The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong and stable financial system and efficient payments system, and issuing the nation's banknotes. The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves. The RBA operates Australia's high-value payments system and sets payments system policy. The RBA has two boards: the Reserve Bank Board and the Payments System Board.

Further information

  • Type of Body

    R. Management Board

  • Established By / Under

    Act / Regulation

  • Established By/Under More info

    Reserve Bank Act 1959

  • Paid Members?


  • Max No. of Board/Committee Members


  • Annual Report Prepared and tabled?


  • Classification

    X. Internal Management

  • Auditor


  • Function Categorization


  • Creation Date

    14 January 1960

Current board appointments

Position Appointee Start Date End Date
Chair Dr. Philip Lowe 18 September 2016 17 September 2023
Deputy Chair Dr. Guy Debelle 18 September 2021 17 September 2026
Other Dr. Steven Kennedy PSM 2 September 2019 1 September 2099
Member Mr. Mark Barnaba AM 31 August 2017 30 August 2022
Member Dr. Wendy Craik AM 7 May 2018 6 May 2023
Member Ms. Alison Watkins 17 December 2020 16 December 2025
Member Ms. Carolyn Hewson AO 30 March 2021 29 March 2026
Member Prof. Ian Harper 31 July 2021 30 July 2026
Member Ms. Carol Schwartz AM 14 February 2017 13 February 2022
Last updated: