{ "entity_id": "O-000942", "folder": "Reserve-Bank-of-Australia", "name": "Reserve Bank of Australia", "type": "Corporate Commonwealth Entity", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "https://www.rba.gov.au/", "data_status": "rich", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": true, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": true, "has_global_initiatives_text": true, "has_global_initiatives_structured": true, "n_global_initiatives": 15, "has_ideas": true, "has_artifacts": true, "n_ideas": 8, "n_legislation": 19, "n_artifacts": 15, "n_kpi_targets": 2, "n_kpi_results": 2, "n_outcomes": 1, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "To promote the economic prosperity and welfare of the Australian people, now and into the future", "official_site_url": 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"confidence": "high" }, { "type": "corporate_plan", "title": "2019/20 Corporate Plan 625KB", "url": "http://www.rba.gov.au/about-rba/corporate-plan/archive/corporate-plan-2019-20.pdf", "period": "2019-20", "confidence": "high" } ], "purpose": { "text": "To promote the economic prosperity and welfare of the Australian people, now and into the future", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 4, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=4" }, "vision": { "text": "To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 6, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=6" }, "strategic_priorities": [ { "title": "Monetary policy that is 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"title": "High-quality leadership and an open and dynamic culture", "description": "High-quality leadership and an open and dynamic culture", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 10, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10" }, { "title": "Smarter, simpler and faster ways of working", "description": "Smarter, simpler and faster ways of working", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 10, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=10" } ], "values": [ { "name": "Promotion of the public interest", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Integrity", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Excellence", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Intelligent inquiry", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null }, { "name": "Respect", "description": "", "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Climate change and energy", "description": "Technological innovation and changing preferences mean that the landscape for retail payments and financial market infrastructure is evolving rapidly. We are helping to shape the future of money by exploring the case for new digital forms of money, and by ensuring cash remains a viable means of payment for those who need or want it.", "activities": [ "Determining whether a policy case for a central bank digital currency exists", "Supporting innovation and resilience in wholesale digital payments", "Supporting access to physical cash" ], "source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "source_page": 9, "source_deep_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf#page=9" } ], "performance_measures": [ { "code": "CCE01", "measure": "Consumer price inflation", "target": "between 2 and 3 per cent", "latest_result": "within the 2–3 per cent target range", "status": "Achieved", "target_source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "target_source_page": 12, "result_source_url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "result_source_page": 10 }, { "code": "FSS01", "measure": "RITS Fast Settlement Service availability", "target": "99.995 per cent on a 24/7 basis", "latest_result": "99.995 per cent on a 24/7 basis", "status": "Achieved", "target_source_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf", "target_source_page": 14, "result_source_url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "result_source_page": 14 } ], "document_alignment_terms": { "must_support": [ "To promote the economic prosperity and welfare of the Australian people, now and into the future", "To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery", "Monetary policy that is fit for the future", "Highly resilient payment and banking services", "Shaping the future of money in Australia", "High-quality leadership and an open and dynamic culture", "Smarter, simpler and faster ways of working" ], "watch_terms": [ "Consumer price inflation", "RITS Fast Settlement Service availability" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "global_initiatives": { "focus_areas": [ "Monetary Policy Frameworks and Tools", "Financial System Stability and Regulation", "Payments System Modernisation and Resilience", "Digital Currencies and Future of Money", "Central Bank Banking Services" ], "initiatives": [ { "name": "Federal Reserve System's Monetary Policy Toolkit", "focus_area": "Monetary Policy Frameworks and Tools", "jurisdiction": "United States", "run_by": "Federal Reserve System", "year": "Established in stages, significant reforms in 2008 and 2020", "status": "Active", "what_it_does": "The Federal Reserve has evolved its monetary policy toolkit beyond traditional open market operations. This includes tools like interest on reserve balances, the overnight reverse repurchase agreement facility, and forward guidance to manage interest rates and liquidity in the financial system. Recent reforms have focused on maintaining ample reserves.", "why_relevant": "", "find_more_title": "Federal Reserve's Monetary Policy Tools", "find_more_url": "https://www.federalreserve.gov/monetarypolicy/monetary-policy-tools.htm" }, { "name": "European Central Bank's Forward Guidance and Communication Strategy", "focus_area": "Monetary Policy Frameworks and Tools", "jurisdiction": "Eurozone", "run_by": "European Central Bank (ECB)", "year": "Formalised over time, with significant emphasis post-2010.", "status": "Active", "what_it_does": "The ECB uses forward guidance as a key communication tool to signal its future monetary policy intentions. This aims to influence market expectations, anchor inflation expectations, and enhance the transmission of monetary policy.", "why_relevant": "", "find_more_title": "ECB Communication on Monetary Policy", "find_more_url": "https://www.ecb.europa.eu/mopo/communication/html/index.en.html" }, { "name": "Bank of England's Monetary Policy Committee (MPC) Decision-Making Process", "focus_area": "Monetary Policy Frameworks and Tools", "jurisdiction": "United Kingdom", "run_by": "Bank of England", "year": "Established 1997", "status": "Active", "what_it_does": "The MPC is responsible for setting the UK's base interest rate and other monetary policy tools. It operates with a high degree of independence and publishes detailed minutes and reports explaining its decisions.", "why_relevant": "", "find_more_title": "Bank of England Monetary Policy Committee", "find_more_url": "https://www.bankofengland.co.uk/monetary-policy-committee" }, { "name": "Financial Stability Board (FSB) - Global Regulatory Standards", "focus_area": "Financial System Stability and Regulation", "jurisdiction": "International (OECD countries and others)", "run_by": "Financial Stability Board (FSB)", "year": "Established 2009 (evolved from the Financial Stability Forum)", "status": "Active", "what_it_does": "The FSB coordinates the work of national financial authorities and international standard-setting bodies. It develops and promotes the implementation of internationally agreed policy measures to strengthen financial regulation, supervision, and financial sector practices.", "why_relevant": "", "find_more_title": "Financial Stability Board", "find_more_url": "https://www.fsb.org/" }, { "name": "US Financial Stability Oversight Council (FSOC)", "focus_area": "Financial System Stability and Regulation", "jurisdiction": "United States", "run_by": "US Department of the Treasury", "year": "Established 2010 (Dodd-Frank Act)", "status": "Active", "what_it_does": "The FSOC is responsible for identifying risks to US financial stability and promoting market discipline. It brings together various US financial regulators to coordinate regulatory efforts and address emerging threats.", "why_relevant": "", "find_more_title": "Financial Stability Oversight Council", "find_more_url": "https://home.treasury.gov/policy-issues/financial-markets-financial-institutions/financial-stability-oversight-council" }, { "name": "European Systemic Risk Board (ESRB)", "focus_area": "Financial System Stability and Regulation", "jurisdiction": "European Union", "run_by": "European Systemic Risk Board (ESRB) Secretariat, hosted by the ECB", "year": "Established 2010", "status": "Active", "what_it_does": "The ESRB's primary task is to macro-prudentially supervise the financial system of the EU and prevent or reduce systemic risks. It issues warnings and recommendations to EU institutions and member states.", "why_relevant": "", "find_more_title": "European Systemic Risk Board", "find_more_url": "https://www.esrb.europa.eu/" }, { "name": "Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures (CPMI)", "focus_area": "Payments System Modernisation and Resilience", "jurisdiction": "International", "run_by": "Bank for International Settlements (BIS)", "year": "CPMI established 1974, evolved significantly since.", "status": "Active", "what_it_does": "The CPMI is a global forum for central banks to improve the safety and efficiency of payment, clearing, settlement, and related arrangements. It develops standards and guidance for financial market infrastructures.", "why_relevant": "", "find_more_title": "Committee on Payments and Market Infrastructures (CPMI)", "find_more_url": "https://www.bis.org/cpmi/index.htm" }, { "name": "UK Faster Payments Service (FPS)", "focus_area": "Payments System Modernisation and Resilience", "jurisdiction": "United Kingdom", "run_by": "Pay.UK (operated by Vocalink, a Mastercard company)", "year": "Launched 2008", "status": "Active", "what_it_does": "Faster Payments is a UK service allowing individuals and businesses to make payments in near real-time. It underpins many retail payment services, including mobile and online banking transfers.", "why_relevant": "", "find_more_title": "UK Faster Payments", "find_more_url": "https://www.fasterpayments.co.uk/" }, { "name": "Singapore's FAST (Fast and Secure Transfers)", "focus_area": "Payments System Modernisation and Resilience", "jurisdiction": "Singapore", "run_by": "The Association of Banks in Singapore (ABS)", "year": "Launched 2006", "status": "Active", "what_it_does": "FAST is an electronic funds transfer service that allows customers of participating banks to send and receive money instantly. It operates 24/7 and is accessible via online banking and mobile banking.", "why_relevant": "", "find_more_title": "FAST Singapore", "find_more_url": "https://www.abs.org.sg/consumer-banking/fast" }, { "name": "European Central Bank's Digital Euro Project", "focus_area": "Digital Currencies and Future of Money", "jurisdiction": "Eurozone", "run_by": "European Central Bank (ECB)", "year": "Project initiated 2020, currently in a preparatory phase.", "status": "Preparatory Phase", "what_it_does": "The ECB is researching and preparing for the potential issuance of a digital euro. The project aims to ensure a safe, efficient, and accessible digital payment option for citizens and businesses.", "why_relevant": "", "find_more_title": "Digital Euro Project", "find_more_url": "https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html" }, { "name": "US Federal Reserve's Project Hamilton (CBDC Research)", "focus_area": "Digital Currencies and Future of Money", "jurisdiction": "United States", "run_by": "Federal Reserve Bank of Boston and MIT", "year": "Research project launched 2020, concluded 2022.", "status": "Research project completed, findings published.", "what_it_does": "Project Hamilton was a multi-year research effort to explore the potential implications of a central bank digital currency (CBDC) for the US. It focused on technological considerations and potential architectures.", "why_relevant": "", "find_more_title": "Project Hamilton", "find_more_url": "https://www.bostonfed.org/research-and-publications/research-reports/2022/project-hamilton-exploring-a-digital-currency-architecture.html" }, { "name": "Bank of England's Digital Pound Research", "focus_area": "Digital Currencies and Future of Money", "jurisdiction": "United Kingdom", "run_by": "Bank of England and HM Treasury", "year": "Research initiated 2021, ongoing.", "status": "Research and Consultation", "what_it_does": "The Bank of England and HM Treasury are jointly exploring the case for a UK central bank digital currency (digital pound). They are assessing potential benefits, risks, and design considerations.", "why_relevant": "", "find_more_title": "Digital Pound Research", "find_more_url": "https://www.bankofengland.co.uk/digital-pound" }, { "name": "US Federal Reserve's FedNow Service", "focus_area": "Central Bank Banking Services", "jurisdiction": "United States", "run_by": "Federal Reserve Banks", "year": "Launched 2023", "status": "Active", "what_it_does": "FedNow is an instant payment service for financial institutions in the US, enabling them to provide real-time payment capabilities to their customers. It operates 24/7/365.", "why_relevant": "", "find_more_title": "FedNow Service", "find_more_url": "https://www.frbservices.org/financial-services/fednow/" }, { "name": "Bank of England's Banker to Government Services", "focus_area": "Central Bank Banking Services", "jurisdiction": "United Kingdom", "run_by": "Bank of England", "year": "Ongoing, with continuous evolution.", "status": "Active", "what_it_does": "The Bank of England provides banking and payment services to HM Treasury and other government departments. This includes managing government accounts, processing payments, and providing liquidity management.", "why_relevant": "", "find_more_title": "Bank of England's Role as Banker to the Government", "find_more_url": "https://www.bankofengland.co.uk/about/role/banker-to-the-government" }, { "name": "European Central Bank's TARGET Services", "focus_area": "Central Bank Banking Services", "jurisdiction": "Eurozone", "run_by": "European Central Bank (ECB) and national central banks of the Eurosystem", "year": "TARGET2 operational since 2007, with ongoing enhancements.", "status": "Active", "what_it_does": "TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) is a system for processing cross-border payments in euro. It comprises RTGS (Real-Time Gross Settlement) systems and provides a secure and efficient platform for large-value payments.", "why_relevant": "", "find_more_title": "TARGET Services", "find_more_url": "https://www.ecb.europa.eu/paym/target/html/index.en.html" } ], "count": 15 }, "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": "To be an open and dynamic central bank trusted for the quality of our analysis, policy and service delivery", "vision_source_page": 6, "purposes": "To promote the economic prosperity and welfare of the Australian people, now and into the future", "purposes_source_page": 4, "how_we_deliver": "Through a focus on the following strategic priorities: Monetary policy that is fit for the future, Highly resilient payment and banking services, Shaping the future of money in Australia, High-quality leadership and an open and dynamic culture, Smarter, simpler and faster ways of working", "how_we_deliver_source_page": 6, "government_priorities": [ { "text": "Monetary policy that is fit for the future", "source_page": 8 }, { "text": "Highly resilient payment and banking services", "source_page": 9 }, { "text": "Shaping the future of money in Australia", "source_page": 9 }, { "text": "High-quality leadership and an open and dynamic culture", "source_page": 10 }, { "text": "Smarter, simpler and faster ways of working", "source_page": 10 } ], "outcomes": [ { "name": "Outcome 1: Climate change and energy", "description": "Technological innovation and changing preferences mean that the landscape for retail payments and financial market infrastructure is evolving rapidly. We are helping to shape the future of money by exploring the case for new digital forms of money, and by ensuring cash remains a viable means of payment for those who need or want it.", "key_activities": [ "Determining whether a policy case for a central bank digital currency exists", "Supporting innovation and resilience in wholesale digital payments", "Supporting access to physical cash" ], "source_page": 9 } ], "values": [ "Promotion of the public interest", "Integrity", "Excellence", "Intelligent inquiry", "Respect" ], "values_framework_name": null, "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Consumer price inflation", "target": "between 2 and 3 per cent", "source_page": 12 }, { "code": "FSS01", "measure": "RITS Fast Settlement Service availability", "target": "99.995 per cent on a 24/7 basis", "source_page": 14 } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Consumer price inflation", "result": "within the 2–3 per cent target range", "status": "Achieved", "source_page": 10 }, { "code": "FSS01", "measure": "RITS Fast Settlement Service availability", "result": "99.995 per cent on a 24/7 basis", "status": "Achieved", "source_page": 14 } ], "_source_urls": { "annual_report_url": "https://www.rba.gov.au/publications/annual-reports/rba/2025/pdf/rba-annual-report-2025.pdf", "corporate_plan_url": "http://www.rba.gov.au/about-rba/corporate-plan/2025/pdf/corporate-plan-2025.pdf" } }, "ideas": [ { "id": "rits-availability-monitoring-enhancement", "category": "Data & Performance", "title": "Enhance real-time monitoring of RITS availability", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Financial institutions, RBA operations", "description": "While RITS availability targets are high (99.95%), the corporate plan doesn't detail real-time public or internal dashboards for immediate issue identification and communication. Implement enhanced, real-time monitoring with automated alerts for any dip below target availability, enabling faster response and stakeholder notification.", "evidence_quote": "RITS availability is 99.95 per cent during core hours. [CP p.14]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Review existing RITS monitoring systems.", "Develop and integrate real-time availability dashboards with automated alert mechanisms.", "Establish protocols for immediate communication upon alert activation.", "Train relevant RBA staff on the new monitoring and alert system." ], "risks_to_manage": [ "Potential for alert fatigue if thresholds are too sensitive.", "Integration challenges with existing IT infrastructure.", "Ensuring timely and accurate communication to stakeholders." ] }, { "id": "cross-jurisdictional-cbdc-research-sharing", "category": "Strategy & Reform", "title": "Establish formal knowledge-sharing mechanism for CBDC research", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "Australian public, RBA, Treasury", "description": "The RBA is assessing the case for a retail central bank digital currency (CBDC) in Project Acacia, drawing on international experiences. To ensure comprehensive and up-to-date insights, establish a formal, ongoing knowledge-sharing mechanism with international central banks and research institutions actively exploring CBDCs, beyond the current project scope.", "evidence_quote": "Publish an assessment, with Treasury, of the case for a retail central bank digital currency in Australia, drawing on public engagement work as well as research and experiences of other jurisdictions. [CP p.13]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Identify key international bodies and central banks leading CBDC research.", "Propose a regular (e.g., quarterly) virtual or in-person forum for sharing research findings and policy developments.", "Develop a framework for collaborative research or data exchange.", "Allocate dedicated resources within the RBA for managing these international engagements." ], "risks_to_manage": [ "Confidentiality concerns regarding sensitive research data.", "Ensuring equitable contribution and benefit from knowledge sharing.", "Maintaining focus on Australian policy objectives amidst international developments." ] }, { "id": "payments-system-resilience-scenario-testing", "category": "Risk & Assurance", "title": "Expand scenario testing for payments system resilience", "scale": "Large", "impact": "Very High", "effort": "High", "proof": "Plausible", "beneficiaries": "Australian economy, financial system, RBA", "description": "The RBA aims to strengthen payments system resilience. While cyber resilience is mentioned, a more proactive approach involves regular, complex, cross-institutional scenario testing simulating diverse systemic shocks (e.g., major cyber-attack, natural disaster impacting critical infrastructure, geopolitical event). This would go beyond routine testing to identify previously unrecognised vulnerabilities.", "evidence_quote": "Strengthen the resilience of the payments system [CP p.13]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Develop a framework for advanced, multi-scenario resilience testing.", "Collaborate with the Council of Financial Regulators (CFR) and key industry participants to design and execute these simulations.", "Establish a robust post-exercise review process to identify and action improvements.", "Regularly update the testing scenarios based on evolving threat landscapes and technological advancements." ], "risks_to_manage": [ "Significant resource commitment required from RBA and industry partners.", "Potential for disruption if testing is not meticulously planned.", "Ensuring appropriate confidentiality and information sharing protocols." ] }, { "id": "government-banking-customer-feedback-loop", "category": "Citizen Services", "title": "Implement structured feedback mechanism for government banking services", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "Australian Government agencies, RBA", "description": "The RBA aims to provide 'fit for purpose' banking services to government agencies. Currently, there's no explicit mention of a formal, ongoing customer feedback mechanism beyond general performance benchmarks. Introduce a structured annual survey or regular consultation process specifically for government banking clients to identify pain points and opportunities for improvement.", "evidence_quote": "Provide banking services that are fit for purpose [CP p.15]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Design a customer feedback survey tailored to government banking services.", "Identify key government agencies to participate in the feedback process.", "Establish a schedule for administering the survey and analysing results.", "Develop a process for reporting feedback to relevant RBA teams and actioning identified improvements." ], "risks_to_manage": [ "Ensuring sufficient participation from government agencies.", "Managing expectations regarding the RBA's ability to implement all requested changes.", "Maintaining objectivity in feedback analysis." ] }, { "id": "monetary-policy-tool-framework-transparency", "category": "Regulation & Policy", "title": "Increase transparency around the framework for additional monetary policy tools", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "Public, financial markets, RBA", "description": "The RBA plans to 'progress' and 'maintain and adapt' a framework for additional monetary policy tools. To enhance public understanding and market confidence, consider publishing a more detailed, non-confidential overview of the RBA's framework, including the conditions under which these tools might be deployed and their intended effects, beyond current policy board communications.", "evidence_quote": "Progress a framework for the use of additional monetary policy tools. Maintain and adapt the framework. [CP p.12]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Identify elements of the framework suitable for public disclosure.", "Draft a public-facing document or webpage explaining the framework.", "Consult internally on the appropriate level of detail and potential sensitivities.", "Publish the information on the RBA website." ], "risks_to_manage": [ "Risk of revealing sensitive operational details or pre-empting policy decisions.", "Ensuring the information is accessible and understandable to a broad audience.", "Maintaining flexibility to adapt the framework without needing public consultation for every change." ] }, { "id": "banknote-quality-public-reporting", "category": "Data & Performance", "title": "Publicly report on banknote quality metrics", "scale": "Small", "impact": "Low", "effort": "Low", "proof": "Plausible", "beneficiaries": "Public, RBA", "description": "The RBA aims to maintain high-quality banknotes. While the Reserve Bank Online Banknotes Survey measures public confidence, specific operational metrics on banknote quality (e.g., percentage of unfit notes withdrawn, average lifespan of notes in circulation) are not explicitly detailed for public reporting. Introduce a simple annual report on these operational quality indicators to complement the confidence survey.", "evidence_quote": "Maintain high-quality banknotes [CP p.15]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Identify key operational metrics for banknote quality.", "Establish data collection and reporting processes for these metrics.", "Integrate these metrics into existing annual reporting or a dedicated section on the RBA website.", "Communicate the new reporting to the public." ], "risks_to_manage": [ "Ensuring metrics are meaningful and understandable to the public.", "Potential for negative perception if quality metrics decline.", "Data collection and aggregation effort." ] }, { "id": "financial-stability-risk-communication-platform", "category": "Citizen Participation", "title": "Develop a dedicated platform for financial stability risk communication", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "Public, financial sector, RBA", "description": "The RBA is committed to communicating financial stability risks regularly. To enhance accessibility and engagement, consider developing a dedicated online platform or section on the RBA website that aggregates all financial stability assessments, risk reports, and related policy discussions in a user-friendly format, potentially including interactive elements or simplified summaries.", "evidence_quote": "Publish financial stability assessments on a regular basis, including in Monetary Policy Board communications and the half-yearly Financial Stability Review. [CP p.12]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Map existing financial stability communication outputs.", "Design a user-centric online platform structure.", "Develop content strategy for the platform, including potential for simplified explanations or FAQs.", "Build and launch the platform, promoting its availability to stakeholders." ], "risks_to_manage": [ "Ensuring the platform does not oversimplify complex risks to the point of being misleading.", "Maintaining the platform with up-to-date information.", "Resource allocation for ongoing content development and maintenance." ] }, { "id": "rits-iso20022-framework-governance", "category": "Capability Building", "title": "Establish formal governance for ongoing ISO 20022 standard changes", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "Payments system participants, RBA, financial system", "description": "The RBA is supporting the industry's migration to ISO 20022 and embedding a framework for ongoing changes. To ensure long-term adaptability and efficiency, formalise the governance structure for managing these future standard changes, including clear roles, responsibilities, and decision-making processes for assessing, approving, and implementing updates to RITS functionality.", "evidence_quote": "Support the payment industry’s migration to ISO 20022 message formats, including by upgrading relevant functionality in RITS and embedding a framework for ongoing changes to the standard. [CP p.14]", "source": "corporate-plans/2025-26.pages.jsonl", "implementation_steps": [ "Define the terms of reference for an ISO 20022 governance committee or working group.", "Establish clear processes for industry consultation on proposed standard changes.", "Develop criteria for assessing the impact and feasibility of implementing changes in RITS.", "Allocate resources for the ongoing management and implementation of ISO 20022 updates." ], "risks_to_manage": [ "Potential for industry divergence on standard interpretations or desired changes.", "Balancing the need for standardisation with RBA's operational requirements.", "Ensuring sufficient technical expertise within the RBA to manage evolving standards." ] } ], "legislation_administered": [ { "title": "Reserve Bank Act 1959", "year": "1959", "type": "Act", "role": "Establishes the Reserve Bank of Australia and outlines its functions, including determining and implementing monetary policy, contributing to financial system stability, supporting the payments system, providing banking services to the government, and issuing banknotes.", "register_url": "https://www.legislation.gov.au/search?query=Reserve%20Bank%20Act%201959" }, { "title": "Payment Systems (Regulation) Act 1998", "year": "1998", "type": "Act", "role": "Provides the Reserve Bank of Australia with powers to regulate payment systems to control risk, promote efficiency, and promote competition.", "register_url": "https://www.legislation.gov.au/search?query=Payment%20Systems%20(Regulation)%20Act%201998" }, { "title": "Payment Systems and Netting Act 1998", "year": "1998", "type": "Act", "role": "Facilitates the netting of payment obligations and provides for the finality of settlement in payment systems, with the Reserve Bank of Australia having a role in ensuring these operate effectively.", "register_url": "https://www.legislation.gov.au/search?query=Payment%20Systems%20and%20Netting%20Act%201998" }, { "title": "Corporations Act 2001", "year": "2001", "type": "Act", "role": "Grants the Reserve Bank of Australia powers related to licensing and crisis resolution for clearing and settlement facilities, contributing to financial system stability.", "register_url": "https://www.legislation.gov.au/search?query=Corporations%20Act%202001" }, { "title": "Currency Act 1965", "year": "1965", "type": "Act", "role": "Provides for the currency of Australia, including the issue of legal tender, with the Reserve Bank of Australia responsible for the design, production and distribution of Australian banknotes.", "register_url": "https://www.legislation.gov.au/search?query=Currency%20Act%201965" }, { "title": "Commonwealth Bank Act 1911", "year": "1911", "type": "Act", "role": "The historical Act under which the Reserve Bank of Australia was originally established as a body corporate.", "register_url": "https://www.legislation.gov.au/search?query=Commonwealth%20Bank%20Act%201911" }, { "title": "Commonwealth Bank Act 1945", "year": "1945", "type": "Act", "role": "Continued the Reserve Bank of Australia in existence as a body corporate.", "register_url": "https://www.legislation.gov.au/search?query=Commonwealth%20Bank%20Act%201945" }, { "title": "Remuneration Tribunal Act 1973", "year": "1973", "type": "Act", "role": "Establishes the Remuneration Tribunal to determine remuneration for principal executive offices, including the Governor and Deputy Governor of the Reserve Bank of Australia.", "register_url": "https://www.legislation.gov.au/search?query=Remuneration%20Tribunal%20Act%201973" }, { "title": "Note Printing Australia Limited Charter", "year": "2025", "type": "Instrument", "role": "Governs the operations of Note Printing Australia Limited, a wholly owned subsidiary of the RBA, responsible for producing Australian banknotes.", "register_url": "https://www.legislation.gov.au/search?query=Note%20Printing%20Australia%20Limited%20Charter" }, { "title": "Statement on the Conduct of Monetary Policy", "year": "2025", 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responsibilities and functions of the RBA's Monetary Policy Board.", "register_url": "https://www.legislation.gov.au/search?query=Monetary%20Policy%20Board%20Charter" }, { "title": "Payments System Board Charter", "year": "2025", "type": "Instrument", "role": "Outlines the responsibilities and functions of the RBA's Payments System Board.", "register_url": "https://www.legislation.gov.au/search?query=Payments%20System%20Board%20Charter" }, { "title": "Audit and Risk Committee Charter", "year": "2025", "type": "Instrument", "role": "Outlines the responsibilities and functions of the RBA's Audit and Risk Committee.", "register_url": "https://www.legislation.gov.au/search?query=Audit%20and%20Risk%20Committee%20Charter" }, { "title": "RBA Code of Conduct for Governance Board Members", "year": "2025", "type": "Instrument", "role": "Sets out the ethical standards and conduct requirements for members of the Governance Board.", "register_url": 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