Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Jim Chalmers MP)Chapter 2: Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023
Overview
2.1 This Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
2.2 The Bill implements the Government's response to the RBA Review.
2.3 The amendments reinforce the independence of the RBA in the operation of monetary policy, renew the statutory objectives of the RBA, and strengthen decision making, accountability and transparency in monetary policy decisions and the RBA's corporate governance.
2.4 The amendments replace the existing Reserve Bank Board with a new Monetary Policy Board and Governance Board and modify the legislative objectives for monetary policy, to clarify the accountabilities of the RBA.
Human rights implications
2.5 This Bill does not engage any of the applicable rights or freedoms.
Conclusion
2.6 This Bill is compatible with human rights as it does not raise any human rights issues.