Draft:Monetary policy of Australia

The monetary policy of Australia is is the set of policies which the Reserve Bank of Australia follows

Role of Reserve Bank of Australia
The Reserve Bank of Australia (RBA) is the central bank of Australia and is wholly owned by the Commonwealth of Australia. The RBA is primarily responsible for formulating and implementing monetary policy, which includes setting the official cash rate to influence interest rates in the economy. Additionally, it plays a role in influencing the exchange rate of the Australian Dollar (AUD) through its monetary policy decisions. Under its enabling legislation, the Reserve Bank Act 1959, the bank's responsibilities encompass promoting financial stability, issuing banknotes, providing banking services to the government, managing Australia's foreign reserves, setting payments system policy, and operating the high-value payments system. The RBA is overseen by two boards: the Reserve Bank Board and the Payments System Board. The Reserve Bank Board makes monetary policy decisions in terms of the cash rate and is discussed through 11 meetings per year on the first Tuesday of each month, except January, to assess economic conditions and decide on interest-rate policy. These decisions are announced in the following days and implemented by buying and selling short-term government debt in the open market. The Payments System Board is responsible for the Reserve Bank's payments system policy, including policy in relation to clearing and settlement (CS) facilities. Additionally, the board oversees risk in the financial system, competition in the payment service market, and promoting an efficient payment system.