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representatives vote 2024-09-12#5
Edited by
mackay staff
on
2024-09-22 14:22:44
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Title
Bills — Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023; Consideration in Detail- Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 - Consideration in Detail - Agree to the bill
Description
<p class="speaker">Milton Dick</p><p>The question before the House is that the bill be agreed to.</p>-
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debates/?id=2024-09-12.28.1) "*that the bill be agreed to.*" This means that the bill has passed in the House of Representatives and will now be sent to the Senate for their consideration.
- ### What does this bill do?
- According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2324a/24bd45) (which is a document prepared by the parliamentary library):
- > *The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 (the Bill) amends the Reserve Bank Act 1959 to improve the governance of the Reserve Bank of Australia (RBA) by establishing a new Governance Board and a new Monetary Policy Board. The amendments are part of the Government’s response to the recommendations of the Review of the Reserve Bank entitled: An RBA fit for the future.*
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- > *The functions of the Governance Board are, amongst other things:*
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- > * *to oversee, and determine policies for, the management and organisational affairs of the RBA*
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- > * *to determine the policies of the RBA for the performance of the RBA’s functions in relation to delivering banking services to the Commonwealth and the issuing, re-issuing and cancelling Australian notes*
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- > * *to determine the policies of the RBA in relation to any matter not covered by the functions of the Monetary Policy Board or the Payments System Board.*
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- > *The role of the Monetary Policy Board is to determine the monetary policy of the RBA in a way that, in the Board’s opinion, best contributes to price stability and the maintenance of full employment in Australia.*
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- > *The functions of the existing Payments System Board are updated so that they are expressed in similar terms to those of the Governance Board and the Monetary Policy Board.*
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- > *The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.*
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