent serves as assistant governor (financial markets), managing the RBA’s market operations and foreign reserves 
• Brad Jones is also assistant governor (financial system), focusing on financial system stability and regulatory policy 

This leadership group ensures that the central bank meets its goals and supports Australia’s economy. Their combined expertise drives the RBA’s work in policy, operations, and financial stability. 

The future at Reserve Bank of Australia 

The RBA has recently reported that more student housing is being built for international demand. The nation’s central bank found that these projects add hundreds of beds at once, which helps reduce rental pressure in city areas. Its research will help inform policy and public understanding of housing and the education sector. 

The Reserve Bank of Australia is also focused on keeping inflation steady while supporting jobs and growth. With recent shifts in public sector demand, the RBA faces a more unpredictable path forward. The bank’s future actions will aim to balance inflation and employment as the economy changes.