RBA enacts public speech rule for board members

July 14, 2025

The Reserve Bank of Australia (RBA) has released an updated Statement on the Conduct of Monetary Policy (SCMP) and introduced its first-ever Statement of Expectations for the newly constituted Governance Board.

These announcements mark a significant step forward in the Albanese Government’s reform agenda aimed at reinforcing the independence, transparency and accountability of Australia’s central bank.

The updated SCMP was formally agreed upon by the RBA’s Monetary Policy Board at its meeting on 7–8 July. It represents a continuation of the government’s effort to modernise the RBA’s framework and bring its governance in line with international best practices. One of the most notable changes is the introduction of unattributed vote recordings, where board members’ votes will be published without revealing individual identities—an initiative inspired by recommendations from the RBA Review to improve transparency.

In addition, Monetary Policy Board members will now be required to engage in at least one public speech or engagement annually. This move is designed to foster more direct communication with the public and stakeholders, further strengthening accountability.

Alongside the SCMP, the first Statement of Expectations for the Governance Board has also been introduced. It clarifies the Board’s roles in terms of operational oversight, cultural stewardship and progress reporting on implementing the RBA Review recommendations. The Governance Board reviewed and considered this new Statement at its meeting on 10 June.

The government emphasised that the reforms are not just about modernising governance structures, but ensuring that Australia’s central bank remains globally respected and equipped to tackle emerging economic challenges.

“These reforms are all about reinforcing the Reserve Bank’s independence, clarifying its mandate, modernising its structures and enhancing its accountability,” the government said. It added, “This is part of the Albanese Government’s commitment to ensuring Australia’s central bank remains world class with a monetary policy and governance framework fit to meet current and future economic challenges.”

Acknowledging the collaborative effort behind the reforms, the government thanked RBA Governor Michele Bullock, the Bank’s boards and leadership for their contributions to the transformation process.

The publication of these new Statements finalises a critical phase in the implementation of the RBA Review’s recommendations, aiming to create a more robust and transparent monetary policy environment in Australia.