Division Description Changes — Bills — Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023; Report from Federation Chamber — 12th Sep 2024

Change	Division
representatives vote 2024-09-12#3 Edited by mackay staff on 2024-09-22 14:51:13	Title Bills — Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023; Report from Federation Chamber Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 - Report from Federation Chamber - Agree with the bill's main idea Description ~~<p class="speaker">Milton Dick</p>~~ <p>The question before the House is that the bill be read a second time.</p> ~~<p></p>~~ ~~<p></p>~~ The *majority voted in favour of a [motion](https://www.openaustralia.org.au/debates/?id=2024-09-12.26.2) "that the bill be read a second time." In other words, they voted to agree with the main idea of* the bill. They can now discuss the bill in greater detail. ### What does this bill do? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2324a/24bd45) (which is a document prepared by the parliamentary library): > The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 (the Bill) amends the Reserve Bank Act 1959 to improve the governance of the Reserve Bank of Australia (RBA) by establishing a new Governance Board and a new Monetary Policy Board. The amendments are part of the Government’s response to the recommendations of the Review of the Reserve Bank entitled: An RBA fit for the future. > > The functions of the Governance Board are, amongst other things: > > * to oversee, and determine policies for, the management and organisational affairs of the RBA > > * to determine the policies of the RBA for the performance of the RBA’s functions in relation to delivering banking services to the Commonwealth and the issuing, re-issuing and cancelling Australian notes > > * to determine the policies of the RBA in relation to any matter not covered by the functions of the Monetary Policy Board or the Payments System Board. > > The role of the Monetary Policy Board is to determine the monetary policy of the RBA in a way that, in the Board’s opinion, best contributes to price stability and the maintenance of full employment in Australia. > > The functions of the existing Payments System Board are updated so that they are expressed in similar terms to those of the Governance Board and the Monetary Policy Board. > > The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.

~~Milton Dick~~
The question before the House is that the bill be read a second time.
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The majority voted in favour of a [motion](https://www.openaustralia.org.au/debates/?id=2024-09-12.26.2) "*that the bill be read a second time.*" In other words, they voted to agree with the main idea of the bill. They can now discuss the bill in greater detail.
### What does this bill do?
According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2324a/24bd45) (which is a document prepared by the parliamentary library):
> *The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 (the Bill) amends the Reserve Bank Act 1959 to improve the governance of the Reserve Bank of Australia (RBA) by establishing a new Governance Board and a new Monetary Policy Board. The amendments are part of the Government’s response to the recommendations of the Review of the Reserve Bank entitled: An RBA fit for the future.*
>
> *The functions of the Governance Board are, amongst other things:*
>
> * *to oversee, and determine policies for, the management and organisational affairs of the RBA*
>
> * *to determine the policies of the RBA for the performance of the RBA’s functions in relation to delivering banking services to the Commonwealth and the issuing, re-issuing and cancelling Australian notes*
>
> * *to determine the policies of the RBA in relation to any matter not covered by the functions of the Monetary Policy Board or the Payments System Board.*
>
> *The role of the Monetary Policy Board is to determine the monetary policy of the RBA in a way that, in the Board’s opinion, best contributes to price stability and the maintenance of full employment in Australia.*
>
> *The functions of the existing Payments System Board are updated so that they are expressed in similar terms to those of the Governance Board and the Monetary Policy Board.*
>
> *The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.*