Treasury Laws Amendment (Reserve Bank Reforms) Act 2024 (96 of 2024)

Schedule 1   Amendments

Part 3   RBA's overarching objective and functions

Reserve Bank Act 1959

10   Before section 8

Insert:

Division 2 - Overarching objective and functions and powers of the Bank

8AA Overarching objective of the Bank

(1) The overarching objective of the Bank is to promote the economic prosperity and welfare of the people of Australia both now and into the future.

(2) The Bank must perform its functions and exercise its powers in a way that achieves the Bank's overarching objective.

(3) Subsection (2) has effect subject to any other law of the Commonwealth conferring functions or powers on the Bank.

8AB Functions of the Bank

The Bank has the functions conferred on the Bank by this Act or by any other law of the Commonwealth.

Note: The Bank's functions conferred by this Act include being Australia's central bank (see section 26), issuing Australian notes (see section 34) and contributing to the stability of Australia's financial system (see section 45).