Australia
RBA tackles hidden fees in credit cards
The Reserve Bank of Australia ruled on Monday 23 February that Visa's debit card was a payments system and covered by the Payment Systems Act, allowing the bank to set standards for the card.
RBA's Stevens on recent issues for monetary policy
In a speech on 'Recent issues for the conduct of monetary policy' given on 17 February, Glenn Stevens of the Reserve Bank of Australia said the bank raised interest rates late last year because of inflationary risks and demand for credit.
RBA Statement on Monetary Policy, February 2004
The Reserve Bank of Australia released its February 2004 Statement on Monetary Policy on 9 February. The report painted a positive picture of domestic and global growth but said that while inflation is currently tailing off, it is likely to rise next…
Macfarlane's credit card bill rumpus
Australia's newspapers went into overdrive this week after one was able to obtain RBA governor Ian Macfarlane's American Express statements under a "Freedom of Information request". The bank was forced to defend Macfarlane's $249,000 credit card bill,…
RBA holds rates unchanged
The Reserve Bank of Australia left interest rates unchanged on Wednesday 4 February, pausing after two increases in November and December.
RBA's Macfarlane awarded top Australia Day honour
Governor of the Reserve Bank of Australia Ian Macfarlane was awarded Australia's highest honour this week in a list published each year on Australia Day.
Ex RBA governor hits on 'scandalous' salaries
Bernie Fraser, the former governor of the Reserve Bank of Australia, has taken a swipe at executive pay levels.
RBA reseach paper on the Phillips curve
The Reserve bank of Australia has issued a research discussion paper on the real-time forecasting performance of the Phillips curve.
RBA appoints new Deputy Governor
The Reserve Bank of Australia has appointed Dr Philip Lowe as Assistant Governor, Financial System. Lowe joined the RBA 1980 after completing a PhD in economics at MIT. He will take up the position in early 2004.
Calls for RBA board to be 'rejigged'
A National Party Senator has called for the Reserve Bank of Australia's board to be "rejigged" following the RBA's recent rate rise, ABC News reports. He called for the make-up of the Reserve Bank board to be broadened with more rural representation than…
RBA's Macfarlane on inflation targeting
In his Opening Statement to House of Representatives Standing Committee on Economics, Finance and Public Administration given on 8 December I.J. Macfarlane of the Reserve Bank of Australia said he wanted to assure the Committee that the bank remains…
RBA chief Macfarlane regrets rate rise
Ian Macfarlane, governor of the Reserve Bank of Australia, said on Monday 8 December that he was sorry interest rates had to go up as it would hurt mortgage holders, according to the Herald Sun. "I suspect it's in this group of people, who are most…
Public to grill RBA chief Macfarlane
The governor of the Reserve Bank of Australia Ian Macfarlane will appear before a federal parliamentary economics committee on Monday 8 December, according to a report by The Age.. It's the first time he has faced the six-monthly public hearings in…
Reserve Bank of Australia lifts interest rate
Australia's Reserve Bank has again raised official interest rates, according to ABC Australia Radio News, taking them to their highest level in more than two and a half years. The RBA said in a statement released on Wednesday 3 December that the domestic…
RBA gets new Assistant Governor, Business Services
The Reserve Bank of Australia has appointed a new assistant governor for business services. The RBA said Dr Bob Rankin would begin the position in January, when current assistant governor Geoff Board moved to head the bank's European Representative…
RBA Paper: Asset Price Bubbles and Monetary Policy
Research Discussion Paper from the Reserve Bank of Australia titled "How Should Monetary Policy Respond to Asset-price Bubbles?", November 2003. The paper uses a simple model where optimal monetary policy can be derived by either including or excluding…
Australia's RBA: Monetary policy can fix bubbles
Research published on Tuesday 17 November by the Reserve Bank of Australia suggests monetary policy can help to reduce asset price bubbles, according to a Dow Jones report. An active strategy, the paper says, requires judgements to be made about what is…
RBA's Macfarlane: Economic opportunities and risks
In a speech on 'Economic Opportunities and Risks over the Coming Decades', given on 13 November I.J. Macfarlane of the Reserve Bank of Australia said over any measure, say, 20 years, 10 years or even five years, Asia is the fastest growing region in the…
RBA's McGauchie: Rural sector improving
Speaking on Wednesday 12 November, Reserve Bank of Australia board member Don McGauchie, the rural voice on the nine-member RBA board, said that although much of Australia is still gripped by drought conditions, monetary policy is a broad instrument that…
RBA Statement on Monetary Policy, November 2003
The Reserve Bank of Australia released its November 2003 Statement on Monetary Policy on 10 November. The RBA said it expects inflation to fall in the short term as the higher $A flows through to import prices, but then sees it picking it up again to…
Australia's RBA upbeat on economy
The Reserve Bank of Australia said in its monetary policy statement 10 November "The economic situation has evolved rapidly over months, both in Australia and abroad." The report paved the way for further interest rate increases, AFP said, as housing…
Statement by RBA's MacFarlane on rate increase
In a statement following the Reserve Bank of Australia's decision to increase interest rates to 5 per cent on 5 November, RBA governor Ian MacFarlane said "the Board's view is that it is no longer prudent to continue with such an expansionary policy…
Australia's interest rates rise 0.25%
The Reserve Bank of Australia increased interest rates to 5 percent on Wednesday. It was the first time the RBA changed the official cash rate since June 2002, The Age said.
RBA interchange fees for credit cards lowered
The Reserve Bank of Australia said on 31 October that Bankcard, MasterCard and Visa credit card schemes have introduced lower interchange fees for credit card transactions in Australia.