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Cost of Living inquiry

20 March 2023

The Australian Banking Association (ABA) welcomes the opportunity to provide this submission to the Senate Select Committee on Cost of Living’s (Committee) inquiry into the cost of living pressures facing Australians, ways to ease the cost of living and the Government’s fiscal policy response (Inquiry). Banks are aware of the challenges Australians face in the current inflationary environment, which have arisen from a combination of the COVID-19 pandemic, high household savings, pent-up demand, and global factors, including supply chain constraints and the war in Ukraine. To curb inflation, the Reserve Bank of Australia (RBA), alongside other central banks globally, have responded by tightening monetary policy. The increases in the target cash rate have had flow-on effects to the cost of banking and living for Australian consumers.

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Review of the Reserve Bank of Australia

8 November 2022

The Australian Banking Association (‘ABA’) welcomes the opportunity to make this submission to the Review of the Reserve Bank of Australia. The ABA notes the significant role of Australia’s central bank in delivering good economic outcomes for the nation. We support the ongoing independence of the Reserve Bank of Australia in executing its mandate. The ABA’s responses to the panel’s questions in the Issues Paper (15 September 2022) raises these key points: - We consider the three objectives to be appropriate, noting there may be an opportunity to update the expression of the objectives in Section 10(2) of the Reserve Bank Act (1959). - We see opportunities for Reserve Bank of Australia (‘the RBA’ or ‘the Bank’) to augment its communications to explain the complexities underlying the decisions as well as greater explanation of the trade-offs made between the Bank’s objectives. - We see the independence of the RBA as critical to ensuring a well-functioning economy.

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