The Reserve Bank of Australia (RBA) has announced the dates of its board meetings in 2024, when members of the board will meet eight times over the course of a year instead of 11.
The first board meeting of 2024 is scheduled for Monday, 5 February to Tuesday, 6 February, with the RBA noting that “meetings will be longer than is currently the case, typically starting on the Monday afternoon and then continuing on the Tuesday morning”.
The outcome of the meeting will be released at 2:30pm on the second day – in line with the RBA’s current Tuesday announcements – and meeting minutes will continue to be published two weeks after each meeting.
Meanwhile, the RBA’s quarterly Statement on Monetary Policy will be released at the same time as the outcome of the board meetings in February, May, August, and November instead of on the following Friday.
The full list of dates for the 2024 Reserve Bank board meetings are as follows:
- 5–6 February
- 18–19 March
- 6–7 May
- 17–18 June
- 5–6 August
- 23–24 September
- 4–5 November
- 9–10 December
The revised meeting schedule was originally confirmed by outgoing RBA governor Philip Lowe earlier this month as part of the central bank’s “substantial” response to the RBA review.
“The less frequent and longer meetings will provide more time for the board to examine issues in detail and to have deeper discussions on monetary policy strategy, alternative policy options, and risks, as well as on communication,” Dr Lowe said in a speech to the Economic Society of Australia on 12 July.
“Likewise, the staff will have more time for analysis, with less time spent preparing summaries of recent developments. The board will also be able to hear directly from more staff and have greater opportunity to request work on particular topics.”
As part of the changes, the RBA governor will also hold a media conference at 3:30pm after each board meeting to explain the central bank’s decision.
“This will complement our existing communications, including through speeches with Q&A. Together, this is a significant package of reform that will contribute to better decision making and communication,” said Dr Lowe.
Among the other changes flagged by Dr Lowe are that the board, rather than just the governor, will be the signatory to the Statement on the Conduct of Monetary Policy, which records the common understanding on monetary policy between the RBA and the Australian government.
The board will also be tasked with overseeing the central bank’s research agenda as it relates to monetary policy and aspects of financial stability.
Dr Lowe noted the RBA would continue with its current approach to climate change analysis, focusing on the implications of climate change for the economy, inflation, and the financial system.
Additionally, five-yearly “open and transparent reviews” of the monetary policy framework are also due to be held.
