Reserve Bank Board
The Reserve Bank Board consists of nine members in total. These members include the three ex officio members of the Board, consisting of the Governor of the Reserve Bank, who is Chairman of the Board, the Deputy Governor of the Reserve Bank, who is the Deputy Chairman of the Board, and the Secretary to the Treasury.
In addition, the Board is composed of six external members who are appointed by the Treasurer for a period of five years. According to section 17(1) of the Reserve Bank Act, members of the Board are not allowed to be a director, officer, or employee of an institution that is authorised to take in deposits. Excluding changes in the number of directors, the structure of the board of directors has remained unchanged since 1951.
The current members of the board of directors are:
| Name | Office (if applicable) | Term begins | Term endsA | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ex officio members | |||||||||||||||||
| Glenn Stevens | Chairman of the Board | 18 September 2006 | 17 September 2013 | ||||||||||||||
| Philip Lowe | Deputy Governor of the Board | 14 February 2012 | 13 February 2019 | ||||||||||||||
| Martin Parkinson | Secretary to the Treasury | 7 March 2011 | Indefinite | ||||||||||||||
| External members | |||||||||||||||||
| Jillian Broadbent | – | 7 May 2008 | 6 May 2013 | ||||||||||||||
| Catherine Tanna | – | 30 March 2011 | 29 March 2016 | ||||||||||||||
| John Edwards | – | 31 July 2011 | 30 July 2016 | ||||||||||||||
| Roger Corbett | – | 2 December 2005 | 1 December 2015 | ||||||||||||||
| Heather Ridout | – | 14 February 2012 | 13 February 2017 | ||||||||||||||
| John Akehurst | – | 31 August 2007 | 30 August 2012 | ||||||||||||||
The board normally meets eleven times each year, on the first Tuesday of each month except January. Every year, the Board meets at least once in Melbourne, which is usually in the first six months of the year. The Board occasionally also meets in other Australian capitals. Five members of the Board must meet in order to constitute a quorum, and the meeting must be chaired by the Governor, or the Deputy Governor in his absence.
The Board usually forms a consensus without a need for structured voting on the issues at hand. Meetings of the Board are held in the Boardroom of the Reserve Bank's Head Office in Sydney or the equivalent in other Regional Offices of the Bank. The meetings begin at 9.00 am and continue for three and a half hours, with a lunch at the end and perhaps a guest speaker. Minutes of the monetary policy Board meetings are published two weeks after the meeting is held.
Read more about this topic: Reserve Bank Of Australia
Famous quotes containing the words reserve, bank and/or board:
“In a democracy—even if it is a so-called democracy like our white-élitist one—the greatest veneration one can show the rule of law is to keep a watch on it, and to reserve the right to judge unjust laws and the subversion of the function of the law by the power of the state. That vigilance is the most important proof of respect for the law.”
—Nadine Gordimer (b. 1923)
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)
“And they heaved a mighty breath, every soul on board but me,
As they saw her nose again pointing handsome out to sea;
But all that I could think of, in the darkness and the cold,
Was just that I was leaving home and my folks were growing old.”
—Robert Louis Stevenson (1850–1894)