Operational Structure

The Reserve Bank is managed by Governor Michele Bullock, with the support of Deputy Governor Andrew Hauser and Chief Operating Officer Susan Woods. It has five operational groups – Business Services Group, Economic Group, Enterprise Services & Strategy Group, Financial Markets Group and Financial System Group – four other departments overseeing governance and communications and two temporary project departments established to lead the transformation of the RBA currently underway.

Business Services Group

Business Services Group provides transactions-based services to the Reserve Bank’s customers and other important stakeholders. In particular, it provides banking services and payments-related advice and assistance to the Australian Government and its agencies, as well as to other central banks. It is responsible for the distribution of Australia’s banknotes and provides payment settlement services to financial institutions. The group comprises three departments: Banking; Note Issue; and Payments Settlements.

Banking Department

Banking Department provides a range of banking services to Australian Government departments and agencies as well as to a number of overseas central banks and official institutions. These government services broadly comprise two activities: managing the government’s core accounts and transactional banking. Sydney-based staff are responsible for the direction, administration and development of the department’s work, while the day-to-day interaction with customers is largely managed by staff in the Canberra Branch.

Note Issue Department

Note Issue Department is responsible for the issue, reissue and cancellation of Australian banknotes, in order to provide a safe, secure and reliable means of payment and store of value. The department works with the RBA’s wholly owned subsidiary, Note Printing Australia Limited (NPA), to design and produce banknotes. It distributes banknotes to financial institutions, monitors and maintains banknote quality in circulation and withdraws unfit banknotes from circulation. The department also monitors and analyses counterfeiting trends and conducts research into banknote security technology.

Payments Settlements Department

Payments Settlements Department operates Australia’s interbank settlement system, the Reserve Bank Information and Transfer System (RITS). RITS facilitates the final settlement of payment obligations across accounts held with the RBA, often on an individual and real-time basis (reducing the build-up of exposures between institutions and contributing to the stability of the financial system). RITS includes the Fast Settlement Service, which the department operates on a 24/7 basis to support Australia’s fast payment system (the New Payments Platform), as well as other services that settle low-value payments, such as cheque and direct entry transactions. The department also manages the settlement of the RBA’s own transactions and those of its official clients.

Economic Group

Economic Group is responsible for analysing economic trends, both domestic and overseas, forecasting and research relevant to the framing of policy in a number of areas. The group comprises Economic Analysis Department and Economic Research Department.

Economic Analysis Department

Economic Analysis Department monitors and forecasts trends in the domestic and international economies, and provides regular advice on these developments and monetary policy to the Governors and the Reserve Bank Board. The department also contributes to the work of various external bodies, maintains contacts with relevant external analysts, undertakes applied research and prepares reports for publication.

Our four state offices – in Adelaide, Brisbane, Melbourne and Perth – come under Economic Analysis Department. Staff in these offices conduct economic liaison across Australia via regular discussions with individual firms and organisations in both the private and public sectors; they also assist with communication to the wider community.

Our Representative Office in Beijing sits under this department and is responsible for monitoring Chinese economic and financial developments as well as maintaining relationships with government and private sector entities in China.

Economic Research Department

Economic Research Department undertakes longer-term research into issues relevant to the Reserve Bank’s responsibilities, including research on the Australian economy, monetary policy, financial stability, the payments system and the operation of financial markets. Results of this research are published in the Research Discussion Paper series. The department organises a major annual conference and an annual research workshop. In addition, it organises a program of internal seminars, hosts a number of invited visitors each year and is responsible for administering a comprehensive library service for the RBA.

Enterprise Services and Strategy Group

Enterprise Services and Strategy Group is responsible for delivering enabling services to the whole of the RBA, in support of our charter objectives and enterprise-wide change agenda. The group comprises Finance, Information Technology, Knowledge, People and Workplace departments.

Finance Department

Finance Department is responsible for the Reserve Bank’s financial statements and taxation reporting obligations; it prepares the budget, and provides a range of support services, including corporate payments, payroll procurement and travel. The department also manages the Enterprise Portfolio Management Office.

Information Technology Department

Information Technology Department is responsible for developing and maintaining reliable, resilient and secure information technology to support policy, operational and corporate functions. In fulfilling these responsibilities, the department delivers and maintains technology systems and infrastructure, provides ongoing system quality assurance, and maintains information security, including its cybersecurity defensive controls. It also supports technology planning, which includes catering for emerging and future technology requirements.

Knowledge Management Department

Knowledge Management Department is responsible for managing data, information and knowledge in support of the RBA’s responsibilities and aims. It oversees the governance frameworks, processes, platforms, tools and training for managing the RBA’s data and information as an asset. It facilitates public access to the RBA’s records and manages an archival repository and museum. Knowledge management activities enable the RBA’s data and information assets to be interpreted and shared both internally and externally, with this assisted by an Innovation Lab which assesses emerging technologies to support delivery of the RBA’s charter and operational objectives.

People Department

People Department provides a range of people-related services to support and maintain a productive and engaged workforce. This includes attracting and retaining high-quality employees, as well as managing reward and recognition frameworks, the performance management framework, training and development programs and employee relations. The department also leads our works to drive cultural change and diversity, workplace health and safety.

Workplace Department

Workplace Department is responsible for managing the RBA’s physical assets, maintaining our properties and building infrastructure and delivering workplace services to ensure the effective operation of the RBA and the safety, security, amenity and wellbeing of staff. Key activities include overseeing the provision of building services, asset infrastructure maintenance and upgrades, physical and protective security, and sustainability and environmental risk management.

Financial Markets Group

Financial Markets Group is responsible for implementing the Reserve Bank’s operations in domestic and foreign exchange markets, monitoring developments in financial markets and coordinating relationships with international institutions. The group comprises Domestic Markets Department and International Department.

Domestic Markets Department

Domestic Markets Department is responsible for the Reserve Bank’s operations in the domestic money and bond markets. The department analyses developments in domestic financial markets, including the cost and availability of finance through financial intermediaries and capital markets, and provides regular advice to the Governors and the Reserve Bank Board on these issues.

International Department

International Department is responsible for the Reserve Bank’s foreign exchange operations, investment of international reserve holdings of gold and foreign exchange, and for providing regular advice on developments in international financial markets to the Governors and the Reserve Bank Board. The department is also responsible for maintaining relations with a number of major international financial and policymaking institutions.

The representative offices in London and New York come under Financial Markets Group. The European Representative Office in London maintains liaison with central banks and other institutions and authorities in Europe, including the Bank for International Settlements and the Organisation for Economic Co-operation and Development. The New York Representative Office performs similar functions in North America. Both monitor economic and financial developments in their respective local markets, and assist with foreign exchange operations and investment of international reserves.

Financial System Group

Financial System Group supports the Reserve Bank’s broad responsibilities for financial system stability and its role in payments system oversight and regulation. The group comprises Financial Stability Department and Payments Policy Department.

Financial Stability Department

Financial Stability Department analyses the implications for financial system stability of developments in the economy, financial markets and the financial sector more generally, including patterns of financial intermediation, financial products and risk management techniques. The department works closely with the other Council of Financial Regulators (CFR) agencies to identify and monitor risks to financial stability. It provides advice on financial stability risks and how they might interact with monetary policy to the Governors and the Reserve Bank Board. It also supports the Reserve Bank’s representation on bodies such as the CFR, the Financial Stability Board and the Basel Committee on Banking Supervision.

Payments Policy Department

Payments Policy Department is responsible for developing and implementing the Reserve Bank’s payments system policy. It provides analysis and advice to the Payments System Board on improving the safety, efficiency and competitiveness of the payments system. The department is also responsible for oversight of Australia’s payments, clearing and settlement facilities, and represents the RBA on the Committee on Payments and Market Infrastructures of the Bank for International Settlements.

Governance and Communications

Audit Department

Audit Department is responsible for conducting independent appraisals of the Reserve Bank’s activities, functions and operations to ensure that an adequate framework of internal control has been established and is operating effectively. The Head of Audit Department reports to the Deputy Governor and the Reserve Bank Board Audit Committee. The Audit Department’s objectives, responsibilities and its relationships with the Audit Committee and management are outlined in the Audit Department Charter.

Communications Department

Communications Department is responsible for communicating the Reserve Bank’s decisions and activities to the Australian community. This includes managing media, social media, public enquiries and public appearances. The department works with staff across the RBA to publish a wide scope of information, including regular publications and reports. It maintains the RBA’s websites and is responsible for keeping staff informed of relevant developments. The department also maintains a program of public education, with particular focus on supporting economics students and educators.

Risk and Compliance Department

Risk and Compliance Department supports the consistent and effective application of the Reserve Bank’s framework for managing risk, both at the enterprise level and for individual business units. It assists departments to identify, understand and manage their compliance obligations. It also monitors and reports on portfolio risks and compliance with respect to the RBA’s operations in financial markets. The department is responsible for providing secretariat and coordination services and advice for the Risk Management Committee. The Chief Risk Officer reports to the Deputy Governor and the Reserve Bank Board Audit Committee.

Secretary's Department

Secretary’s Department provides secretariat and coordination services and advice on governance matters to the Governors, the Reserve Bank Board and its Audit and Remuneration committees, the Payments System Board and the Executive Committee. In addition, the department provides legal services to the RBA through the General Counsel (who reports directly to the Deputy Governor), coordinates a range of contacts with government, the parliament, other central banks and international organisations, and arranges programs for international visitors.

Project Departments

Future Hub

The Future Hub coordinates and governs the RBA’s response to the Review of the RBA. It also leads the work to implement the recommendations from the Deloitte Review that relate to issues extending beyond payments. Its remit covers the RBA’s transformation agenda in relation to monetary policy, governance, risk management and culture and leadership.

Payments Operation Program

The Payments Operation Program leads the RBA’s work to implement the recommendations of the Deloitte Review into the Reserve Bank Information and Transfer System (RITS), apart from the recommendations related to organisational culture, and risk management framework and governance arrangements, which are being implemented by the Future Hub. This includes working closely with Payments Settlement and IT departments to upgrade the operating and resourcing model for RITS, IT system controls, investment prioritisation and knowledge management.

Wholly owned subsidiary: Note Printing Australia Limited (NPA)

Note Printing Australia Limited (NPA) is a wholly owned subsidiary of the Reserve Bank. NPA operates under a charter reviewed and approved annually by the Reserve Bank Board. NPA’s prime function is the efficient and cost-effective production of high-quality and secure Australian banknotes, in accordance with specifications and requirements set by the Reserve Bank. NPA also undertakes other activities, including developing and producing passports for the Department of Foreign Affairs and Trade, producing banknotes for other issuing authorities and producing other security products. NPA is governed by a board of directors appointed by the Reserve Bank. The NPA Board has an Audit and Risk Committee.