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MNI BRIEF: RBA To Rejig Relationship With Aussie Regulators

(MNI) Sydney

The Reserve Bank of Australia will update its MoU with the members of the Council of Financial Regulators (CFR) and the Australian Prudential Regulation Authority to set out clearer commitments on cooperation.

The move follows recommendations made by the RBA review earlier in April that related to the Reserve’s financial stability goals (see: MNI BRIEF: RBA Review Targets Less Meetings, More Transparency).

The review recommended: "the RBA Monetary Policy Board commit to providing CFR with formal advice, when monetary policy is likely to affect, or be affected by, risks to financial stability. This should include formal advice to APRA on its use of macroprudential tools.

"On receipt of the advice, CFR would then need to discuss how agencies could work together to mitigate risks to financial stability. While macroprudential policy is an obvious potential tool, it has limitations and might not always be appropriate in all instances."

Speaking at an industry lunch Wednesday, RBA Governor Philip Lowe said the new Monetary Policy Board, once established, should consider the nature of formal advice from the RBA to APRA.

Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsCentral Bank NewsAPACAustraliaBriefStoryRBARegion
Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsCentral Bank NewsAPACAustraliaBriefStoryRBARegion

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