RBA the first to face parliamentary scrutiny from the new Economics Committee
THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank (RBA), Mr Philip Lowe, on Friday September 16, 2022 — the first public hearing for the Economics Committee this Parliament.
Committee Chair, Dr Daniel Mulino MP, said that with “Australia experiencing its highest inflation in 20 years, household budgets are feeling the pressure”.
“Australians have also seen interest rates rise for the past five months, which not only affects mortgage holders and families but small businesses and investment, too," Dr Mulino said.
“In this context, continuing scrutiny of our monetary policy settings remains important, particularly in view of the need to learn from past decisions,” Dr Mulino said.
“Accordingly, the committee will probe the recent decisions of the RBA regarding interest rate policy, the challenges of tackling our high inflation, and the RBA’s approach to returning inflation to the 2-3 percent range over time.
“The committee hearing will thus complement, not replicate, the work of the Independent Review of the Reserve Bank” announced by the Treasurer in July," Dr Mulino said.
Dr Mulino noted that the first independent review of the Reserve Bank in four decades would be conducted in the face of challenging economic circumstances, the likes of which Australia had not seen for generations.
“Ensuring the RBA remains fit for purpose in the longer term is critical.”
Public hearing details
Date: Friday 16 September 2022
Time: 9.30am – 12.30pm
Location: Main Committee Room, Parliament House, Canberra
The hearing will be broadcast live at aph.gov.au/live.