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RESERVE BANK of AUSTRALIA ANNUAL REPORT 2017 | GOVERNOR’S FOREWORD 3 Accumulated Unrealised Gains, a Dividend by 4.6 Per Cent

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RESERVE BANK of AUSTRALIA ANNUAL REPORT 2017 | GOVERNOR’S FOREWORD 3 Accumulated Unrealised Gains, a Dividend by 4.6 Per Cent Reserve Bank of Australia Annual Report 2017 RESERVE BANK OF AUSTRALIA 65 Martin Place Sydney NSW 2000 GPO Box 3947 Sydney NSW 2001 Philip Lowe +6 1 2955 1 9507 GOVERNOR lowep@ rba.go v.au 25 August 2017 The Hon Scott Morrison MP Treasurer Parliament House CANBERRA ACT 2600 Dear Treasurer RESERVEBANK OF AUSTRALIAANNUAL REPORT2017 In accordance with section 46 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act), I am pleased to submit the Reserve Bank's Annual Report for 2017 for presentation to the Parliament . The annual report has been prepared in accordance with the rules under section 46(3) of the PGPAAct. Yours sincerely Reserve Bank of Australia Annual Report 2017 Contents Governor’s Foreword 1 Part 1: About the Reserve Bank Our Role 7 Governance 9 Reserve Bank Board 16 Accountability and Communication 26 Operational Structure 36 Part 2: Our Operations Operations in Financial Markets 47 Banking and Payment Services 58 Banknotes 64 International Financial Cooperation 72 Community Engagement 83 Part 3: Management and Accountability Our People 95 Management of the Reserve Bank 105 Risk Management 112 Earnings, Distribution and Capital 119 Pro Forma Business Accounts 125 Annual Performance Statement for 2016/17 127 Statutory Reporting Requirements 138 Part 4: Financial Statements Statement of Assurance 145 Financial Statements 146 Notes to the Financial Statements 151 Independent Auditor’s Report 182 Part 5: Indexes Statutory Reporting Requirements Index 189 List of Graphs 191 List of Tables 192 Abbreviations 193 Contact Details 196 This report is available electronically in PDF and HTML formats on the Reserve Bank’s website: <www.rba.gov.au/publications/annual-reports/rba/index.html>. The Reserve Bank welcomes comments on this report. Feedback and enquiries about any aspects of this report may be directed to: Secretary’s Department Reserve Bank of Australia 65 Martin Place Sydney NSW 2000 GPO Box 3947 Sydney NSW 2001 Telephone: +61 2 9551 8111 Facsimile: +61 2 9551 8033 Email: [email protected] © Reserve Bank of Australia 2017. All rights reserved. The contents of this publication shall not be reproduced, sold or distributed without the written prior consent of the Reserve Bank of Australia. The graphs in this report were generated using Mathematica. ISSN 1448-5303 (Print) ISSN 1448-5192 (Online) Governor’s Foreword This is my first annual report as the Reserve Bank are at, or below, multi-decade lows in some of of Australia’s eighth Governor. I am very honoured the largest economies. Policy interest rates in to have been appointed to this important the United States have been increased several position of public service. My appointment times and a number of other central banks follows the retirement of Glenn Stevens AC are considering when to remove some of the after 10 years as Governor. During that time monetary stimulus that has been put in place Glenn made an outstanding contribution to over recent years. This is a marked change from public policy in Australia, serving the public the years since the financial crisis, when the interest with great distinction. He also provided issue had been how much additional monetary leadership within the Bank as we managed a stimulus would be required. Financial markets, period of significant change, undertaking major including in emerging market economies, have projects of national interest. I am fortunate to to date coped well with this change. have these strong achievements to build on as I As has been the case for some years now, commence my term as Governor. inflation is below target in most economies. Over the course of 2016/17, there was a Although there was some increase in inflation progressive improvement in the global economy. over the past year, this was largely on the back Nearly a decade after the onset of the financial of higher oil prices. Wage growth remains low, crisis, a reasonably broad-based pick-up in even in countries with low unemployment global growth now looks to be under way. rates. In some countries this largely reflects Unemployment rates are trending lower and weak productivity growth, but this is not the ANNUAL REPORT 2017 | GOVERNOR’S FOREWORD 1 whole story. A reduced sense of job security and During the year the Reserve Bank worked an increased sense of competition look to be closely with other financial regulators, including weighing on wage outcomes in many advanced through the Council of Financial Regulators, economies, including here in Australia. How long to address the medium-term financial stability this lasts will have a bearing on the future course risks arising from household borrowing. The of global monetary policy. various measures have helped strengthen Over the year in review, Australia’s national income lending standards. There is a strong culture of benefited from a rise in commodity prices, in cooperation between the various regulatory contrast to the decline in prices over recent years. agencies in Australia and this was on display Growth in output in Australia over 2016/17 was again during the year in review. This is a valuable a little lower than earlier expected, but the drag aspect of Australia’s regulatory arrangements and from the large decline in mining investment is one that does not exist in all countries. now coming to an end. The unemployment rate In 2016/17, the Reserve Bank recorded an ended the year a little below where it started the accounting loss of $0.9 billion, reflecting year. Wage growth remains low, partly reflecting valuation losses on holdings of foreign assets the same factors that are at work internationally. due to the exchange rate appreciation over the Inflation, too, remains low, but it increased over year. The underlying rate of return on the Bank’s the year. The coming year is likely to see better assets remained low, a result of the low level of growth in the Australian economy. interest rates in Australia and elsewhere. Over the The Reserve Bank Board adjusted the cash rate year, underlying earnings were $1.0 billion and target once in the year in review, lowering it an additional $0.3 billion was earned in realised to 1.5 per cent in August 2016. This followed capital gains. inflation outcomes earlier that year that were The Reserve Bank Board is committed to the noticeably lower than expected. Since then the Bank having a strong balance sheet so that it Board has held the cash rate steady, with the can effectively perform its operations under a stimulatory setting of monetary policy helping wide range of scenarios. As the balance sheet the economy adjust to the winding down of the has grown over recent times, there has been mining investment boom. an increase in the share of the Bank’s assets Over the year, the Board has paid close attention that have relatively low market risk. Given this to developments in household balance sheets change, the Board undertook a review of the and housing markets. It has sought to strike a capital framework during the year to ensure reasonable balance in delivering an average rate the amount of capital held against the various of inflation over time of between 2 and 3 per assets is determined by the risk of those assets. cent in a way that promotes the public interest The new framework at present delivers a and does not add to medium-term financial similar dollar target for capital as the previous stability risks. The importance of financial stability arrangements, but is more sensitive to risk. With considerations in interest rate decisions was the current balance in the Reserve Bank Reserve formally recognised in the revised Statement Fund consistent with the Board’s target capital on the Conduct of Monetary Policy that was level, the Bank did not seek a transfer to this agreed between the Treasurer and me on my fund in 2016/17. Accordingly, with the unrealised appointment as Governor in September 2016. valuation loss being absorbed by previously 2 RESERVE BANK OF AUSTRALIA ANNUAL REPORT 2017 | GOVERNOR’S FOREWORD 3 accumulated unrealised gains, a dividend by 4.6 per cent. As projects are completed, of $1.3 billion will be paid to the Australian some reduction in staff numbers is expected Government. in 2017/18. The Bank recently commissioned Over recent years the Reserve Bank has been an external review of its operational efficiency. undertaking significant investments in important The review provided assurance that the public interest projects, many of which have support services were functioning well in a high information technology component. helping pursue the Bank’s objectives and also The Bank has been building a core part of recommended some areas for improvement. We Australia’s New Payments Platform, with this are now in the process of implementing those major effort completed on time. This payments recommendations. infrastructure will allow Australians to make Australia is well served by having a central bank real-time, information-rich payments without with highly competent staff who share a strong having to exchange BSB and account numbers. commitment to serving the public interest. The We are also making a large investment in our Reserve Bank’s staff have high standards and go banking systems, so that we can continue to about their work with quiet professionalism. The provide high-quality and cost-effective banking Reserve Bank Board joins me in thanking the staff services to the Australian Government and its for their service. agencies. One result of this work is that the Australian Government will be able to make and receive payments over Australia’s New Payments Platform. A major achievement of the Reserve Bank early Philip Lowe in the year in review was the issuing of a new Governor and Chair, Reserve Bank Board $5 banknote.
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