MNI BRIEF: Lowe Lays Out Board Meeting Reform

The Reserve Bank of Australia board from 2024 onwards will meet eight times a year, a reduction from its current 11 meeting schedule, following recommendations made by the RBA review in April.

Speaking at an industry lunch Wednesday, RBA Governor Philip Lowe said four meetings will occur on the first Tuesday of February, May, August and November while the remainder will be held midway between these meetings. “The exact dates for 2024 will be published soon and the dates for future years will be published well in advance,” Lowe said.

The RBA's plan, however, did not include a separate monetary policy committee recommended by the review (see: MNI BRIEF: RBA Review Targets Less Meetings, More Transparency).

“The Board meetings will be longer than is currently the case," Lowe added. "They will typically start on the Monday afternoon and then continue on the Tuesday morning. The outcome of the meeting will be announced at 2.30 pm on the second day, typically a Tuesday as is the case now.”

He added all board members will have the opportunity to attend internal staff meetings some time before the board meeting, allowing them to ask questions of a broader range of staff. The board will also issue the post-meeting statement announcing the decision and the governor will hold a media conference after each board meeting at 3.30 pm.