FOI 3804 Documents for Release.pdf

FOI 3804
Document 1
Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Pope
Robin
Myself

no
I ask you to pass my 3 submissions on to your
panelists and place them on a public website.
1 The evidential case against how the RBA
models exchange rate determination
2 Evidence also in my 2012 RBA seminar, that
RBA policies bleed Australia, give windfall
gains to multinationals and lack inflation
efficacity
3 Robin Pope 1-page of Questions to RBAâ€“
unanswered a decade later, despite promises
s 45, s 47E(d)
Harkness
Peter
Myself

no
How to reduce inflation
s 45, s 47E(d)
Myself

no
There are two main themes to my
submission; 1. Management of lending, 2.
The government should receive the benefit
of being the only legal issuer of legal tender
1

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Moxham
Ben
Organisation
Australian
Peak industry

The ACTU submission calls for, among other
Council of Trade  body/union
thing, an explicit full employment target for
Unions
the RBA, pursued in balance with infation
targets; better modelling and public
commentary on wages, unemployment, and
the real drivers of infation; the
establishment of a macro-economic
coordination committee to achieve full
employment,
price and stability; and at least one position
on the board for an expert on labour markets
and wage setting with a labour movement
background.
s 45, s 47E(d)

no
SEE UPLOAD.
3

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Danks
David
Myself

no
Interest rates are a very blunt instrument for
dealing with inflation. I propose that the
level of compulsory superannuation be
legislated to float between 10% and 25%.
The RBA would be given the ability to
mandate the percentage of wages paid into
super within this band. This would give the
RBA a new lever with a very broad impact
that would reduce the spending power of al
workers not just those with borrowings.
Moxham
Ben
Organisation
Australian
Peak industry

The ACTU submission cal s for, among other
Council of Trade  body/union
thing, an explicit ful  employment target for
Unions
the RBA, pursued in balance with inflation
targets; better model ing and public
commentary on wages, unemployment, and
the real drivers of inflation; the
establishment of a macro-economic
coordination committee to achieve ful
employment, price and stability; and at least
one position on the board for an expert on
labour markets and wage setting with a
labour movement background.
4

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
Jeffree
Damian
Organisation
Australian
Peak industry

Our submission comments on all the themes
Financial
body/union
raised and supports (1) Governance reform
Markets
to increase monetary and markets expertise
Association
on the Board and (2) increased information
flow to the Boardâ€™s monetary process
from the private sector.

7

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
McKim
Nick
Organisation
Australian
Other

Independence must not equal freedom from
Greens
accountability. The aim of this review should
be to establish a framework that ensures
monetary policy is conducted in accord with
other economic policy and in a way that is
accountable to our democratic institutions.
This wil best ensure that â€œthe monetary
and banking policy of the Bank is directed to
the
greatest advantage of the people of
Australiaâ€ .
Penzo
Emma
Organisation
Australian
Peak industry

Key points raised:
Banking
body/union
â€¢ We consider the three objectives to be
Association
appropriate, noting there may be an
opportunity to update the expression of the
objectives
â€¢ We see opportunities for the RBA to
augment its communications to explain the
complexities underlying decisions and
tradeoffs made.
â€¢ We see the independence of the RBA as
critical to ensuring a wel -functioning
economy.
8

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Vines
David
Myself

no
The RBAâ€™s monetary-policy
responsibilities must be broadened to go
beyond inflation targeting, and Treasury, the
RBA, APRA and the Productivity Commission
(PC) need to cooperate better. The Treasury
should become a â€œStackelberg leaderâ€ ,
assisted by a new Fiscal Policy Council. The
other institutions should become
â€œStackelberg fol owersâ€ . The RBA, in
carrying out its broader role, should pay
closer attention to the level of the exchange
rate. The roles of APRA and the PC must also
be re-examined.
s 45, s 47E(d)

no
This submission to the Treasury provides
comment on the following aspects of the
Reserve Bank of Australia (RBA), as input to
Treasuryâ€™s Review of the RBA:
â€¢ RBA Powers to Set Monetary Policy
â€¢ Operational Independence of the RBA
â€¢ Lessons from the RBA Bond Buying
Program
9

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Bryant
Gareth
Myself

no
This submission focuses on how the RBA can
better manage climate-related financial risks
and contribute to the decarbonisation of the
Australian economy. We make 3
recommendations: 1. Expand the RBA
mandate to include climate change; 2.
Differentiate between clean and carbon-
intensive assets; 3. Coordinate between
monetary, fiscal, and regulatory authorities
in climate policy.
Connor
Jade
Myself

no
Inflation target, board membership terms,
recession response
Rochford
Jonathan
Organisation
Narrow Road
Business

This review is timely, with several failures of
Capital
the RBA becoming apparent this year. These
failures originate with the aims set for the
RBA as they are too numerous, vague and
often conflict with each other. They set the
RBA up to fail, as they ask the RBA to achieve
outcomes using monetary policy that require
coordination with fiscal policy, tax reform,
competition/productivity reforms and
general economic settings that are al
beyond the RBAâ€™s control.
12

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Davidson
Peter
Organisation
Australian
Community/NFP

Macroeconomic policy prioritises low
Council of Social group
inflation over low unemployment. This is
Service
unbalanced: for people on the lowest
incomes, high inflation is a struggle but
unemployment is a disaster.
A ful employment target should be set
independently of the inflation target, and
they should be given equal weight.
Governments should play a greater role in
reducing unemployment and inflation using
fiscal, regulatory and taxation policies to
bear down on both.
Rossiter
David
Myself

no
Monetary policy frameworks must consider
the detiorating dynamics of climate change
on the world environment and economy.
Winter
John
Myself

no
Only a two and a half page submission -
explained on the covering letter.

Key message is the Reserve Bank has been
crippled and can't deliver.
13

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Richardson
David
Organisation
Australia
Policy/research

This submission addresses each of these as
Institute
institute
wel as the deficiencies in the intel ectual
models behind RBA analysis, assessments
and other work. We also comment on the
economic, social and environmental
consequences of the RBA actions which
should be explicitly incorporated in RBA
thinking.
The RBA is trapped in unrealistic models of
the Australian economy and has failed to
establish a method for incorporating real
world phenomenon into its thinking. This is
evident in issues from its approach t
Shepherd
Ian
Myself

no
At least in periods of excess reserves,
arguably, the RBA should not pay interest on
the ful amount of al Exchange Settlement
Account (ESA) balances. The Government
should assume responsibility for setting the
parameters of monetary, (system-wide)
macroprudential policy and fiscal policy as a
whole. After the Review, The Treasury should
undertake a non-public examination of
excluded review matters, and some others.
15

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
s 45, s 47E(d)

yes
Proposal for major reform of the monetary
policy framework. Replacement of the
existing interest rate mechanism with a new
mechanism transmitted only via the
household cashflow channel.
16

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Pentland
Alex
Myself

no
Suggestion regarding improving the process
for appointments to the Reserve Bank Board
under the Reserve Bank Act 1958, including
the Governor, Deputy Governor, and 6 other
members of the board. Proposals include a
public and open process to improve public
confidence in the membership of the board,
and the requirement that merit forms a key
part of any appointments.
d'Iapico-Bien Victor
Myself

no
My contention in this submission is that the
current intel ectual paradigm the RBA
operates under is inappropriate. One policy
outcome of the paradigm is that as soon as
there is inflation the automatic and I would
add mindless policy response is to raise
interest rates. The RBA should move to a
different paradigm which is embodied in the
Minsky economic dynamics model developed
by Prof Steve Keen. Both fiscal & monetary
policy would be managed by the RBA in this
new paradigm.
17

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Norman
Philip
Myself

yes
Money stil  matters. The RBA board should
give weight to adverse movements in
monetary aggregates and be prepared to act
quickly. Trade credit should be measured by
the ABS and monitored by the RBA board.
The culture of the RBA should be to act early,
take risks, make mistakes and be proud to
learn from mistakes. There should be an
elected staff representative to the Board, like
the Australian Broadcasting Commission.
Smal  business should be represented on the
board.
John
Quiggin
Myself

no
The primary purpose of this submission is to
argue that the currently dominant
framework for monetary policy, based on
strong central bank independence and
reliance on adjustments to central bank
interest rates to achieve a 2-3 per cent
inflation target has performed poorly at a
global level and is no longer sustainable. A
new framework, accepting a higher average
rate of inflation and taking explicit account of
the objectives of ful  employment and
economic prosperity is needed.
Terry
Mil er
Myself

no
sack philip lowe
18

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Vines
David
Myself

no
The submission argues that there is need for
a framework of macroeconomic
policymaking in which the Treasury the
Reserve Bank, the Productivity Commission
and APRA cooperate more closely than has
happened in the recent past. I discuss the
central role which the Treasury needs to play
in the implementation of such a framework.
And I propose that a Fiscal Policy Council
should be established to make it more likely
that the Treasury will be able to provide the
necessary leadership
Parsons
Louise
Myself

no
The governance and accountability of the
RBA will benefit from strengthening, and the
legislative framework of the RBA should be
amended to accommodate the key elements
of the Statement on the Conduct of
Monetary Policy. In particular, the RBAâ€™s
mandate for financial stability, the role and
nature of the inflation-targeting model of
monetary policy, and relevant accountability
arrangements included in the Statement on
the Conduct of Monetary Policy should be
included in legislation.
s 45, s 47E(d)
20

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Lowe
Kit
Organisation
Lowe Capital
Business

The 2-3% inflation target is appropriate. The
Management
problem is that the RBA spent 7 years
worried about financial stability and
complaining about fiscal not helping it's
cause instead of just repsonding to too tight
fiscal policy. They should never have done
YCC and given forward gudiance out to 2024.
They constantly leak to the press when they
perceive the market is wrong about MP.
They never consider employing anyone with
broad market experience they just hire
PHD's.
McKim
Nick
Organisation
Australian
Other

Independence must not equal freedom from
Greens
accountability. The aim of this review should
be to establish a framework that ensures
monetary policy is conducted in accord with
other economic policy and in a way that is
accountable to our democratic institutions.
This wil best ensure that â€œthe monetary
and banking policy of the Bank is directed to
the greatest advantage of the people of
Australiaâ€ .
21

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
Myself

no
Gained from personal knowledge, I provide
examples of the negative consequences of
unemployment and provide practical
solutions the RBA should adopt to develop
an innovative and accountable culture to
meet its three primary legislative goals -
price stability, full employment and ensuring
the economic prosperity and welfare of
Australians; without harming innocent
Australian individuals, families and
communities with the negative economic,
social and health effects of long term
unemployment.
s 45, s 47E(d)
Barwick
Elisa
Organisation
Australian
Other

This submission of the Australian Citizens
Citizens Party
Party calls for a return to national banking to
foster economic growth; a review of the
unofficial inflation mandate by which the
RBA operates; returning government to
control of monetary policy; restoring
adequate financial regulation and,
subsequently, consumer protections; and
expanding the RBA's policy toolbox in the
face of potential financial crises.
22

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Henderson
Dougal
Myself

no
Due to the mandate that monetary policy
contribute to ful employment, the RBA has
been forced into implementing policies,
often unwil ingly, that have had a direct
impact on both redistribution of wealth in
Australia and the size of the budget deficit
and the level of future taxation, These
decisions have been made by an unelected
and unrepresentative committee, with little
or no public discussion or accountability. This
goes against the principle of no taxation
without representation.
Hawkins
John
Myself

yes
The RBA's objectives are appropriate and it
has achieved them. Its monetary policy
framework of flexible inflation target is the
model towards which other central banks
have moved. There is no good reason to
move from the 2-3 per cent medium-term
inflation target. The unconventional policies
used in response to the Covid recession,
while fairly successful, should be
independently reviewed. A more diverse
board would be desirable with fewer
business people.
James
Douglas
Organisation
Australian
Government

This submission seeks to provide additional
Prudential
context to the Review, by explaining
Regulation
APRAâ€™s role in promoting financial
Authority
stability and APRAâ€™s framework for
23

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
macroprudential policy. It is intended to
provide factual material to assist the Panel in
its deliberations.
McCook
Alison
Myself

no
This submission advocates for imposition of
decarbonisation measures by the RBA, with a
focus on green Term Funding Facilities. It
argues the RBAâ€™s legal framework is
malleable, and that that the RBA is legally
able to implement green central banking
even without changes to its mandate.
s 45, s 47E(d)
TULIP
PETER
Organisation
Centre for
Policy/research

The RBA would make fewer, less persistent
Independent
institute
mistakes if more monetary policy experts
Studies
were appointed to the Board, if Board
members publicly explained their votes and
if the Bank were required to explain its
decisions in more detail.
s 45, s 47E(d)
24

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Morris
Shireen
Myself

no
This submission argues for a fairer synthesis
of the dual objectives of true ful
employment and stable prices, which should
be the headline priority of the
Commonwealth government of which the
RBA is a part. The RBA should support the
government in achieving a true ful
employment agenda. It argues that the
orthodox approach of fighting inflation by
maintaining unemployment is not only
unjust, but also unproductive and often
ineffective. There are more productive
alternatives to be explored.
Wales
Richard
Myself

no
The weakness of the using the current blunt
tools to manage the money supply and the
assumption that maintaining a 2-3% inflation
rate wil  achieve al  three RBA objectives is
highlighted.  It is proposed that a Sovereign
Money approach (see Positive Money) wil
provide a far more effective way of managing
the money supply.  It is also proposed that
the RBA have a wel  funded and independent
research team and a board that includes
people appointed based on relevant
expertise and experience.
25

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
Johnson
Ray
Myself

no
The submission will provide robust evidence
for the urgent need to engage with the
environmental and ecological dimension of
the economy.
Stoneway
Professor
Myself

no
Board composition and superficiality of
analysis in interest rate deliberation, policy
targeting
Siva
Sathiy
Myself

no
RBA has failed the oral duty and it has
created moral hazardous environment in
Australia
New duty statement: RBAâ€™s duty is to
contribute to the stability of the currency
(more than 20% swing within 7 days), full
employment (under 6%), and the economic
prosperity (asset appreciation inline inflation
and increase in real income) with and
26

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
welfare (current and future generations) of
the Australian people.
Elliston
Bob
Myself

no
The Reserve Bank of Australia has been
failing its Charter because it follows only
Monetarist (Friedmanite) policies, which are
wrong!
The charter of the RBA requires it to ensure:
a) the stability of the currency of Australia;
b) the maintenance of full employment in
Australia; and
c) the economic prosperity and welfare of
the people of Australia.
The RBA is failing on all three of these
requirements.
I critique both Monetary and Inflation
Policies of the RBA, and suggest better
alternatives.
s 45, s 47E(d)
Delmenico
Phil
Organisation
Treasury
Business

Repayment of TFF from excess funds in ADI
Services Group
ES accounts (& HQLA).
27

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Smith
Andrew
Myself

no
Thornton, Wicksel  and Hayek al  recognised
the benefits of a monetary system in which
the money supply is constant, since in it the
natural rate of interest automatical y
prevails.  Modern money - fiat, electronic,
abstract - makes such a system feasible.   I
explore the implications of adopting this.  I
argue it results in a financial system not
prone to crises, and in better economic
outcomes as pricing signals are not distorted
by the money-creation process .
Phil ips
Toby
Organisation
Centre for
Policy/research

Climate change is having a significant and
Policy
institute
dynamic impact on the macro-stability goals
Development
of the RBA. The RBA should evolve its
practice to integrate climate risk into its
business and limit contradictions between
monetary policy and climate transition
policy. The government should clarify how
the RBA objectives relate to climate issues,
either through legislative amendment or a
ministerial direction.
Halmarick
Stephen
Myself

no
This submission covers the RBAâ€™s
objectives, structure and strategy - with a
focus on key recommendations to help set
the RBA up for a more uncertain future. Key
recommendations include no change to the
RBA's 2%-3% flexible inflation target and no
changes to the objectives set out in the RBA
28

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
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Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Act.  Changes are recommended to the
structure of the RBA Board, the RBA's
communication strategy, the use of non-
official data, insights and market feedback
and monetary policy tools.
El iston
Bob
Myself

no
The Reserve Bank of Australia has been
failing its Charter because it fol ows only
Monetarist (Friedmanite) policies, which are
wrong!
The charter of the RBA requires it to ensure:
a) the stability of the currency of Australia;
b) the maintenance of ful  employment in
Australia; and
c) the economic prosperity and welfare of
the people of Australia.
The RBA is failing on al  three of these
requirements.
Nelson
Charles
Organisation
Foreseechange
Business

The practice of economic forecasting leads to
suboptimal policy; the different responses to
interest rate changes have changed over the
years, with the "perverse" impact now
greater than in the past which has the
potential to confuse policy makers into over-
reaction; the general public were wel  ahead
of the RBA on expectations about inflation
and interest rates and the recent poor
29

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
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Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
communication could have been avoided had
the RBA listened to the people.
Walter
Ryan
Myself

yes
This submission clarifies the role of party
politics in the origins of Australiaâ€™s
independent, inflation-targeting regime and
in the continuing politicization of interest-
rate movements. It then proposes two
reforms - a bipartisan policy commitment
and a 'Reminder Provision' - to mitigate the
harmful effects of politicization.
Lawler
Luke
Organisation
Customer
Peak industry

RBA engages effectively with stakeholders to
Owned Banking body/union
gather information and consult on policy
Association
matters.
RBA acted effectively during the pandemic to
support the stability of the financial system.
Strongly support contributions by the RBA to
debate about regulatory proportionality and
better regulatory co-ordination.
Recent experience in retail banking should be
considered highly relevant for the shortlist of
candidates for the RBA Board.
30

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Hind
Nevil e
Myself

no
Sharpening a blunt tool

This submission identifies an overlap
between fiscal and monetary policy. It
proposes to apply common fiscal policy tools
to monetary policy to al ow monetary policy
to be applied at a micro-economic level.

The tools would al ow risks within the
financial system to be targeted and reduced
by changing taxation arrangements. It wil
also give policy makers more options to
real ocate resources, which should improve
efficiency and/or equity.
MAIR
PETER
Myself

yes

The future for central banks is not clear.
Monetary policies dictated by a global
consensus raise questions of relevance.
Substantial fiscal policy decisions of central
banks are not properly coordinated with
government, nor clearly identified and
quantified.  Central bankers' short-run
mindsets are not attuned and responsive to
the longer-run public interest. Shortcomings
remain to be corrected.   Coordination of
financial regulators' policies would best
involve an independent oversight body.
31

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
Myself

no
The submission seeks to draw attention to
the overlooked question of negative real
returns to depositors, which it is suggested,
should be viewed as a constraint on
monetary policy. Communication mandates
and decision principles are proposed,
cognisant of this impact on depositors. The
question is posed, whether the central
banking and monetary policy setting
functions of the RBA.may be separated, for
dedicated, more effective monetary policy
setting processes.
Johnson
Mark
Myself

no
Part I argues for formal recognition of
Reserve Bank responsibility to facilitate the
transfer of Australian expertise in financial
regulation to other Asia Pacific economies.
Part II describes a current initiative to
alleviate currency risk in these economies,
through Commonwealth Government
sponsorship of a currency indexed bond
market, which requires Reserve Bank
support.
Ong
Su-Lin
Organisation
RBC Capital
Business

This paper was written in early Jun-22 ahead
Markets
of the ToR with clients (funds, asset
managers, central banks) asking us about the
Review, process and what we thought likely
to emerge. It was done as a forward looking
exercise. All key suggestions remain valid
32

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
including a regular quarterly press
conference post each SoMP, formalisation
and publication of the business liaison,
publication of votes, publication of different
board meeting views,  greater board
diversity including international.
Dowling
Grahame
Myself

no
This submission addresses three issues â€“
the economic prosperity and welfare
objective of the Bank; Board decision
making, and forward guidance.
I start with the RBAâ€™s statutory purpose
to promote the economic welfare of the
Australian people.  The argument advanced
is that the hope for a single institution that
uses one primary economic lever (cash rate)
and a megaphone (forward guidance) to
reliably manipulate Australiaâ€™s economy
is a Grand Absurdity.
Kirchner
Stephen
Organisation
Business Council  Peak industry

The Reserve Bank has served Australia wel
of Australia
body/union
since the adoption of inflation targeting in
the early 1990s. Australia avoided recession
between 1991 and 2020, with inflation
outcomes mostly consistent with the target
and the financial system has been stable.
This suggests that the fundamental statutory
framework and mandate for the RBA is
sound.
33

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Richards
Graeme
Myself

no
The RBA needs stronger tools to deal with
inflation caused by declining productivity.
The RBA should set the GST tax rate to check
excess demand for goods and services. The
RBA should set wage rates according to
movements in GDP and working hours and
relative labour conditions by industry to deal
with the declining productivity. Setting just
interest rates with unprecedented future
expenditure from Carbon Emissions
reductions, Defence, COVID, with an Aging
population will not work.
s 45, s 47E(d)
Myself

no
Submission To Ensure Single Mandate,
Financial Stability, Productivity, Price and
Monetary Stability, Inflation Target, Non
Human Set Cash Rate Target
Maxwel
Anne
Myself

no
That the operation of the RBA be aligned
with an accurate view of monetary systems
and monetary policy as informed by Modern
Monetary Theory.
Cornish
Selwyn
Myself

no
This submission covers frameworks and
performance.
Cornish
Selwyn
Myself

no
This submission covers all topics
34

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
MAIR
PETER
Myself

yes
A review of any central bank has global
dimensions and will have global relevance.
Five, global, monetary-policy shifts by central
banks since 1930 are reviewed. Central
bankers understand 'seigniorage': that
issuing banknotes, on which interest is not
paid, is naturally profitable. Not understood
were the consequences of central banks
giving, but not later revoking, commercial-
banks entitlements to the seigniorage on the
modern currrency of the realm, 'free'
deposits in tranaction accounts.
s 45, s 47E(d)
Grenville
Stephen
Myself

yes
See previous summary
s 45, s 47E(d)
Cox
Kevin
Organisation
White Label
Business

The Reserve Bank needs direct control over
Personal Clouds
some of the new money released into the
economy. Interest Rates are an indirect
instrument with a delayed effect, while
direct control permits immediate
adjustment. Community Capital spent by the
Government is a way to inject new money
directly into the economy without causing
35

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
inflation. It allows the Reserve Bank to
respond quickly to changing economic
conditions while leaving the Government to
decide where to inject the funds.
Blackburn
Ben
Organisation
Ben Blackburn
Business

There is an over-arching and fundamental
Racing
need to ensure that our economy remains
resilient to a complex and changing
economic environment including global
instability, inflationary pressures and
international supply chain shortages. What is
clear is that more checks and balances â€“
and further detailed scrutiny, analysis and
transparency of RBA board decision making
is urgently required. The RBA would make
fewer and less persistent mistakes if it was
required to explain its decisions in public.
Mckibbin
Warwick
Myself

yes
Paper on the interaction of climate policy
and monetary policy
Mckibbin
Warwick
Myself

yes
paper presented to the 2018 RBA conference
on Inflation targeting
s 45, s 47E(d)
Myself

yes
There is a major problem whereby staff from
culturally diverse backgrounds, while well
represented in junior to lower-mid level
positions, are severely underrepresented in
leadership positions. To address this, the
36

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Bank must take meaningful action â€“
including setting and implementing targets
for culturally diverse staff in leadership
positions.
s 45, s 47E(d)
Knox-Haly
Martha
Myself

no
The key points cover the need for board
members who understand the role of
monetary supply to the private sector, as
well as economists from an MMT
background to hold board level and senior
management roles within the RBA.
Jupp
Tony
Myself

no
What if there was another way to take cash
out of the economy that was fairer and
didnâ€™t punish mortgage holders so
inequitably? What if we could do this
without actually reducing family incomes?
What if instead of varying interest rates the
RBA varied the Superannuation Guarantee.
What if instead of raising interest rates &
taking money out of peopleâ€™s pockets in
times of rising inflation the RBA instead
varied the SG. My submission explains how
this would work in more detail.
37

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
s 45, s 47E(d)
Myself

no
Representing people that the RBA's policy
impacts
s 45, s 47E(d)
Myself

no
I recommend the objective of
â€˜maintenance of full employmentâ€™ is
removed, or updated to make it clearer what
the RBA is expected to achieve.
The inflation target should allow for lower
levels of inflation, and even allow for periods
of deflation. The RBAâ€™s objectives should
include maintaining a neutral real interest
rate for the majority of the time.
38

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
Consideration should be given to how the
RBA's actions lead to transfers of wealth.
Conflict of interest policies ought to be
strengthened.
s 45, s 47E(d)
Pagan
Adrian
Myself

no
Performance, Stability of the Currency, Full
Employment, Welfare, Operational Issues,
Communication and Transparency,
Governance
Moule
Daniel
Myself

no
My submission is a PDF copy of "What has
the Government done to our Money" by the
late Professor Murray Rothbard of the
Austrian school of economics.
Moule
Daniel
Myself

no
My submission is a copy of "What has
Government Done to our Money" by the
late Professor Murray Rothbard of the
Austrian school of economics.
39

Final summary of submissions to the Review into the Reserve Bank of Australia
Last name
First name
Submitting on
Name of
What type of
Have you ever
Short Summary
behalf of:
organisation
organisation?
been employed
by the Reserve
Bank of
Australia?
s 45, s 47E(d)
Faithfull
Fraser
Myself

no
In this submission I am proposing that the
Reserve Bank of Australia (RBA) might
choose to fol ow the Reserve Bank of New
Zealand (RBNZ) and add the sustainability of
house prices and housing affordability to its
overall remit / mandate.
Kijurina
Jon
Myself

yes
These are questions that seek justification on
the fundamentals of our monetary policy and
targeted inflation, asking 'why do we do
what we do' and 'are we doing the morally
right things'?
41

FOI 3804
Document 2
Sub # Last name
First name
Name of
What type of
Confidential/
Author's Summary
Topics covered
Reviewed by
Reviewed by
Reviewed by
Reviewed by
Other
Key Takeaways (by theme), use separate row for each theme covered)
Overal  degree of
New ideas (expand)
Any publication risks identified (e.g.
organisation
organisation?
Anonymous/ Not
Frameworks
Performance
Governance
Culture
change proposed
Defamatory statements - see
confidential
(L/M/H)
instructions tab)
1
Test
Test
Not confidential
Test
Not for RBA Secondees
2
Grenville
Stephen
Individual
n/a
Not confidential
This submission explores the origins of Australia's Flexible
Monetary Policy Frameworks
AH - 29 Nov 2022
- Consider moving to a point target rather than a range
Inflation Targeting (FIT) framework, explaining the logic
Interaction of monetary, fiscal and
- Acknowledge limits of monetary policy and need for fiscal policy to help stabilise macroeconomy
behind specification.
macroprudential policy
(limits to mon policy include asymmetry, in that lower rates do little in a weak economy)
Monetary policy should return to the original concept of FIT  RBA Performance
- Monetary-macropru policy interactions need improvement
focused on a forward-looking forecast of inflation (preferably
a single point rather than a range), with a recognition that it
Low
No publication risks identified
can do little to offset strong headwinds or secular stagnation.
2
Grenville
Stephen
Individual
n/a
Not confidential
This submission explores the origins of Australia's Flexible
Monetary Policy Frameworks
KH - 3 Nov 2022
- Overal  performance: Until the GFC, FIT worked wel  (inflation was on target and the economy
Inflation Targeting (FIT) framework, explaining the logic
Interaction of monetary, fiscal and
experienced an upswing). The flexibility of FIT was not enough to cope with the very different
behind specification.
macroprudential policy
circumstances fol owing the GFC. The issues that arose were common to most inflation targets 1)
Monetary policy should return to the original concept of FIT  RBA Performance
powerful headwinds left by the GFC/ budget austerity 2) MP was pushing on a string 3) UMP had
focused on a forward-looking forecast of inflation (preferably
undesirable consequences. The first two FIT decades showed the major benefit of a policy
UMP: more downside than
a single point rather than a range), with a recognition that it
framework that could facilitate a long period of steady growth and fal ing unemployment. The last
benefit. Yield targeting should not
can do little to offset strong headwinds or secular stagnation.
decade showed monetary policy's limitations and the dangers of over-reach. Australia's record of
be attempted again, and forward
cyclical stability should not be solely attributed to FIT (also institutional changes, China's
Low
guidance should be confined to
No publication risks identified
production of cheap manufactured imports)
assuring the market that the Bank
- COVID period: UMP measures introduced during COVID had more downside than benefit. The
would meet its inflation target,
cost of QE debt to the official sector would have been more transparent if the Treasury had
over time
undertaken to reimburse the RBA for the inevitable accounting losses from QE operations.
3
Andrew
Cocker
Individual
n/a
Not confidential
Don't make wildly unfounded predictions about the interest  RBA Performance
KH - 3 Nov 2022
Not applicable (no additional written information was provided in the attached document)
rates. At the end of 2021, Philip Lowe said there wouldn't be
a rate rise until 2024. Just five months later, the RBA began a
series of massive rate rises. The incompetence is mind-
Not applicable
Not applicable
May be a publication risk - the
attached document only contains an
boggling.
image of a cat so we may want to
consider publishing just the summary
4
Kijurina
Jon
Individual
n/a
Not confidential
These are questions that seek justification on the
Monetary Policy Frameworks
AH - 29 Nov 2022
- wonders why we target positive rather than zero inflation
fundamentals of our monetary policy and targeted inflation,
- wonders if it is fair to supply cheap money to banks in downturns
May be publication risks - Author has
asking 'why do we do what we do' and 'are we doing the
- wonders if govt policy more broadly doing enough on our demographic headwinds.
Low
Nil - the submission focusses on
questions that the Review should  not asked to be confidential but is a
morally right things'?
consider
current staff member of the RBA
5
Faithfull
Fraser
Individual
n/a
Not confidential
In this submission I am proposing that the Reserve Bank of
Monetary Policy Frameworks
AH - 29 Nov 2022
Objectives - proposes that the RBA should have the RBNZ's objective of house prices
Australia (RBA) might choose to follow the Reserve Bank of
Interaction of monetary, fiscal and
New Zealand (RBNZ) and add the sustainability of house
macroprudential policy
prices and housing affordability to its overal  remit / mandate.
Medium
Include house price in objectives
No Publication risks identified
s 45, s 47E(d)

s 45, s 47E(d)
7
Porter
James
Individual
n/a
Not confidential
1. The RBA's decisions are limited to domestic financial
Interaction of monetary, fiscal and
NA
Repeat submission - see #9 for final version
trading do not impact on foreign borrowings or investment or  macroprudential policy
in-house in transfers. This is a large proportion of the cash
Monetary Policy Frameworks
flowing in economy.
2.The RBA's decisions are limited in their economy wide
impact by the increasing control by oligopolies with market
power to expand without borrowing and can control prices
avoiding inflation targets.
3. RBA is not considering off-shore tax minimization effects on
economy.
s 45, s 47E(d)
9
Porter
James
Individual
n/a
Not confidential
The scope of the RBA to contribute to economic management  Interaction of monetary, fiscal and
AH - 29 Nov 2022
Summarises a range of structural changes in the Australian economy which have reduced the
has diminished owing to changes in financing outside of the  macroprudential policy
effectiveness of the RBA's monetary policy. These include greater integration of Ausrtlaian financial
banking fields
markets into international markets and multinationals in Australia, corporate tax minimisation
strategies, the growth of savingsincluding superannuation, and tax concessions received by not for
No publication risk identified
profits and housing investment.
Not applicable
10
Moule
Daniel
Individual
n/a
Not confidential
My submission is a copy of "What has Government Done to  Other
Repeat submission
our Money" by the
late Professor Murray Rothbard of the Austrian school of
economics.
Not applicable
Not applicable
10
Moule
Daniel
Individual
n/a
Not confidential
My submission is a PDF copy of "What has the Government  Other
KH -10
The book attached to this submission covers a range of issues including the role of money in
done to our Money" by the late Professor Murray Rothbard of
Nov 2022 society and the evolution from the Gold Standard to a floating exchange rate system among
the Austrian school of economics.
advanced economies. While the submitter did not highlight which part of the book they felt was
most relevant for the Review, it may have been the section that raises concerns about moving from  Not applicable
Not applicable
Potential copyright issue (as this
the Gold Standard and concerns that this led to 'full-scale, government-run inflation'.
submission contains a copy of the
book What has Government Done to
Our Money? )
12
Pagan
Adrian
Individual
n/a
Not confidential
Performance, Stability of the Currency, Full Employment,
RBA Communications
KH - 3 Nov 2022
-Overal  assessment: Judged that the RBA has been able to successfully manage actual inflation
Welfare, Operational Issues, Communication and
Governance including board composition
outcomes and inflation expectations. On full employment, the RBA was slower to react to the
Transparency, Governance
Interaction of monetary, fiscal and
perceived decline in the NAIRU than some would have liked. Difficult to assess performance against
macroprudential policy
the welfare objective, but noted that the pre-eminent welfare issue has been the cost of shelter
RBA Performance
and on these ground there have been performance issues. Actions during the early 1990s, AFC and
Monetary Policy Frameworks
introduction of the GST helped the RBA establish credibility that was key to successful inflation
targeting.
-COVID period: During COVID, fiscal debt was essential y monetized. This was an understandable
Use of forward guidance should be
response given that the situation was potential y disastrous. But there may be some constraints on
Low
constrained; fewer speeches and  No publication risk identified
BS operations in the future. While the RBA did make conditional statements about the future
not supportive of press
policies, the media/public treated these as unconditional. This doesn't seem likely to change so the
conferences
use of forward guidance should be constrained.
-Communication: The author expressed some reservations about press conferences, noting that
there should be clear explanations about decisions but there is need to get away from the
pressures coming from 24 hour news cycle.

12
Pagan
Adrian
Individual
n/a
Not confidential
Performance, Stability of the Currency, Full Employment,
RBA Communications
GW - 16 Nov 2022
Welfare, Operational Issues, Communication and
Governance including board composition
Transparency, Governance
Interaction of monetary, fiscal and
macroprudential policy
RBA Performance
Monetary Policy Frameworks
12
Pagan
Adrian
Individual
n/a
Not confidential
Performance, Stability of the Currency, Full Employment,
RBA Communications
GW - 16 Nov 2022
Structure - Supports creation of MPC to separate mp decision and corporate governance issues.
Welfare, Operational Issues, Communication and
Governance including board composition
MPC should contain 4 "internals" (Gov, Dep Gov + Treas Sec, Dep Sec for Macro) and 5 externals.
Transparency, Governance
Interaction of monetary, fiscal and
Externals must be fully informed (noted externals on RBNZ MPC, FOMC and UK MPC attend
macroprudential policy
meetings before the decision)
RBA Performance
Composition- for external members, good people to do this in private sector, academia, unions,
Monetary Policy Frameworks
state governments etc. no reason to have any representative from a particular group
No publication risk identified
Votes- if votes are to be released should be in blocks according to internal/external split. Little
need to release individual votes
Time- Board meeting should be longer, maybe a whole day
Creation of MPC with 4 internals (2
from Treasury) and 5 fully
High
informed externals
s 45, s 47E(d)
14
n/a
Anonymous
I recommend the objective of maintenance of full
RBA Performance
GW - 16 Nov 2022
Conflict of interest policies for Board members should be strengthened. Self declaration is
s 45, s 47E(d)
employment is removed, or updated to make it clearer what  RBA Communications
inadequate for the RBA’s purposes. For example, consideration should be given to whether being a
the RBA is expected to achieve.
Monetary Policy Frameworks
director (including a non-executive director) of a large commercial business should automatical y
The inflation target should allow for lower levels of inflation,  Governance including board composition
preclude an RBA board member from being involved in monetary policy decisions.
and even al ow for periods of deflation. The RBAs objectives
should include maintaining a neutral real interest rate for the
majority of the time.
Low
Consideration should be given to how the RBA's actions lead
to transfers of wealth.
Conflict of interest policies ought to be strengthened.
Strengthen COI policies for Board  Anonymous
members,
No publication risks identified
14
n/a
Anonymous
I recommend the objective of maintenance of full
RBA Performance
ER - 1 Dec 2022
RBA should be more tolerant of variation in inflation, be less accountable to contributing to full
employment is removed, or updated to make it clearer what  RBA Communications
employment, and aim to keep a neutral interest rate setting most of the time.
the RBA is expected to achieve.
Monetary Policy Frameworks
The inflation target should allow for lower levels of inflation,  Governance including board composition
and even al ow for periods of deflation. The RBAs objectives
should include maintaining a neutral real interest rate for the
majority of the time.
Low
No publication risk identified
Consideration should be given to how the RBA's actions lead
to transfers of wealth.
Conflict of interest policies ought to be strengthened.
14
n/a
Anonymous
I recommend the objective of maintenance of full
RBA Performance
KH- 3 Nov 2022
- Forward guidance: the RBA should not make statements indicating it wil  keep interest rates at
employment is removed, or updated to make it clearer what  RBA Communications
highly stimulatory levels for a period of several years. It should seek public input when assessing its
the RBA is expected to achieve.
Monetary Policy Frameworks
actions (e.g. during COVID).
The inflation target should allow for lower levels of inflation,  Governance including board composition
- COVID-19 period: The RBA's actions during COVID-19 resulted in a transfer of wealth; the RBA
and even al ow for periods of deflation. The RBAs objectives
should be transparent about this and consider whether this transfer was desirable. When assessing
should include maintaining a neutral real interest rate for the
the RBA's performance, consideration should be given to whether the RBA has harmed its ability to
RBA should seek public input
majority of the time.
respond to a future crisis.
Low
when assessing its actions (e.g.
No publication risk identified
Consideration should be given to how the RBA's actions lead
policy response to COVID)
to transfers of wealth.
Conflict of interest policies ought to be strengthened.
15
n/a
Anonymous
Representing people that the RBA's policy impacts
Interaction of monetary, fiscal and
AH - 29 Nov 2022
Raises concerns that the RBA has prioritised creating wealth, such as through increased house
macroprudential policy
prices, to stimulate growth, but that this is not productive.
RBA Communications
RBA Performance
Anonymous - submission word doc
Not applicable
needs to be anonymised.
15
n/a
Anonymous
Representing people that the RBA's policy impacts
Interaction of monetary, fiscal and
KH- 3 Nov 2022
-Extreme RBA policy during COVID was a major factor 'shooting property prices through the roof'.
macroprudential policy
The author raised concerns about housing being treated like a commodity and issues of housing
RBA Communications
affordability.
RBA Performance
- The author said that higher house prices stifle innovation as younger people focus on saving to
Not applicable
Not applicable
No publication risks identified
buy a house and others opt to play it safe and not start smal  businesses.

s 45, s 47E(d)
18
Jupp
Tony
Individual
n/a
Not confidential
What if there was another way to take cash out of the
Monetary Policy Frameworks
AH - 29 Nov 2022
Proposes that the RBA be given control of the superannuation guarantee rate, as a way to curb
Proposes that the RBA be given
economy that was fairer and didn't punish mortgage holders
income in the short term and reduce aggregate demand
control of the superannuation
so inequitably? What if we could do this without actual y
guarantee rate, as a way to curb
reducing family incomes? What if instead of varying interest
income in the short term and
rates the RBA varied the Superannuation Guarantee. What if
reduce aggregate demand
instead of raising interest rates & taking money out of
peoples pockets in times of rising inflation the RBA instead
varied the SG. My submission explains how this would work
in more detail.
Submission includes address and
High
email, this should be blacked out
19
Knox-Haly
Martha
Individual
n/a
Not confidential
The key points cover the need for board members who
Culture, Management and Recruitment
ER - 1 Dec 2022
understand the role of monetary supply to the private sector,  Governance including board composition
as wel  as economists from an MMT background to hold
Monetary Policy Frameworks
board level and senior management roles within the RBA.
I don’t see this as particularly
inflammatory
19
Knox-Haly
Martha
Individual
n/a
Not confidential
The key points cover the need for board members who
Culture, Management and Recruitment
GW - 16 Nov 2022 KH - 10 Nov 2022
Board Composition and Recruitment: We are wel  overdue for economists from a modern
understand the role of monetary supply to the private sector,  Governance including board composition
monetary theory background to be sitting on the RBA Board and in senior management roles. Need
as wel  as economists from an MMT background to hold
Monetary Policy Frameworks
governors and heads of department within the RBA who have a knowledge and understanding of
board level and senior management roles within the RBA.
inflationary causes, and that raising interest rates is an over-zealous intervention which cures
symptoms by kil ing the patient. RBA Board members need to be selected on the basis of expertise
and should also include climate scientists, academic economists and engineers, rather than
Possibly - some inflammatory claims
individuals with a generalist business background.
e.g. 'The private sector does not
Add MMT expertise to Board and  provision the government with
leadership, broaden expertise on  money, and we need RBA board
Medium
Board
members who understand this'
s 45, s 47E(d)
21
n/a
Anonymous
There is a major problem whereby staff from cultural y
Culture, Management and Recruitment
- There is a major problem whereby staff from cultural y diverse backgrounds, while well
s 45, s 47E(d)
diverse backgrounds, while wel  represented in junior to
represented in junior to lower-mid level positions, are severely underrepresented in leadership
lower-mid level positions, are severely underrepresented in
positions. The lack of progress made in addressing cultural diversity in leadership contrasts starkly
leadership positions. To address this, the Bank must take
with significant progress made on gender equity. Underrepresentation of cultural y diverse staff in
meaningful action â€“ including setting and implementing
leadership positions is a problem for several reasons 1. Greater cultural diversity in leadership is
targets for culturally diverse staff in leadership positions.
associated with stronger institutional performance 2.Failure to address the problem wil  result in
RBA continuing to lose culturally diverse talent 3. As a public institution, it is important for RBA’s
senior leaders to be broadly representative of the Australian population. 4. May not be consistent
with the Equal Opportunity Act and the Racial Discrimination Act 5. It is not fair for cultural y
diverse staff.
Low
- Some leading central banks are far more advanced than RBA along their journeys to tackle the
underrepresentation of cultural y diverse staff in leadership positions.
- To address this, the Bank must take meaningful action – including setting and implementing
targets for cultural y diverse staff in leadership positions.
Targets should be applied across
seniority levels/ corporate groups.
Targets should be measurable,
time-bound and accompanied by
an implementation plan.
22
Mckibbin
Warwick
Individual
n/a
Not confidential
paper presented to the 2018 RBA conference on Inflation
Monetary Policy Frameworks
AH - 29 Nov 2022
Nominal income targeting rules perform wel  in an envrionment of increasing supply disruptions
targeting
No publication risks identified - this
was published previously at the RBA
2018 conference on frameworks
23
Mckibbin
Warwick
Individual
n/a
Not confidential
Paper on the interaction of climate policy and monetary
Monetary Policy Frameworks
AH - 29 Nov 2022
Nominal income targeting rules perform wel  in an envrionment of increasing supply disruptions
No publication risks identified - this
policy
was published previously in an
academic journal
24
Blackburn
Ben
Ben Blackburn
Business
Not confidential
There is an over-arching and fundamental need to ensure that  RBA Performance
GW - 16 Nov 2022
Accountability: Reserve Bank decisions need more scrutiny. This can be achieved by appointing
Racing
our economy remains resilient to a complex and changing
Monetary Policy Frameworks
more experts to the RBA Board, making Board members individual y accountable and requiring
economic environment including global instability,
Governance including board composition
greater transparency
inflationary pressures and international supply chain
Culture, Management and Recruitment
shortages. What is clear is that more checks and balances â€“  Other
and further detailed scrutiny, analysis and transparency of
RBA board decision making is urgently required. The RBA
would make fewer and less persistent mistakes if it was
required to explain its decisions in public.
Medium
No publication risks identified
24
Blackburn
Ben
Ben Blackburn
Business
Not confidential
There is an over-arching and fundamental need to ensure that  RBA Performance
KH - 10 Nov 2022
There have also been suggestions that too many RBA board decisions are being ‘rubber stamped’
Racing
our economy remains resilient to a complex and changing
Monetary Policy Frameworks
and that a culture of consensus stifles innovation and a wider variety of viewpoints and arguments
economic environment including global instability,
Governance including board composition
from being heard, which leads to groupthink, insularity and status quo bias, which in turn
inflationary pressures and international supply chain
Culture, Management and Recruitment
negatively impacts on the RBA’s egregious “culture of indolence” which former Prime Minister Paul
shortages. What is clear is that more checks and balances â€“  Other
Keating refers to in his assessment.
and further detailed scrutiny, analysis and transparency of
No publication risks identified
RBA board decision making is urgently required. The RBA
would make fewer and less persistent mistakes if it was
required to explain its decisions in public.
Not applicable
Not applicable

24
Blackburn
Ben
Ben Blackburn
Business
Not confidential
There is an over-arching and fundamental need to ensure that  RBA Performance
KH - 3 Nov 2022
The author shared comments from former PM Keating about the RBA. These comments included in
Racing
our economy remains resilient to a complex and changing
Monetary Policy Frameworks
the submission criticised the RBA for 1) being 'the high priests' of incrementalism, rather than doing
economic environment including global instability,
Governance including board composition
what the situation cal ed for 2) being behind the curve in supporting the government in its
inflationary pressures and international supply chain
Culture, Management and Recruitment
budgetary funding during COVID 3) slow to act in a crisis.
shortages. What is clear is that more checks and balances â€“  Other
and further detailed scrutiny, analysis and transparency of
Not applicable
No publication risks identified
RBA board decision making is urgently required. The RBA
would make fewer and less persistent mistakes if it was
required to explain its decisions in public.
Not applicable
25
Cox
Kevin
White Label
Business
Not confidential
The Reserve Bank needs direct control over some of the new  Interaction of monetary, fiscal and
AH - 29 Nov 2022
Proposes that the RBA should provide some money for 'community capital' - which was defined as
Personal Clouds
money released into the economy. Interest Rates are an
macroprudential policy
a way to provide capital to local communities to redistribute wealth and promote local production.
indirect instrument with a delayed effect, while direct control
permits immediate adjustment. Community Capital spent by
the Government is a way to inject new money directly into
the economy without causing inflation. It al ows the Reserve
Bank to respond quickly to changing economic conditions
while leaving the Government to decide where to inject the
funds.
High
No publication risks identified
s 45, s 47E(d)
27
Grenville
Stephen
Individual
n/a
Not confidential
See previous summary
Monetary Policy Frameworks
Interaction of monetary, fiscal and
macroprudential policy
Repeat submission (NB: minor changes made, but final version was summarised #2)
RBA Performance
s 45, s 47E(d)
29
MAIR
PETER
Individual
n/a
Not confidential
A review of any central bank has global dimensions and wil
Monetary Policy Frameworks
AH - 29 Nov 2022
The submission makes the case that seignorage occuring throughout the financial system should
have global relevance. Five, global, monetary-policy shifts by  Other
lead to a review, and reform.
central banks since 1930 are reviewed. Central bankers
understand 'seigniorage': that issuing banknotes, on which
interest is not paid, is natural y profitable. Not understood
were the consequences of central banks giving, but not later
revoking, commercial-banks entitlements to the seigniorage
on the modern currency of the realm, 'free' deposits in
transaction accounts.
High
No publication risks identified
30
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers all topics
Culture, Management and Recruitment
GW- 16 Nov 2022
Submission provides a history of the Board structure of the RBA beginning with the Commonwealth
Governance including board composition
Bank Act of 1924
Interaction of monetary, fiscal and
In 1981 Campbel  Committee reviewed the nature and membership of the Board and saw no
macroprudential policy
compel ing reasons for change. Endorsed a board that drew its membership from different areas of
Monetary Policy Frameworks
the economy, and supported retention of Treasury Secretary as voting member. Committee
RBA Communications
suggested considering appointing two external members on a full time basis by concluded the
RBA Performance
Board was already able to seek best advice available from outside its ranks and from outside the
Board.
Given its record since the early 1990s it may be argued that the board of the Reserve Bank has
achieved the standard of governance defined by the Uhrig committee (‘governance is about
ensuring the success of an activity')
Discusses historical issues with having a Governor and a different chairman. A move now to bar the
Governor from chairing the board would almost certainly revive memories of the difficulties
experienced during the depression years when the Bank in effect had two official spokespersons,
the Chairman of the board and the Governor of the Bank.
Not Applicable
No
30
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers all topics
Culture, Management and Recruitment
MW - 4 Nov 2022
-The submission disagrees with the idea that the RBA is too insular, listing a range of leading
Governance including board composition
economists who have been invited to the Bank dating back to the 1950s
Interaction of monetary, fiscal and
-The submission considers that a cultural problem at the Bank is that RBA staff don't have a strong
-More could be done to encourage
macroprudential policy
understanding of economic history or the history of the RBA.
applications from graduates with
Monetary Policy Frameworks
-The submission notes that "considerable progress has been made in recent times to achieve
prior work experience
RBA Communications
gender equity at senior levels of the Bank"
-Encourage short-term
RBA Performance
appointments from people on
leave from their usual workplaces,
Medium
including university staff
No
30
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers all topics
Culture, Management and Recruitment
MW - 4 Nov 2022
Performance: "The RBA has been one of this nations success stories" - the submission notes that
-Reconsider forward guidance
Governance including board composition
inflation has averaged close to the mid-point of the target range since the early 1990s and how
-Communicate successes and
Interaction of monetary, fiscal and
Australia avoided recession for a 30 year stretch from the early 1990s. "Since its commencement in
failures better
macroprudential policy
1992 the Bank’s inflation targeting regime has been a success, perhaps more successful than
Monetary Policy Frameworks
inflation targeting systems operated by other central banks."
RBA Communications
RBA Performance
UMP: "The continuance of forward guidance, however, does require careful re-assessment. Its use
by the RBA in recent years has been the source of considerable public confusion and criticism.
Perhaps more consideration needs to be given to the wording used in the Bank’s forward guidance,
and ultimately whether forward guidance should continue to be used; its deficiencies may exceed
its benefits."
Communication: "The Reserve Bank has a creditable record in regard to transparency and its
communications with the public."
"In response to recent criticism, the Bank could have explained its successes as wel  as admitting its
less than successful forecasting efforts. Perhaps more should be done by the Bank in future to
rehearse its successes as wel  as admitting its failures."
Medium
No
31
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers frameworks and performance.
Monetary Policy Frameworks
AH - 29 Nov 2022
A summary of the evolution of flexible inflation targetting in australia - no recommendations are
RBA Performance
made, and the submission is provided as context.
No
31
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers frameworks and performance.
Monetary Policy Frameworks
MW - 4 Nov 2022
RBA Performance
Low
No

32
Maxwel
Anne
Individual
n/a
Not confidential
That the operation of the RBA be aligned with an accurate
Governance including board composition
AH - 29 Nov 2022
Advocates that modern monetary theory be adopted by the Board, and prioritise full employment
view of monetary systems and monetary policy as informed  Interaction of monetary, fiscal and
over price stability
by Modern Monetary Theory.
macroprudential policy
Other
High
No
33
n/a
Anonymous
Submission To Ensure Single Mandate, Financial Stability,
Monetary Policy Frameworks
AH - 29 Nov 2022
Proposes that the RBA should be given power to set a GST/VAT to curb demand, as wel  as
s 45, s 47E(d)
Productivity, Price and Monetary Stability, Inflation Target,
Other
personal income tax rates, and wages for sectors of the economy.
Non Human Set Cash Rate Target
Submission needs to have personal
details removed
34
Richards
Graeme
Individual
n/a
Not confidential
The RBA needs stronger tools to deal with inflation caused by  Monetary Policy Frameworks
ER - 1 Dec
MW - 4 Nov 2022
RBA to take control of GST rate as a means of managing macroeconomy, as wel  as take control of a
declining productivity. The RBA should set the GST tax rate to  Interaction of monetary, fiscal and
carbon tax and play a more direct role in wages outcomes
check excess demand for goods and services. The RBA should  macroprudential policy
set wage rates according to movements in GDP and working  RBA Performance
hours and relative labour conditions by industry to deal with  RBA Communications
the declining productivity. Setting just interest rates with
unprecedented future expenditure from Carbon Emissions
reductions, Defence, COVID, with an Aging population wil  not
work.
High
No
35
Kirchner
Stephen
Business Council  Peak industry
Not confidential
The Reserve Bank has served Australia wel  since the adoption  Monetary Policy Frameworks
GW - 16 Nov 2022
Responsibilities: Monetary policy decision making could be assigned to a Monetary Policy
of Australia
body/union
of inflation targeting in the early 1990s. Australia avoided
Interaction of monetary, fiscal and
Committee consisting of RBA executives and external appointees with monetary policy and
recession between 1991 and 2020, with inflation outcomes
macroprudential policy
macroeconomic expertise. The role of the non-executive Board members would then be to
mostly consistent with the target and the financial system has  RBA Performance
oversight the performance of the Bank in meeting its statutory objectives and policy agreement
been stable. This suggests that the fundamental statutory
RBA Communications
with the government, reporting to the Treasurer and the Parliament.
framework and mandate for the RBA is sound.
Governance including board composition
Accountability for monetary policy decision making could also be strengthened by ensuring that
Culture, Management and Recruitment
the contributions and voting records of Monetary Policy Committee members to monetary policy
decisions are made public through the minutes of Committee meetings. This is accepted practice
with other central banks.
The current consensus-based model of decision making discourages dissent, which is less
conducive to robust decision making.
On appointments, it is not clear why Treasury and the RBA should enjoy an effective veto over
appointments to the Board.
Appointments to the position of Governor and Deputy Governor should be made on the basis of an
open and international y competitive selection process, such as that used to recruit Governors of
the Bank of England.
Creation of MPC, improved
High
selection process for Gov/Dep Gov No
35
Kirchner
Stephen
Business Council  Peak industry
Not confidential
The Reserve Bank has served Australia wel  since the adoption  Monetary Policy Frameworks
MW - 7 Nov 2022
MW - 7 Nov 2022
"The Reserve Bank has served Australia wel  since the adoption of inflation targeting in the early
of Australia
body/union
of inflation targeting in the early 1990s. Australia avoided
Interaction of monetary, fiscal and
1990s. Australia avoided recession between 1991 and 2020, with inflation outcomes mostly
recession between 1991 and 2020, with inflation outcomes
macroprudential policy
consistent with the target and the financial system has been stable. This suggests that the
mostly consistent with the target and the financial system has  RBA Performance
fundamental statutory framework and mandate for the RBA is sound." The submission considers
been stable. This suggests that the fundamental statutory
RBA Communications
that the "The RBA has mostly been successful in meeting its inflation objective since the
framework and mandate for the RBA is sound.
Governance including board composition
introduction of inflation targeting".
Culture, Management and Recruitment
The submission draws attention to the 2016-2021 period of below target inflation, where it
considers that the RBA explicitly traded-off its inflation objective against financial stability risks. It
notes the 'considerable body of research' that this trade-off incurs more costs than benefits. The
submission recommends that financial stability should be expressed as explicitly subordinate to
price stability and full employment in the SCMP.
FS subordinate to inflation and
Medium
employment in SCMP
No
36
Dowling
Grahame
Individual
n/a
Not confidential
This submission addresses three issues â€“ the economic
Monetary Policy Frameworks
GW - 16 Nov 2022
Number of meetings: In a dynamic, complex economy that operates 12 months a year, 11
prosperity and welfare objective of the Bank; Board decision  RBA Communications
meetings, each of which will also devote (considerable) time to administrative matters, does not
making, and forward guidance.
Governance including board composition
reflect the fundamental importance
I start with the RBA€™s statutory purpose to promote the
Part-time nature of Board members creates heavy reliance on background papers and briefings
economic welfare of the Australian people. The argument
offered by the RBA which creates management capture. The information flowing up to the board is
advanced is that the hope for a single institution that uses
what the RBA senior executives want the board members to see. And since the Governor is the
one primary economic lever (cash rate) and a megaphone
Chair, control of the agenda rests firmly with the RBA. The governance literature suggests that RBA
(forward guidance) to reliably manipulate Australia€™s
(expert) information wil  anchor board discussion and the non-executive members, most of whom
economy is a Grand Absurdity.
know far less about economics than the RBA’s professionals, wil  seldom strongly chal enge this
information and boardroom discussion wil  not significantly change the anchor position set by the
RBA
Given prestige and stipend of position, literature suggests members have more to gain by
Medium
No
conforming to the group
Voting - Australians can't opt out of sphere of influence, so different to a corporate world where
investors can opt out if don't like governance. Therefore merit to arguments for public votes
Accountability - the non-executives are real y a group of hand-picked, bright, part-time non-
economists tasked with moderating the views of a group of expert economists. Neither group is
held personal y accountable for their decisions
More meetings
publish votes
36
Dowling
Grahame
Individual
n/a
Not confidential
This submission addresses three issues â€“ the economic
Monetary Policy Frameworks
MW - 7 Nov 2022
The submission considers that the RBA's credibility is "shattered" fol owing its use of forward
prosperity and welfare objective of the Bank; Board decision  RBA Communications
guidance. The author considers that more recognition of uncertainty would be preferable.
making, and forward guidance.
Governance including board composition
The submission also mentions that another communication failure of the RBA is that it "too often
I start with the RBAâ€™s statutory purpose to promote the
surprises financial markets".
economic welfare of the Australian people. The argument
The submission suggests sourcing additional forecasts from external parties to compare to internal
The submission suggests that
advanced is that the hope for a single institution that uses
forecasting.
Medium
forecasts should be generated by  No
one primary economic lever (cash rate) and a megaphone
3 groups - Bank staff, a group of
(forward guidance) to reliably manipulate Australiaâ€™s
' wel -informed lay people" and
economy is a Grand Absurdity.
professional economists. The
three sets of forecasts would be
included in monthly Board papers,
"maybe as dot plots".
37
Ong
Su-Lin
RBC Capital
Business
Not confidential
This paper was written in early Jun-22 ahead of the ToR with  Monetary Policy Frameworks
GW - 16 Nov 2022
Notes current composition of the Board and the contrast to other monetary policy
Markets
clients (funds, asset managers, central banks) asking us about  RBA Communications
boards/committees which have a far heavier presence from academia including monetary policy
the Review, process and what we thought likely to emerge. It  Governance including board composition
specialists, broader public policy representation and more diverse boards with international
was done as a forward looking exercise. All key suggestions
participants as well as representation from financial markets. Sees merit in this
remain valid including a regular quarterly press conference
Notes Treasurer already has the discretion to appoint such members should they wish to
post each SoMP, formalisation and publication of the
Medium
No
business liaison, publication of votes, publication of different
board meeting views, greater board diversity including
international.
Sees merit in changing Board
composition

37
Ong
Su-Lin
RBC Capital
Business
Not confidential
This paper was written in early Jun-22 ahead of the ToR with  Monetary Policy Frameworks
MW - 7 Nov 2022
The submission is presented as a prediction of where the review was likely to land, written in June
-Regular press conferences
Markets
clients (funds, asset managers, central banks) asking us about  RBA Communications
2022.
-More detailed minutes (including
the Review, process and what we thought likely to emerge. It  Governance including board composition
dissenting opinions)
was done as a forward looking exercise. All key suggestions
"International best practice would suggest there could be more which would contribute to greater
-Voting records
remain valid including a regular quarterly press conference
transparency around the RBA’s reaction function and decision making. We expect the Review to
-Publication of business liaison
post each SoMP, formalisation and publication of the
explore the merits of regular press conferences (perhaps similar to the BoC’s quarterly
Medium
program
No
business liaison, publication of votes, publication of different
commitment post each MPR and its forecasts), more detailed board minutes around differing
board meeting views, greater board diversity including
views including a possible record of voting and the publication of its business liaison program"
international.
38
Johnson
Mark
Individual
n/a
Not confidential
Part I argues for formal recognition of Reserve Bank
Other
KH -18
Objectives: widen to formally include facilitating relationships with economies in the Asia Pacific
responsibility to facilitate the transfer of Australian expertise
Nov 2022 region. The RBA, APRA, ASIC and ACCC - have skil s, experience and resources which are highly
in financial regulation to other Asia Pacific economies.
relevant to the requirements of the region. They supervise, facilitate and regulate - very well - a
Part II describes a current initiative to alleviate currency risk
highly developed and efficient financial system. Develop a “College of Financial Regulation or
in these economies, through Commonwealth Government
Regulators” that would have the mission of transferring to its regional counterparts whatever parts
High
No
sponsorship of a currency indexed bond market, which
of the Australian regulatory experience they deemed relevant.
requires Reserve Bank support.
Increase RBA objectives to
facilitate relationships with
economies in the Asia Pacific
region
39
n/a
Anonymous
The submission seeks to draw attention to the overlooked
RBA Performance
MW - 7 Nov 2022 GW - 16 Nov 2022
The submission considers that the RBA has not given adequate consideration to the impact of
-The author suggests the RBA
s 45, s 47E(d)
question of negative real returns to depositors, which it is
RBA Communications
negative real returns on depositors. The submission advocates for more distributional analysis, a
should provide analysis setting out
suggested, should be viewed as a constraint on monetary
Governance including board composition
change to the monetary policy reaction function and for splitting out the RBA's monetary policy
regularly in detail the
policy. Communication mandates and decision principles are
function from its central banking duties.
distributional impacts of monetary
proposed, cognisant of this impact on depositors. The
policy settings, and why any
question is posed, whether the central banking and monetary
adverse impacts were considered
policy setting functions of the RBA. May be separated, for
necessary
dedicated, more effective monetary policy setting processes.
-The author suggests that the
RBA's reaction function should
High
include consideration of returns to  No
depositors.
-The author considers that the
RBA's monetary policy functions,
including monitoring and
model ing, should be split out
from its central banking functions.
40
MAIR
PETER
Individual
n/a
Not confidential
The future for central banks is not clear. Monetary policies
Monetary Policy Frameworks
GW - 16 Nov 2022
Discusses issues from 1982-89, a 'reign of terror' when management of the bank was destabilised.
dictated by a global consensus raise questions of relevance.  Interaction of monetary, fiscal and
Highlights that since governors make internal appointments, a misstep in the appointment of the
Substantial fiscal policy decisions of central banks are not
macroprudential policy
governor leads to others.
properly coordinated with government, nor clearly identified  RBA Performance
Putting in place more objectively independent arrangements for governor appointments is an
and quantified. Central bankers' short-run mindsets are not  Governance including board composition
option
Discusses a 'reign of terror' in the
attuned and responsive to the longer-run public interest.
Culture, Management and Recruitment
Reservations about current arrangements around scope for political bias, not limited to RBA. As is,
Low
management of the Bank between
Shortcomings remain to be corrected. Coordination of
the RBA board is a diverse group of wel  credentialed people. Members bring to the table wel
1982-89
financial regulators' policies would best involve an
informed views and a sense of public service
independent oversight body.
Improvements to Governor
approval process
40
MAIR
PETER
Individual
n/a
Not confidential
The future for central banks is not clear. Monetary policies
Monetary Policy Frameworks
MW - 7 Nov 2022
The submission advocates for further internal work on 'long run prosperity and welfare issues', as
dictated by a global consensus raise questions of relevance.  Interaction of monetary, fiscal and
wel  as an independent coordinator of regulatory agencies.
Substantial fiscal policy decisions of central banks are not
macroprudential policy
properly coordinated with government, nor clearly identified  RBA Performance
and quantified. Central bankers' short-run mindsets are not  Governance including board composition
attuned and responsive to the longer-run public interest.
Culture, Management and Recruitment
Medium
No
Shortcomings remain to be corrected. Coordination of
financial regulators' policies would best involve an
independent oversight body.
41
Hind
Neville
Individual
n/a
Not confidential
Sharpening a blunt tool
Interaction of monetary, fiscal and
AH - 29 Nov 2022
Proposes changes to tax rules around the deductability of interest payments and variable taxes for
macroprudential policy
interest payments to target sectors of the economy as a targetted way of curbing demand.
This submission identifies an overlap between fiscal and
monetary policy. It proposes to apply common fiscal policy
tools to monetary policy to al ow monetary policy to be
applied at a micro-economic level.
Low
No
The tools would allow risks within the financial system to be
targeted and reduced by changing taxation arrangements. It
will also give policy makers more options to reallocate
resources, which should improve efficiency and/or equity.
42
Lawler
Luke
Customer Owned  Peak industry
Not confidential
RBA engages effectively with stakeholders to gather
Interaction of monetary, fiscal and
GW - 16 Nov 2022
COBA sees a case for former retail bankers to be on the Board. Banking system is the means of
Banking
body/union
information and consult on policy matters.
macroprudential policy
transmission of monetary policy. Strategic perspective, and experience in retail banking markets is
Association
RBA acted effectively during the pandemic to support the
RBA Performance
relevant experience and could productively chal enge.
stability of the financial system.
RBA Communications
Given the perspective of listed companies are always wel  represented, when drafting candidate
Strongly support contributions by the RBA to debate about
Governance including board composition
shortlist should give due weighting to different business models such as customer owned
regulatory proportionality and better regulatory co-
Low
No
ordination.
Recent experience in retail banking should be considered
Former retail bankers to be
highly relevant for the shortlist of candidates for the RBA
considered for Board membership,
Board.
candidate list to give consideration
to different business models
42
Lawler
Luke
Customer Owned  Peak industry
Not confidential
RBA engages effectively with stakeholders to gather
Interaction of monetary, fiscal and
MW - 7 Nov 2022
The submission is supportive of the RBA's engagement with COBA over time, with information
Banking
body/union
information and consult on policy matters.
macroprudential policy
sharing flowing in both directions.
Association
RBA acted effectively during the pandemic to support the
RBA Performance
The submission also expressed support for the RBA and APRA's actions during the pandemic to
stability of the financial system.
RBA Communications
ensure the functioning of financial markets and support the stability of the financial system.
Strongly support contributions by the RBA to debate about
Governance including board composition
regulatory proportionality and better regulatory co-
Low
No
ordination.
Recent experience in retail banking should be considered
highly relevant for the shortlist of candidates for the RBA
Board.

43
Walter
Ryan
Individual
n/a
Not confidential
This submission clarifies the role of party politics in the
Monetary Policy Frameworks
origins of Australia€™s independent, inflation-targeting
RBA Communications
regime and in the continuing politicization of interest-rate
Governance including board composition
movements. It then proposes two reforms - a bipartisan
policy commitment and a 'Reminder Provision' - to mitigate
the harmful effects of politicization.
43
Walter
Ryan
Individual
n/a
Not confidential
This submission clarifies the role of party politics in the
Monetary Policy Frameworks
MW - 7 Nov 2022 GW - 16 Nov 2022
The submission (from an Associate Professor of Political Science) discusses the interaction between
Further formalising independence
origins of Australia€™s independent, inflation-targeting
RBA Communications
party politics and monetary policy by providing a brief history. The author provides a suggested
in the SCMP
regime and in the continuing politicization of interest-rate
Governance including board composition
addition to the SCMP to provide more formal recognition of the RBA's political independence,
movements. It then proposes two reforms - a bipartisan
signed by the Governor, Treasurer and Shadow Treasurer:
policy commitment and a 'Reminder Provision' - to mitigate
the harmful effects of politicization.
Consistent with its responsibilities for economic policy as a whole, the Government reserves the
right to comment on monetary policy from time to time, but in full recognition that the Reserve
Low
No
Bank’s operational independence places interest-rate movements beyond the government’s
immediate control . The Government and Opposition recognize that the Governor may need to
publicly remind members of any party of this aspect of our monetary policy framework from time to
time.
44
Nelson
Charles
Foreseechange
Business
Not confidential
The practice of economic forecasting leads to suboptimal
Monetary Policy Frameworks
policy; the different responses to interest rate changes have  RBA Performance
changed over the years, with the "perverse" impact now
RBA Communications
greater than in the past which has the potential to confuse
policy makers into over-reaction; the general public were well
ahead of the RBA on expectations about inflation and interest
rates and the recent poor communication could have been
avoided had the RBA listened to the people.
44
Nelson
Charles
Foreseechange
Business
Not confidential
The practice of economic forecasting leads to suboptimal
Monetary Policy Frameworks
MW - 7 Nov 2022
The submission outlines a number of analytical points alongside a number of recommendations.
-The author suggests that there
policy; the different responses to interest rate changes have  RBA Performance
The submission details issues with economic forecasting from the RBA and other institutions,
should be upper and lower bounds
changed over the years, with the "perverse" impact now
RBA Communications
suggesting that increased use of scenarios would improve risk management. The author details
on the cash rate, to provide a
greater than in the past which has the potential to confuse
some personal analysis of the reaction of consumers to interest rate changes, as wel  as analysis of
degree of certainty to consumers.
policy makers into over-reaction; the general public were well
consumer inflation expectations.
-The author recommends the use
ahead of the RBA on expectations about inflation and interest
of scenarios to prepare for large
rates and the recent poor communication could have been
Medium
future shocks
avoided had the RBA listened to the people.
-The author recommends
increasing liaison with consumers
as an early indicator of turning
points
45
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Interaction of monetary, fiscal and
because it follows only Monetarist (Friedmanite) policies,
macroprudential policy
which are wrong!
RBA Performance
The charter of the RBA requires it to ensure:
RBA Communications
The board of the RBA is not independent from external political influences; it is not accountable,
a)the stability of the currency of Australia;
Governance including board composition
and it is not transparent
b)the maintenance of full employment in Australia; and
The board needs a much greater spread of diversity if it is to be representative of, and work for ‘the
High
As below
c)the economic prosperity and welfare of the people of
greatest advantage of the people of Australia’. The board needs a balance of non-establishment
Australia.
citizens, worker’s representatives, more ethnic diversity, and a much wider spread of economic
The RBA is failing on al  three of these requirements.
opinion. The current RBA board appears to be stacked with group-thinking Monetarists, but no one
Increased diversity of Board
from any heterodox school of economics such as Keynesians, Modern Monetary Theorists, or
composition to include heterodox
democratic socialists.
economic thought
45
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Interaction of monetary, fiscal and
MW - 7 Nov 2022
The submission provides a criticism of both the RBA and the authors interpretation of the RBA's
The submission advocates for
because it follows only Monetarist (Friedmanite) policies,
macroprudential policy
underlying economic ideology ("The RBA is wedded to a detrimental economic ideology in the form
improved communication of the
which are wrong!
RBA Performance
of Neoliberalism which is not fit for future purpose and must be changed")
RBA's policy choices
Potentially - there are a range of
The charter of the RBA requires it to ensure:
RBA Communications
fairly bold claims e.g. "The theory of
a)the stability of the currency of Australia;
Governance including board composition
It states that "the RBA has effectively abandoned the aims of its Charter. The RBA and Australia’s
NAIRU is a nasty lie. As explained
b)the maintenance of full employment in Australia; and
Federal government do not attend to the stability of our currency [and] the RBA does not even
High
above, there is no need for a
c)the economic prosperity and welfare of the people of
attempt the maintenance of full employment because the board members don’t believe in it and
minimum consistent level of
Australia.
arguably have a cognitive bias in favour of business."
unemployment. That policy is only
The RBA is failing on al  three of these requirements.
used by fascist governments to
suppress wage justice."
46
Halmarick
Stephen
Individual
n/a
Not confidential
This submission covers the RBA€™s objectives, structure and  Monetary Policy Frameworks
MW - 22 Nov 2022
strategy - with a focus on key recommendations to help set
Interaction of monetary, fiscal and
the RBA up for a more uncertain future. Key
macroprudential policy
recommendations include no change to the RBA's 2%-3%
RBA Performance
flexible inflation target and no changes to the objectives set  RBA Communications
Implement an active two-way flow of economists into and out of the RBA/private sector.
out in the RBA Act. Changes are recommended to the
Governance including board composition
Open up appointments to senior roles at the RBA to the private sector through a more transparent
structure of the RBA Board, the RBA's communication
Culture, Management and Recruitment
process.
Low
No
strategy, the use of non-official data, insights and market
feedback and monetary policy tools.
46
Halmarick
Stephen
Individual
n/a
Not confidential
This submission covers the RBA€™s objectives, structure and  Monetary Policy Frameworks
MW - 22 Nov 2022
Retain the cash rate as the main policy tool, with unconventional monetary policy to only be
strategy - with a focus on key recommendations to help set
Interaction of monetary, fiscal and
considered once the cash rate approaches the zero lower bound.
the RBA up for a more uncertain future. Key
macroprudential policy
–Forward guidance should be state-based, not calendar-based.
recommendations include no change to the RBA's 2%-3%
RBA Performance
–Use of a yield target in the future is not recommended.
flexible inflation target and no changes to the objectives set  RBA Communications
Hold a press conference fol owing the publication of the quarterly Statement on Monetary Policy.
out in the RBA Act. Changes are recommended to the
Governance including board composition
Provide more details on the discussion, views and chal enges in the Board meeting.
Medium
No
structure of the RBA Board, the RBA's communication
Culture, Management and Recruitment
strategy, the use of non-official data, insights and market
feedback and monetary policy tools.
Press conferences fol owing SMP
release

46
Halmarick
Stephen
Individual
n/a
Not confidential
This submission covers the RBA€™s objectives, structure and  Monetary Policy Frameworks
GW - 16 Nov 2022
strategy - with a focus on key recommendations to help set
Interaction of monetary, fiscal and
Economists from outside the RBA, including the CBA, should be invited to present data and insights
the RBA up for a more uncertain future. Key
macroprudential policy
to the RBA Board meeting
recommendations include no change to the RBA's 2%-3%
RBA Performance
A 3-3-3 Board, comprising three members from the RBA/Treasury, three from the ‘economy’ and
flexible inflation target and no changes to the objectives set  RBA Communications
three monetary policy/economic experts who could provide significant input and chal enge to the
out in the RBA Act. Changes are recommended to the
Governance including board composition
internal y generated RBA view
Medium
No
structure of the RBA Board, the RBA's communication
Culture, Management and Recruitment
The six non-RBA/Treasury Board appointments should be made in an open and transparent way,
Publication of non-attributed
strategy, the use of non-official data, insights and market
not by the current ‘shortlist’. The current 5 year term for Board members is appropriate, with a limit
votes
feedback and monetary policy tools.
to be set of two terms to be held
In our view, there is no need for individual ‘votes’ on the Board to be disclosed by name. However,
change in composition to include
a ‘vote count’ should be published
more monetary policy experts
improve appointments
47
Phillips
Toby
Centre for Policy  Policy/research
Not confidential
Climate change is having a significant and dynamic impact on  Monetary Policy Frameworks
MW - 22 Nov 2022
The CPD recommend staffing changes to bolster climate capacity at the RBA, through extra
Development
institute
the macro-stability goals of the RBA. The RBA should evolve  Interaction of monetary, fiscal and
resourcing for climate issues and the inclusion of climate in a matrix of skills for the RBA Board.
its practice to integrate climate risk into its business and limit  macroprudential policy
contradictions between monetary policy and climate
Governance including board composition
transition policy. The government should clarify how the RBA  Culture, Management and Recruitment
Low
No
objectives relate to climate issues, either through legislative
amendment or a ministerial direction.
Staff resourcing for climate
capability
47
Phillips
Toby
Centre for Policy  Policy/research
Not confidential
Climate change is having a significant and dynamic impact on  Monetary Policy Frameworks
GW - 16 Nov 2022
Development
institute
the macro-stability goals of the RBA. The RBA should evolve  Interaction of monetary, fiscal and
its practice to integrate climate risk into its business and limit  macroprudential policy
contradictions between monetary policy and climate
Governance including board composition
May be useful to develop a skil s matrix for the Board. Climate change should be included I as a
transition policy. The government should clarify how the RBA  Culture, Management and Recruitment
specific skil . This could be through the targeted appointment of a qualified candidate, training of
Low
No
objectives relate to climate issues, either through legislative
existing board members, or both
amendment or a ministerial direction.
Board skills matrix with climate
change as a skil
48
Smith
Andrew
Individual
n/a
Not confidential
Thornton, Wicksel  and Hayek al  recognised the benefits of a  Monetary Policy Frameworks
monetary system in which the money supply is constant,
since in it the natural rate of interest automatically prevails.
Modern money - fiat, electronic, abstract - makes such a
system feasible. I explore the implications of adopting this. I
argue it results in a financial system not prone to crises, and
in better economic outcomes as pricing signals are not
distorted by the money-creation process .
49
Delemenico
Phil
Treasury Services  Private - Financial  Not confidential
Repayment of TFF from excess funds in ADI ES accounts (&
RBA Performance
DL - 3 Nov 2022
Author notes that RBA is paying 2.5% on ADI's ES balances, but TFF funding was provided at
Group
services
HQLA).
between 0.1-0.25%. To the extent ADIs drew funds to add to ES balances, this is a cost to the
government. The author proposes: (1) requiring repayment of excess ES balances from TFF
drawings, (2) the RBA limiting ES balances until institutions repay excess ES balances, and (3) the
Review disclosing costs to government of excess ES balances.
ADIs to repay TFF drawdowns that
Low
are being held in ES accounts; RBA  No publication risks identified
to place a cap on each ADI's ES
balances until repayment of TFF;
Review to disclose cost to
government of excess funds being
held in ES accounts.
s 45, s 47E(d)
51
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Monetary Policy Frameworks
DL - 3 Nov 2022
This submission draws on various points in Modern Monetary Theory, and criticises the RBA for
- Help public to better understand
because it follows only Monetarist (Friedmanite) policies,
Interaction of monetary, fiscal and
being 'wedded to a detrimental economic ideology in the form of Neoliberalism'.
how money is created.
which are wrong! The charter of the RBA requires it to ensure: macroprudential policy
- Introduce a 'job guarantee' and
a) the stability of the currency of Australia;
RBA Performance
- RBA does not serve 'the greatest advantage of the people of Australia', and instead acts only for
Universal Basic Income.
b) the maintenance of full employment in Australia; and
RBA Communications
the 'wel -being of rich people and of the finance sector.'
Potentially inflammatory - e.g. 'That
c) the economic prosperity and welfare of the people of
Governance including board composition
- RBA has effectively abandoned its objectives in the Act, including abandoning stability of the
policy is only used by fascist
Australia.
Culture, Management and Recruitment
currency (citing volatility in A$) and full employment (citing RBA's belief in a natural rate of
High
governments to suppress wage
The RBA is failing on al  three of these requirements. I critique
unemployment).
justice.' and 'RBA… serves its own
both Monetary and Inflation Policies of the RBA, and suggest
- RBA does not communicate its decisions in a timely manner, nor explain their rationale in a clear
political prejudices'
better alternatives.
way.
- RBA serves its 'own political prejudices'.
51
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Monetary Policy Frameworks
GW - 3 Nov 2022
Repeat submission, see #45
because it follows only Monetarist (Friedmanite) policies,
Interaction of monetary, fiscal and
which are wrong! The charter of the RBA requires it to ensure: macroprudential policy
a) the stability of the currency of Australia;
RBA Performance
b) the maintenance of full employment in Australia; and
RBA Communications
c) the economic prosperity and welfare of the people of
Governance including board composition
Australia.
Culture, Management and Recruitment
NA
Duplicate
The RBA is failing on al  three of these requirements. I critique
both Monetary and Inflation Policies of the RBA, and suggest
better alternatives.
Duplicate
52
Sathiy
Siva
Individual
n/a
Not confidential
RBA has failed the oral duty and it has created moral
Monetary Policy Frameworks
hazardous environment in Australia
Interaction of monetary, fiscal and
New duty statement: RBA’s duty is to contribute to the
macroprudential policy
stability of the currency (more than 20% swing within 7 days),  RBA Performance
full employment (under 6%), and the economic prosperity
RBA Communications
(asset appreciation inline inflation and increase in real
Governance including board composition
income) with and welfare (current and future generations) of  Culture, Management and Recruitment
the Australian people.

52
Sathiy
Siva
Individual
n/a
Not confidential
RBA has failed the oral duty and it has created moral
Monetary Policy Frameworks
GW - 3 Nov 2022
Composition - Current compositions only support the business community, short term (like
hazardous environment in Australia
Interaction of monetary, fiscal and
company directors propping the share price to get bonus), and current generation. Only private and
New duty statement: RBA’s duty is to contribute to the
macroprudential policy
public sector economics should be the voting members. Businesses and union can be part of the
stability of the currency (more than 20% swing within 7 days),  RBA Performance
decision making but they wil  be non-voting members.
full employment (under 6%), and the economic prosperity
RBA Communications
Medium
No
(asset appreciation inline inflation and increase in real
Governance including board composition
income) with and welfare (current and future generations) of  Culture, Management and Recruitment
the Australian people.
No Business representation on the
Board
52
Sathiy
Siva
Individual
n/a
Not confidential
RBA has failed the oral duty and it has created moral
Monetary Policy Frameworks
DL - 3 Nov 2022
- RBA has failed its duty and has created a moral hazard problem in Australia.
hazardous environment in Australia
Interaction of monetary, fiscal and
- Argues that RBA has created asset bubbles (citing housing prices) that harm economic prosperity
New duty statement: RBA’s duty is to contribute to the
macroprudential policy
and welfare of the Australian people.
stability of the currency (more than 20% swing within 7 days),  RBA Performance
- RBA 'should not be al owed to buy bonds to favour the current government' and should not be
full employment (under 6%), and the economic prosperity
RBA Communications
al owed to give forward guidance ('pure market manipulation').
Medium
(asset appreciation inline inflation and increase in real
Governance including board composition
income) with and welfare (current and future generations) of  Culture, Management and Recruitment
the Australian people.
53
Stoneway
n/a
Individual
n/a
Not confidential
Board composition and superficiality of analysis in interest
Monetary Policy Frameworks
rate deliberation, policy targeting.
RBA Performance
Governance including board composition
53
Stoneway
n/a
Individual
n/a
Not confidential
Board composition and superficiality of analysis in interest
Monetary Policy Frameworks
GW - 3 Nov 2022
Composition - RBA board and decision makers should have cross societal representation, not just
rate deliberation, policy targeting.
RBA Performance
be ful  of neoliberal economist types, or the few who benefit from very large salaries that drive
Governance including board composition
inequality. Economic expertise is clearly important but a variety of perspectives is too. Question to
when the RBA Board had representation from various groups of society.
Low
No
Better board composition would help the RBA in considering the distributional and sectoral impacts
of rate decisions
Greater diversity in Board member
representation
53
Stoneway
n/a
Individual
n/a
Not confidential
Board composition and superficiality of analysis in interest
Monetary Policy Frameworks
DL - 3 Nov 2022
- RBA spends too much time talking about international economy and reacts to factors it cannot
rate deliberation, policy targeting.
RBA Performance
control (e.g. lockdowns during the pandemic)
Governance including board composition
- RBA lacks a sectoral perspective and focuses too little on inequality and unequal effects of its
Low
policies.
- Interest rates were lowered too far, to little effect.
54
Johnson
Ray
Individual
n/a
Not confidential
The submission wil  provide robust evidence for the urgent
Monetary Policy Frameworks
GW - 16 Nov 2022
The Secretary of the lead federal Department with responsibility for the Environment should be an
AG (Ecology)
need to engage with the environmental and ecological
Interaction of monetary, fiscal and
ex-officio appointment to the Reserve Bank Board
Secretary for Energy D
dimension of the economy.
macroprudential policy
The Board should include at least one member with appropriate proven high-level experience in
RBA Performance
ecological economics
Governance including board composition
An Assistant-Governor (Ecology) should be appointed along with sufficient staff with relevant
High
expertise to meet the RBA’s needs regarding its proposed environmental and ecological economic
objectives
There should be a mandatory independent review of these new arrangements every two years. The
review should be made public at the same time it is passed to government
54
Johnson
Ray
Individual
n/a
Not confidential
The submission wil  provide robust evidence for the urgent
Monetary Policy Frameworks
DL - 7 Nov 2022
- RBA not currently meeting its duty, in particular to act for the 'economic prosperity and welfare of
Work with ABS and Productivity
need to engage with the environmental and ecological
Interaction of monetary, fiscal and
the people of Australia'.
Commission to improve
dimension of the economy.
macroprudential policy
- RBA fails to engage with policy implications of climate change, of which main drivers are GDP per
environmental data.
RBA Performance
capita and population growth.
High
No publication risks identified
Governance including board composition
- RBA needs to gain expertise in environmental and ecological economics.
s 45, s 47E(d)
56
Wales
Richard
Individual
n/a
Not confidential
The weakness of the using the current blunt tools to manage  Monetary Policy Frameworks
the money supply and the assumption that maintaining a 2-
Interaction of monetary, fiscal and
3% inflation rate will achieve all three RBA objectives is
macroprudential policy
highlighted. It is proposed that a Sovereign Money approach  RBA Performance
(see Positive Money) wil  provide a far more effective way of  Governance including board composition
managing the money supply. It is also proposed that the RBA
have a wel  funded and independent research team and a
board that includes people appointed based on relevant
expertise and experience.

56
Wales
Richard
Individual
n/a
Not confidential
The weakness of the using the current blunt tools to manage  Monetary Policy Frameworks
GW - 16 Nov 2022
the money supply and the assumption that maintaining a 2-
Interaction of monetary, fiscal and
RBA has limited independence with the Act providing a clear process for the government to
3% inflation rate will achieve all three RBA objectives is
macroprudential policy
overrule the RBA monetary policy decisions
highlighted. It is proposed that a Sovereign Money approach  RBA Performance
RBA doesn’t appoint monetary policy experts as its non-RBA members. The treasurer has made
(see Positive Money) wil  provide a far more effective way of  Governance including board composition
appointments that are dominated by business people who have held senior roles in major public
managing the money supply. It is also proposed that the RBA
corporations
have a wel  funded and independent research team and a
A decision needs to be made to determine if the RBA board should be the best col ection of
Medium
Changes to Board composition
No publication risks identified
board that includes people appointed based on relevant
expertise available or provide a representative group that influences and guides the board towards
expertise and experience.
meeting its remit
The inclusion of wel -respected academics representing modern economic thought, as wel  as
union representatives and more general representatives of the Australian public, could better hold
the RBA employees on the board to account.
56
Wales
Richard
Individual
n/a
Not confidential
The weakness of the using the current blunt tools to manage  Monetary Policy Frameworks
DL - 7 Nov 2022
- RBA relies too heavily on financial institutions in transmission of monetary policies. UMPs during
the money supply and the assumption that maintaining a 2-
Interaction of monetary, fiscal and
the pandemic mostly did not flow to real economy and instead served to inflation asset prices.
3% inflation rate will achieve all three RBA objectives is
macroprudential policy
- RBA did not explain why it chose not to directly finance the Government.
highlighted. It is proposed that a Sovereign Money approach  RBA Performance
- '. .there is significant evidence of causal relationships that indicate that the current monetary
(see Positive Money) wil  provide a far more effective way of  Governance including board composition
policy is not achieving desirable outcomes.'
managing the money supply. It is also proposed that the RBA
- RBA has not achieved price stability because CPI doesn't capture housing. Also inequality has
have a wel  funded and independent research team and a
worsened.
board that includes people appointed based on relevant
- RBA has not used its remit to tackle the problem of low wages growth.
No publication risks identified
expertise and experience.
- Current policy is misguided because it uses a blunt instrument to deal with supply issues.
- RBA was too slow to reduce bond purchases and raise interest rates.
- Behaviour of RBA reflects a neoclassical economic perspective.
57
Morris
Shireen
Individual
n/a
Not confidential
This submission argues for a fairer synthesis of the dual
Monetary Policy Frameworks
objectives of true full employment and stable prices, which
Interaction of monetary, fiscal and
should be the headline priority of the Commonwealth
macroprudential policy
government of which the RBA is a part. The RBA should
RBA Performance
support the government in achieving a true full employment  Governance including board composition
agenda. It argues that the orthodox approach of fighting
inflation by maintaining unemployment is not only unjust, but
also unproductive and often ineffective. There are more
productive alternatives to be explored.
57
Morris
Shireen
Individual
n/a
Not confidential
This submission argues for a fairer synthesis of the dual
Monetary Policy Frameworks
objectives of true full employment and stable prices, which
Interaction of monetary, fiscal and
should be the headline priority of the Commonwealth
macroprudential policy
government of which the RBA is a part. The RBA should
RBA Performance
support the government in achieving a true full employment  Governance including board composition
agenda. It argues that the orthodox approach of fighting
High
RBA independence is not
inflation by maintaining unemployment is not only unjust, but
immovable
No publication risks identified
RBA independence from government is relatively recent in Australia and should not be considered
also unproductive and often ineffective. There are more
an immovable fact
productive alternatives to be explored.
Reconfiguring the RBA board is just tinkering around the edges. While the head of the ACTU should
be on the board to ensure workers’ perspectives are heard, this is not enough to create real
change. We need to re-examine the theories that underpin RBA policies
57
Morris
Shireen
Individual
n/a
Not confidential
This submission argues for a fairer synthesis of the dual
Monetary Policy Frameworks
DL - 8 Nov 2022
- Focus on natural rate of unemployment is 'a tragedy' and accepted trade-of between stable prices
Advocates for a federal job
objectives of true full employment and stable prices, which
Interaction of monetary, fiscal and
and unemployment must be chal enged.
guarantee to help achieve full
should be the headline priority of the Commonwealth
macroprudential policy
- RBA has been getting the balance between stable prices and full employment wrong. Its focus on
employment.
government of which the RBA is a part. The RBA should
RBA Performance
inflation contradicts its legislative charter.
support the government in achieving a true full employment  Governance including board composition
- Deference to unelected RBA has facilitated massive transfer of wealth from working people to
agenda. It argues that the orthodox approach of fighting
business and increased inequality.
No publication risks identified
inflation by maintaining unemployment is not only unjust, but
- RBA's approach to control ing inflation is 'fundamental y unjust', as wel  as unproductive and often
also unproductive and often ineffective. There are more
ineffective.
productive alternatives to be explored.
- Author questions whether RBA should be raising rates to reduce employment, given inflation is
mainly supply driven.
- RBA doesn't explain how lower wages will lead to lower prices.
s 45, s 47E(d)
59
TULIP
PETER
Centre for
Policy/research
Not confidential
The RBA would make fewer, less persistent mistakes if more  Monetary Policy Frameworks
GW - 16 Nov 2022
Independent
institute
monetary policy experts were appointed to the Board, if
Interaction of monetary, fiscal and
Composition -  Many of the RBA’s problems — policy mistakes, lack of communication, lack of
Studies
Board members publicly explained their votes and if the Bank  macroprudential policy
deliberation — can be attributed to a lack of expertise on the Board. Most members lack formal
were required to explain its decisions in more detail.
RBA Performance
training in macroeconomics and are unfamiliar with monetary policy and are consequently unable
RBA Communications
to adequately chal enge and cannot argue for an alternative policy. The natural consequence is
Governance including board composition
that mistakes are not identified, let alone corrected. Cal ing for more expertise does not mean the
Culture, Management and Recruitment
Board should be composed entirely of monetary policy experts. The most desirable dimension of
diversity is of opinion.
Creation of MPC, increase in
Similarly, the Board is unduly swayed by public opinion. Vocal pressure groups, like interest-
High
expertise
No publication risks identified
dependent retirees, are given more weight than marginalised groups like the unemployed
Individual voting
Responsibility - Best practice in central bank design is to have a small committee of experts.
Reforms at the Bank of England are a good example. The Reserve Bank of New Zealand put a good
structure in place, but then interpreted ‘conflict of interest’ provisions in a way that turned its new
Monetary Policy Committee into another rubber stamp.
Voting - Board members also need an incentive. Public votes and explanations should be required
at the Board level.

59
TULIP
PETER
Centre for
Policy/research
Not confidential
The RBA would make fewer, less persistent mistakes if more  Monetary Policy Frameworks
DL - 8 Nov 2022
- Giving unelected officials unconstrained discretion, with minimal accountability, results in mission
Show projections of the cash rate
Independent
institute
monetary policy experts were appointed to the Board, if
Interaction of monetary, fiscal and
creep and poor decisions.
as wel  as alternative cash rate
Studies
Board members publicly explained their votes and if the Bank  macroprudential policy
- Mistakes have been frequent, persistent and costly as a result of the RBA's structure and culture.
paths; regularly update and
were required to explain its decisions in more detail.
RBA Performance
- RBA should be required to be more transparent, providing detailed explanations for its decisions
publish estimates of the NAIRU,
RBA Communications
and show alternative projections for interest rates.
introduce regular quantitative post-
Governance including board composition
- Argues that policy mistakes during 2015-19 period were predictable; RBA forecasts were for
mortems of forecasts.
Culture, Management and Recruitment
unsatisfactory outcomes for both inflation and unemployment. The RBA has not explained itself.
- RBA knowingly missed its targets because it believed that cutting interest rates would increase
financial stability. Author cites various arguments that contradict this view but that the RBA never
explained or defended its views in public.
Medium
No publication risks identified
- Good performance of Australian reflects luck.
- RBA should explain why alternative paths for interest rates were not chosen.
- Author attributes policy mistakes and lack of communication to lack of expertise on the Board.
- The RBA should provide regular press conferences, where decisions can be chal enged and
defended. RBA is almost unique in not having regular press conferences.
s 45, s 47E(d)
61
McCook
Alison
Not confidential
This submission advocates for imposition of decarbonisation  Monetary Policy Frameworks
ER - 1 Dec
measures by the RBA, with a focus on green Term Funding
Facilities. It argues the RBA€™s legal framework is malleable,
and that that the RBA is legal y able to implement green
The author, a law student, argues there is motivation for, and no practical impediments to, the RBA
central banking even without changes to its mandate.
implementing green term funding schemes.
Low
Green term funding schemes
No risks
62
James
Douglas
Australian
Government
Not confidential
This submission seeks to provide additional context to the
Interaction of monetary, fiscal and
Prudential
Review, by explaining APRA€™s role in promoting financial
macroprudential policy
Regulation
stability and APRA€™s framework for macroprudential policy.
Authority
It is intended to provide factual material to assist the Panel in
No publication risks identified
its deliberations.
63
Hawkins
John
Individual
n/a
Not confidential
The RBA's objectives are appropriate and it has achieved
Monetary Policy Frameworks
GW - 17 Nov 2022
them. Its monetary policy framework of flexible inflation
RBA Performance
Frequency: RBA Board meets more frequently than most other central banks. This is desirable as it
target is the model towards which other central banks have
RBA Communications
al ows the RBA to adjust interest rates more rapidly and in smal er increments
moved. There is no good reason to move from the 2-3 per
Governance including board composition
Submission discusses literature on the optimal size of committees, and the practice in other
cent medium-term inflation target. The unconventional
Culture, Management and Recruitment
jurisdictions
policies used in response to the Covid recession, while fairly
Notes the RBA Board seems overweighted with business leaders, the RBA can already tap into the
Change composition of Board to
successful, should be independently reviewed. A more
insights of business through its business liaison program. There would seem to be a case to return
Medium
include backgrounds of unions and  No publication risks identified
diverse board would be desirable with fewer business people.
to having a member with a trade union background. A member could also be appointed with a
social services +additional mp
background in the welfare sector such as ACOSS. Also a case to appoint another academic expert,
expert
with expertise in monetary policy, and possibly economic history
Does not support having a non-Governor chair the Board, to set up rival leaders and spokespersons
in this way would seem a recipe for conflict and confusion
Notes possibility of separate MPC
63
Hawkins
John
Individual
n/a
Not confidential
The RBA's objectives are appropriate and it has achieved
Monetary Policy Frameworks
DL- 8 Nov 2022
them. Its monetary policy framework of flexible inflation
RBA Performance
- RBA's has done a 'creditable job', which was 'at least as good as other central banks and arguably
target is the model towards which other central banks have
RBA Communications
better than most'.
moved. There is no good reason to move from the 2-3 per
Governance including board composition
- Unconventional policies introduced during the pandemic were successful, but should be
cent medium-term inflation target. The unconventional
Culture, Management and Recruitment
independently reviewed.
policies used in response to the Covid recession, while fairly
- It is sensible that the RBA has flexibility to take into account 'broader economic circumstances'
successful, should be independently reviewed. A more
when deciding how aggressively to use policy to return inflation to the target.
diverse board would be desirable with fewer business people.
- Period of below-target inflation was common to many central banks.
- Author seems to support RBA's choice not to reduce interest rates below zero.
Low
No publication risks identified
- Author notes the chal enge in having forward guidance accurately reported; this resulted in a
forecast error being misreported as a broken promise.
- Author does nots support publishing cash rate expectations of Board members as it might be
unhelpful to undermine relationships (e.g. between deputy governor and governor).
- Author also questions whether publishing votes would be wise because might add pressure on
Board from sectoral interests.
64
Henderson
Dougal
Individual
n/a
Not confidential
Due to the mandate that monetary policy contribute to full
Monetary Policy Frameworks
MM - 30 Nov 2022
employment, the RBA has been forced into implementing
Interaction of monetary, fiscal and
policies, often unwil ingly, that have had a direct impact on
macroprudential policy
both redistribution of wealth in Australia and the size of the  RBA Performance
budget deficit and the level of future taxation, These
RBA Communications
Culture: As an external observer, the culture seems insular and not open to external perspectives.
decisions have been made by an unelected and
Governance including board composition
It's research is designed to promote and support their policy decisions and the Bank is disinclined
Low
No publication risks identified
unrepresentative committee, with little or no public
Culture, Management and Recruitment
to accept responsibility for policy missteps.
discussion or accountability. This goes against the principle of
no taxation without representation.
64
Henderson
Dougal
Individual
n/a
Not confidential
Due to the mandate that monetary policy contribute to full
Monetary Policy Frameworks
GW - 17 Nov 2022
employment, the RBA has been forced into implementing
Interaction of monetary, fiscal and
policies, often unwil ingly, that have had a direct impact on
macroprudential policy
both redistribution of wealth in Australia and the size of the  RBA Performance
Submission notes that 25 of the 26 past and present board members are business leaders, bankers
budget deficit and the level of future taxation, These
RBA Communications
or economists. Argues that for a board that is making decisions that directly impact on future tax
decisions have been made by an unelected and
Governance including board composition
liabilities and wealth distribution both within society and across generations this is a truly
Medium
Increase representative nature of
unrepresentative committee, with little or no public
Culture, Management and Recruitment
unrepresentative board. Outside of principle of no taxation without representation.
Board composition
No publication risks identified
discussion or accountability. This goes against the principle of
Recommends mandated diversity around the composition of the RBA board such that it more
no taxation without representation.
closely reflects the people it represents

64
Henderson
Dougal
Individual
n/a
Not confidential
Due to the mandate that monetary policy contribute to full
Monetary Policy Frameworks
DL - 9 Nov 2022
employment, the RBA has been forced into implementing
Interaction of monetary, fiscal and
- RBA's performance was excel ent through to 2008, but then deteriorated (suspect because of
policies, often unwil ingly, that have had a direct impact on
macroprudential policy
adoption of UMP models from the US)
both redistribution of wealth in Australia and the size of the  RBA Performance
- RBA has very little control over its objectives; inflation and economic growth are largely dictated
budget deficit and the level of future taxation, These
RBA Communications
by US and global economy.
decisions have been made by an unelected and
Governance including board composition
- RBA policy has supported 'uneconomic businesses', and this has reduced productivity and wages
unrepresentative committee, with little or no public
Culture, Management and Recruitment
over the long term, and increased household debt and inequality.
Limit RBA responsibilities to
discussion or accountability. This goes against the principle of
- At low interest rates, a truly independent RBA would have refused to continue to reduce rates
financial system stability, with
no taxation without representation.
from low levels, and force fiscal policy do the work.
High
No publication risks identified
- RBA undertook UMP without knowledge of effects, including long-term costs and consequences
Treasurer to have responsibility
of the combined monetary and fiscal response. Has resulted in inefficient al ocation of scarce
for monetary policy
resources.
- RBA has been slow to respond to inflation.
- RBA does a good job at explaining its decisions and commenting how they may impact economic
activity, but does not sufficiently cover costs, trade-offs and effects on inequality. RBA doesn't
accept responsibility for mistakes.
65
Barwick
Elisa
Australian Citizens  Other
Not confidential
This submission of the Australian Citizens Party calls for a
Monetary Policy Frameworks
Party
return to national banking to foster economic growth; a
Interaction of monetary, fiscal and
review of the unofficial inflation mandate by which the RBA
macroprudential policy
Creation of a 'national bank',
operates; returning government to control of monetary
RBA Performance
similar to the Commonwealth
policy; restoring adequate financial regulation and,
Bank that existed pre-1959.
subsequently, consumer protections; and expanding the
Greater intervention in banking
RBA's policy toolbox in the face of potential financial crises.
and lending.
65
Barwick
Elisa
Australian Citizens  Other
Not confidential
This submission of the Australian Citizens Party calls for a
Monetary Policy Frameworks
DL - 9 Nov 2022
Party
return to national banking to foster economic growth; a
Interaction of monetary, fiscal and
review of the unofficial inflation mandate by which the RBA
macroprudential policy
operates; returning government to control of monetary
RBA Performance
- In recent months, become clear that interest rates are ineffective against inflation.
policy; restoring adequate financial regulation and,
- RBA could use a wider range of instruments, not just interest rates, to influence inflation. This
High
No publication risks identified
subsequently, consumer protections; and expanding the
includes directing banks to reducing lending (rather than rate interest rates).
RBA's policy toolbox in the face of potential financial crises.
- RBA independence has been a 'failed experiment'.
s 45, s 47E(d)

67
n/a
Anonymous
Gained from personal knowledge, I provide examples of the  Monetary Policy Frameworks
s 45, s 47E(d)
negative consequences of unemployment and provide
RBA Performance
practical solutions the RBA should adopt to develop an
RBA Communications
innovative and accountable culture to meet its three primary  Governance including board composition
legislative goals - price stability, full employment and
Culture, Management and Recruitment
ensuring the economic prosperity and welfare of Australians;
- MMT proposals of job guarantee
without harming innocent Australian individuals, families and
and use of NAIBER
Anonymous
communities with the negative economic, social and health
effects of long term unemployment.
67
n/a
Anonymous
Gained from personal knowledge, I provide examples of the  Monetary Policy Frameworks
negative consequences of unemployment and provide
RBA Performance
practical solutions the RBA should adopt to develop an
RBA Communications
innovative and accountable culture to meet its three primary  Governance including board composition
legislative goals - price stability, full employment and
Culture, Management and Recruitment
Provide mandatory training for al  Board members and RBA employees in modern monetary
Greatly broaden types of people
ensuring the economic prosperity and welfare of Australians;
operations
Medium
on Board, provide for unemployed  Anonymous
without harming innocent Australian individuals, families and
The mix of skil s and experiences on the RBA Board needs to be broadened - beyond the current
person to attend board meetings No other publication risks identified
communities with the negative economic, social and health
mix of either economists who closely share the same view of economic theory or private-sector
effects of long term unemployment.
business executives - to: range of economists with alternative views (emphasis on these who
understand modern money operations), scientists, experts in real-resource management,
indigenous persons, median wage earners, stay at home parents
Provide for an unemployed person to attend Board meetings
67
n/a
Anonymous
Gained from personal knowledge, I provide examples of the  Monetary Policy Frameworks
negative consequences of unemployment and provide
RBA Performance
practical solutions the RBA should adopt to develop an
RBA Communications
innovative and accountable culture to meet its three primary  Governance including board composition
legislative goals - price stability, full employment and
Culture, Management and Recruitment
- Overal  performance: Unemployment reflects a failure of the RBA to meet its objective for ful
ensuring the economic prosperity and welfare of Australians;
employment, because of its focus on inflation and the NAIRU. Policy is being driven by economic
High
- MMT proposals of job guarantee
without harming innocent Australian individuals, families and
theory and ideological principles, which reduces innovation and accountability.
and use of NAIBER
Anonymous
communities with the negative economic, social and health
- Other: Author advocates for various MMT policies, including NAIBER and job guarantee.
effects of long term unemployment.
68
McKim
Nick
Australian Greens Other
Not confidential
Independence must not equal freedom from accountability.  Monetary Policy Frameworks
GW - 17 Nov 2022
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
that ensures monetary policy is conducted in accord with
macroprudential policy
Composition: Board should include representation from trade unions, and limit representation from
other economic policy and in a way that is accountable to our  RBA Performance
business
democratic institutions. This wil  best ensure that â€œthe
Governance including board composition
Act must be amended to require: 1 member appointed by trade unions; 5 independent members
Unions to appoint Board member,
monetary and banking policy of the Bank is directed to the
appointed by Treasure, must include no more than one person who is an exec or on the board of a
limit large business representation
greatest advantage of the people of Australia€.
large Aus company; no fewer than 4 women in total to the Board
Voting: votes to be made public, and minutes to al ow Board members to publish additional or
High
Publicly recorded votes
Updated version submitted as #98
dissenting comments
Treasurer to direct Treasury
Treasurer must provide written instructions to Treasury Secretary prior to meeting, with the
Secretary and publish position
instructions and reasoning made public. Instructions would set out positions Treasury Secretary is
to take with aim of better integrating fiscal/mp. Board must respond to these positions in minutes
68
McKim
Nick
Australian Greens Other
Not confidential
Independence must not equal freedom from accountability.  Monetary Policy Frameworks
DL - 10 Nov 2022
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
- RBA has consistently underperformed its legislated objectives. Prior to GFC, inflation was stable,
that ensures monetary policy is conducted in accord with
macroprudential policy
yet exchange rate nearly doubled. Full employment has not been maintained - quoting
other economic policy and in a way that is accountable to our  RBA Performance
'opportunity to achieve and sustain full employment'. Wages share of national income is at a
democratic institutions. This wil  best ensure that â€œthe
Governance including board composition
record low and corporate profits are at record highs, while at same time wealth and income
monetary and banking policy of the Bank is directed to the
inequality has growth (after including housing costs).
greatest advantage of the people of Australia€.
- Prioritising inflation above all else has not resulted in RBA fulfilling its duties.
- Housing prices have been driven by structural decline in interest rates and monetary policy
regime that is agnostic about flow of credit. Fuelling inequality.
- RBA deliberately encourages people to borrow record amounts of money and push housing prices
Low
Updated version submitted as #98
to new records.
- RBA shows indifference to people's lived experiences.
- RBA consistently overestimated future wages and undershot its inflation target from 2014-2021.
Economy was clearly not in a state of full employment.
- Currently RBA is adopting deliberate strategy to suppress wages consistent with neoliberal
ideology.
- RBA needs to be upfront about limits of monetary policy.
- Author commends RBA for advocacy on climate.
69
Lowe
Kit
Lowe Capital
Business
Not confidential
The 2-3% inflation target is appropriate. The problem is that  Monetary Policy Frameworks
GW - 17 Nov 2022
Management
the RBA spent 7 years worried about financial stability and
Interaction of monetary, fiscal and
complaining about fiscal not helping it's cause instead of just  macroprudential policy
responding to too tight fiscal policy. They should never have  RBA Performance
done YCC and given forward guidance out to 2024. They
RBA Communications
constantly leak to the press when they perceive the market is  Governance including board composition
Low
Change composition of the Board Discusses RBA media leaking to
specific named journalists
wrong about MP. They never consider employing anyone
Culture, Management and Recruitment
with broad market experience they just hire PHD's.
The RBA board needs less economists and more people with broad market experience. Also the
ACTU leader should be considered.
69
Lowe
Kit
Lowe Capital
Business
Not confidential
The 2-3% inflation target is appropriate. The problem is that  Monetary Policy Frameworks
DL - 10 Nov 2022
Management
the RBA spent 7 years worried about financial stability and
Interaction of monetary, fiscal and
complaining about fiscal not helping it's cause instead of just  macroprudential policy
- Performance: RBA has failed to achieve its inflation target between 2015 and 2022; RBA should
responding to too tight fiscal policy. They should never have  RBA Performance
have lowered rates and left prudential to APRA; should not have used a yield target, and should
done YCC and given forward guidance out to 2024. They
RBA Communications
have implemented QE earlier than November 2020.
constantly leak to the press when they perceive the market is  Governance including board composition
- Communication: Favours 4 press conferences a year, and stopping the practice of backgrounding
Low
No publication risks identified
wrong about MP. They never consider employing anyone
Culture, Management and Recruitment
selected journalists.
with broad market experience they just hire PHD's.
- Other: The RBA's MARTIN model 'is terrible'.
s 45, s 47E(d)

71
Parsons
Louise
Individual
n/a
Not confidential
The governance and accountability of the RBA wil  benefit
from strengthening, and the legislative framework of the RBA
should be amended to accommodate the key elements of the
Statement on the Conduct of Monetary Policy. In particular,
the RBA€™s mandate for financial stability, the role and
nature of the inflation-targeting model of monetary policy,
and relevant accountability arrangements included in the
Monetary policy frameworks
Statement on the Conduct of Monetary Policy should be
Interaction of monetary, fiscal and
included in legislation.
macroprudential policy
Governance including Board composition
Other
71
Parsons
Louise
Individual
n/a
Not confidential
The governance and accountability of the RBA wil  benefit
from strengthening, and the legislative framework of the RBA
should be amended to accommodate the key elements of the
Statement on the Conduct of Monetary Policy. In particular,
the RBA€™s mandate for financial stability, the role and
At present, the governance framework of the RBA in relation to its mandate lacks statutory (hard
nature of the inflation-targeting model of monetary policy,
law) controls
Low
No publication risks identified
and relevant accountability arrangements included in the
Government involvement in RBA actions obscure/reduce accountability, in relation to execution of
Monetary policy frameworks
Statement on the Conduct of Monetary Policy should be
FS mandate and mp decisions. Submission notes Gov rep on the Board and CFR
Interaction of monetary, fiscal and
included in legislation.
macroprudential policy
Governance including Board composition
Other
72
Vines
David
Individual
n/a
Not confidential
The submission argues that there is need for a framework of
GW - 17 Nov 2022
macroeconomic policymaking in which the Treasury the
Reserve Bank, the Productivity Commission and APRA
cooperate more closely than has happened in the recent past.
I discuss the central role which the Treasury needs to play in
Argues for an integrated overal  system of macro policy making, and discusses the potential
the implementation of such a framework. And I propose that
governance of this system
Finalised version uploaded #96
a Fiscal Policy Council should be established to make it more
RBA could improve governance by moving in direction of BoE
likely that the Treasury wil  be able to provide the necessary  Monetary policy frameworks
leadership
Interaction of monetary, fiscal and
macroprudential policy
RBA performance
Governance including Board composition
72
Vines
David
Individual
n/a
Not confidential
The submission argues that there is need for a framework of
DL - 10 Nov 2022
macroeconomic policymaking in which the Treasury the
Reserve Bank, the Productivity Commission and APRA
cooperate more closely than has happened in the recent past.
I discuss the central role which the Treasury needs to play in
the implementation of such a framework. And I propose that
- Overal  performance: The performance of the RBA has been, by and large, admirable, although
a Fiscal Policy Council should be established to make it more
there was unnecessarily high unemployment which existed throughout the 2010s.
Low
Finalised version uploaded #96
likely that the Treasury wil  be able to provide the necessary  Monetary policy frameworks
leadership
Interaction of monetary, fiscal and
macroprudential policy
RBA performance
Governance including Board composition
s 45, s 47E(d)
74
Carrodus
Toby
Individual
n/a
Not confidential
My submission for the Review of the RBA covers i) monetary
policy frameworks and ii) RBA performance. I discuss the
effectiveness of determining monetary policy via a
centralized, committee-based framework compared to a
market-based framework. I highlight the RBA's narrow
interpretation of the Act as equating to 2-3% inflation and the
adverse side-effects of this. I propose an alternative involving
Australia’s banking system to mitigate the problems
associated with the RBA’s current arrangement.
Monetary policy frameworks
RBA performance
74
Carrodus
Toby
Individual
n/a
Not confidential
My submission for the Review of the RBA covers i) monetary
KH - 8 Nov 2022
policy frameworks and ii) RBA performance. I discuss the
effectiveness of determining monetary policy via a
-Overal  performance: inflation-targeting has (until recently) generated results within the RBA’s
Limit the scope of the RBA to
centralized, committee-based framework compared to a
target range, but this masks several serious underlying issues. For example, it has directly
acting as a “lender of last resort”;
market-based framework. I highlight the RBA's narrow
contributed to the tremendous inflation of Australia’s real estate market, bond and stock prices
al ow banks to issue their own
interpretation of the Act as equating to 2-3% inflation and the
and, as a consequence, an acceleration in inequality.
High
coins as forms of payment to
No publication risks identified
adverse side-effects of this. I propose an alternative involving
-Moral hazard and financial repression: each time there is a drop in asset prices or an economic
facilitate a market-based
Australia’s banking system to mitigate the problems
slowdown, the RBA tends to cut interest rates, which overtime has impacted investor behaviour
mechanism for the determination
associated with the RBA’s current arrangement.
and seen them take on more risk than otherwise. The prolonged suppression of interest rates
(“financial repression”) penalizes savers and forces them to assume more risk to generate returns.
of short-term interest rates.
Monetary policy frameworks
RBA performance
75
McDonald
Andrew
Individual
n/a
Not confidential
A Register of Board Member's Interest.
GW - 17 Nov 2022
Live streaming of RBA Board Meetings plus Minutes
The RBA should maintain and publish a Register of Board Member’s Interests including property,
published.
private companies, other investments
Transparency of the consideration about the effect on broad
Board meetings should be livestreamed and minutes published
high
register of Board member interests
categories of the public.
Communication: Board should define categories and how decision wil  impact each E.g. An Interest
livestreamed meetings
No publication risks identified
rate increase wil  affect Mortgage Holders in a Negative way, Savers in a Positive way.
Governance including Board composition
76
Terry
Miller
Individual
n/a
Not confidential
sack philip lowe
RBA Performance
KH - 10 Nov 2022 GW - 16 Nov 2022 KH - 10 Nov 2022
Governance including board composition
Culture, Management and Recruitment
Entire submission: sack philip lowe
Not applicable
Not applicable
Publication risk - inflammatory
statement

77
Quiggin
John
Individual
n/a
Not confidential
The primary purpose of this submission is to argue that the
Monetary Policy Frameworks
GW - 17 Nov 2022
currently dominant framework for monetary policy, based on  Interaction of monetary, fiscal and
strong central bank independence and reliance on
macroprudential policy
Current structure of RBA Board provides neither the expertise to al ow serious questioning of RBA
adjustments to central bank interest rates to achieve a 2-3
Governance including board composition
decisions, nor any effective representation
per cent inflation target has performed poorly at a global level
Board is primarily made up of senior business people, not appropriate for an organisation primarily
Board should either have broad
and is no longer sustainable. A new framework, accepting a
concerned with public policy. Represent a single perspective, with the interests of households and
Low
representation, or move to a
No publication risks identified
higher average rate of inflation and taking explicit account of
workers not represented
Board of al  macroeconomists
the objectives of full employment and economic prosperity is
Would be preferable to return to structure of the past, with broader representation of the
needed.
community, or move to a Board made up of Australian and international economists, with expertise
in macro policy
77
Quiggin
John
Individual
n/a
Not confidential
The primary purpose of this submission is to argue that the
Monetary Policy Frameworks
KH - 8 Nov 2022
currently dominant framework for monetary policy, based on  Interaction of monetary, fiscal and
strong central bank independence and reliance on
macroprudential policy
adjustments to central bank interest rates to achieve a 2-3
Governance including board composition
Overal  performance: Australia’s experience of inflation-rate targeting has been relatively benign;
per cent inflation target has performed poorly at a global level
this experience is exceptional among its peers. This relatively good performance may be explained
and is no longer sustainable. A new framework, accepting a
by a number of factors 1) the financial crisis and deep recession of 1989–91 produced a degree of
Not applicable
Not applicable
No publication risks identified
higher average rate of inflation and taking explicit account of
immunisation against the speculative excesses of the early 21st century 2) Australia adopted, and
the objectives of full employment and economic prosperity is
mostly sustained, large-scale fiscal stimulus in both the GFC and Covid emergencies 3) Australia
needed.
benefited from export demand from China
78
Norman
Philip
Individual
n/a
Not confidential
Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
GW- 17 Nov 2022
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
Composition: smal  business should be represented on the Board, as wel  as an elected staff
representative to the Board, like the Australian Broadcasting
representative (like the ABC)
Medium
Staff elected rep on Board
No publication risks identified
Commission. Smal  business should be represented on the
board.
78
Norman
Philip
Individual
n/a
Not confidential
Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
KH - 10 Nov 2022
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
The culture of the RBA should be to act early, take risks, make mistakes and be proud to learn from
representative to the Board, like the Australian Broadcasting
mistakes.
Not applicable
Not applicable
No publication risks identified
Commission. Smal  business should be represented on the
board.
78
Norman
Philip
Individual
n/a
Not confidential
Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
KH - 8 Nov 2022
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
Low inflation period (2016-2019): RBA monetary policy was already too loose in 2018 and 2019,
to learn from mistakes. There should be an elected staff
leaving the Australian economy vulnerable to unexpected adverse shocks such as did occur with
Not applicable
Not applicable
No publication risks identified
representative to the Board, like the Australian Broadcasting
COVID and the Russian invasion of Ukraine.
Commission. Smal  business should be represented on the
board.
79
d'lapico-Bien
Victor
Individual
n/a
Not confidential
My contention in this submission is that the current
Monetary Policy Frameworks
intel ectual paradigm the RBA operates under is
Interaction of monetary, fiscal and
inappropriate. One policy outcome of the paradigm is that as  macroprudential policy
soon as there is inflation the automatic and I would add
RBA Performance
mindless policy response is to raise interest rates. The RBA
should move to a different paradigm which is embodied in
the Minsky economic dynamics model developed by Prof
Steve Keen. Both fiscal & monetary policy would be managed
by the RBA in this new paradigm.
79
d'lapico-Bien
Victor
Individual
n/a
Not confidential
My contention in this submission is that the current
Monetary Policy Frameworks
KH - 11 Nov 2022
intel ectual paradigm the RBA operates under is
Interaction of monetary, fiscal and
inappropriate. One policy outcome of the paradigm is that as  macroprudential policy
soon as there is inflation the automatic and I would add
RBA Performance
mindless policy response is to raise interest rates. The RBA
Potential copyright issue as
should move to a different paradigm which is embodied in
The current policy of the RBA can be seen as part of a suite of policies which exacerbates general
submission focuses on sharing the
the Minsky economic dynamics model developed by Prof
economic inequality.
Not applicable
Not applicable
views of Prof Keen
Steve Keen. Both fiscal & monetary policy would be managed
by the RBA in this new paradigm.
80
Pentland
Alex
Individual
n/a
Not confidential
Suggestion regarding improving the process for appointments  Governance including board composition
GW - 17 Nov 2022
Appointments: Propose RBA Act enshrine a process for appointments that includes (submission
to the Reserve Bank Board under the Reserve Bank Act 1958,
provides specific wording and leg provisions):
including the Governor, Deputy Governor, and 6 other
Minister must by writing determine a code of practice for selecting and appointing the Governor,
members of the board. Proposals include a public and open
the Deputy Governor and the 6 other members as required by section 14 that sets out general
process to improve public confidence in the membership of
principles on which the selections are to be made, including but not limited to: merit; independent
Medium
Ensrine appointment process code
of practice in Act
No publication risks identified
the board, and the requirement that merit forms a key part of
scrutiny of appointments; probity; and openness and transparency.
any appointments.
Minister must review code each 5 years and invite public comment
81
n/a
Anonymous
Proposal for major reform of the monetary policy framework.  Monetary Policy Frameworks
s 45, s 47E(d)
Replacement of the existing interest rate mechanism with a
new mechanism transmitted only via the household cashflow
channel.

s 45, s 47E(d)
83
Shepherd
Ian
Individual
n/a
Not confidential
At least in periods of excess reserves, arguably, the RBA
Monetary Policy Frameworks
should not pay interest on the full amount of al  Exchange
Interaction of monetary, fiscal and
Settlement Account (ESA) balances. The Government should  macroprudential policy
assume responsibility for setting the parameters of monetary,
(system-wide) macroprudential policy and fiscal policy as a
whole. After the Review, The Treasury should undertake a
non-public examination of excluded review matters, and
some others.
84
Richardson
David
Australia Institute Policy/research
Not confidential
This submission addresses each of these as wel  as the
Monetary Policy Frameworks
GW - 17 Nov 2022
institute
deficiencies in the intellectual models behind RBA analysis,
Interaction of monetary, fiscal and
assessments and other work. We also comment on the
macroprudential policy
The RBA board be reconstituted to better reflect the community and its role changed to advice and
economic, social and environmental consequences of the RBA  RBA Performance
the administration of monetary policy
actions which should be explicitly incorporated in RBA
RBA Communications
Notes present board of the RBA does not any welfare or labour reps. External members strong
thinking. The RBA is trapped in unrealistic models of the
Governance including board composition
business links, and one board member is also on the board of right wing thinktank, CIS. This is a
Australian economy and has failed to establish a method for  Culture, Management and Recruitment
biased board and the bias has been sold as a virtue in the past
incorporating real world phenomenon into its thinking. This is
Submission discusses how after the Rudd election, head of Treasury and RBA wrote to incoming
evident in issues from its approach to wage setting behaviour
treasurer outlining suggested criteria for drawing up a candidate short list. Suggests that the criteria
Refers to the CIS as a right wing
through to complacency about an oligopolistic finance sector
inferred exclusion of al  but captains of industry, without any labour or left wing sympathies
High
Removal of RBA independence
over mp decision
thinktank
in which anti-social behaviour has been endemic.
Business concentration of the Board has led to the tendency to exaggerate the potential role of any
future wage increases in stoking inflation
Independence - RBA needs to be returned to the realm of political transparency and
accountability. One option is RBA to retain administrative responsibility for monetary policy
implementation and an advisory role on policy itself, actual policy responsibility of the
Government
84
Richardson
David
Australia Institute Policy/research
Not confidential
This submission addresses each of these as wel  as the
Monetary Policy Frameworks
KH- 10 Nov 2022
institute
deficiencies in the intellectual models behind RBA analysis,
Interaction of monetary, fiscal and
assessments and other work. We also comment on the
macroprudential policy
economic, social and environmental consequences of the RBA  RBA Performance
actions which should be explicitly incorporated in RBA
RBA Communications
-There is a concern that former senior management in the RBA end up in senior roles in the
thinking. The RBA is trapped in unrealistic models of the
Governance including board composition
finance industry.
The flow of senior staff between
Australian economy and has failed to establish a method for  Culture, Management and Recruitment
- The Panel should take note of the critique of Professor Zingales and others (i.e. financial sector
the RBA, other regulators and the
incorporating real world phenomenon into its thinking. This is
fraud has become a feature and not a bug) and note their observations on the ubiquity of fraud in a
Medium
finance sector should be
No publication risks identified
evident in issues from its approach to wage setting behaviour
finance market unless it is heavily regulated. With such strong incentives to ‘misbehave’ it is
prohibited for at least 10 years.
through to complacency about an oligopolistic finance sector
recommended that sanctions be as strong as possible, including hefty fines and gaol terms
in which anti-social behaviour has been endemic.
combined with rigorous enforcement.

84
Richardson
David
Australia Institute Policy/research
Not confidential
This submission addresses each of these as wel  as the
Monetary Policy Frameworks
KH - 8 Nov 2022
institute
deficiencies in the intellectual models behind RBA analysis,
Interaction of monetary, fiscal and
assessments and other work. We also comment on the
macroprudential policy
- Overal  performance: inflation target has been consistently missed, especially since late 2014.
economic, social and environmental consequences of the RBA  RBA Performance
Factors that could explain the misses : 1) targets are irrelevant because the RBA would rather aim
actions which should be explicitly incorporated in RBA
RBA Communications
for other targets 2) RBA does not have the appropriate tools/skil s 3) real world doesn’t behave the
thinking. The RBA is trapped in unrealistic models of the
Governance including board composition
way the RBA thinks it does 4) forecasts are wrong 5) expectations of how the economy reacts to the
In making guidance to the market,
Australian economy and has failed to establish a method for  Culture, Management and Recruitment
RBA's actions are wrong.
the RBA should make it clear that
incorporating real world phenomenon into its thinking. This is
-1990s: the early 1990s experience was one of engineering a severe recession in the fight against
it does not know the future and
evident in issues from its approach to wage setting behaviour
inflation - something that should never happen again.
Low
that anything can happen. When  No publication risks identified
through to complacency about an oligopolistic finance sector
- Forward guidance: the misguidance from the Governor during the course of the pandemic has to
commitments are made they
in which anti-social behaviour has been endemic.
be regarded as an instance where no guidance would have been preferable. If there were
should be honoured; Introduce
persuasive reasons to raise rates before 2024 those should have been spelt out earlier. Any cost of
other initiatives to improve
delaying should have been weighed against the costs of upsetting people's plans.
understanding of the real world.
- Communication: the RBA does use its informal business contact arrangements to try to get a
feeling for business conditions. There is a case for other initiatives to improve its understanding of
the real world.
85
Murphy
Jason
Individual
n/a
Not confidential
This submission, by economist Jason Murphy, argues the
Monetary Policy Frameworks
review should engage in and promote big picture thinking
Interaction of monetary, fiscal and
about what monetary policy is for, and how monetary policy  macroprudential policy
could change. It argues there is an ideas gap that needs to be
filled with clear thinking in case the current system collapses,
unable to manage upcoming chal enges. The alternative is
ceding the space to ad hoc solutions and/or populism.
86
Gross
Isaac
Individual
n/a
Not confidential
This submission outlines 38 recommendations for reform
Monetary Policy Frameworks
GW - 17 Nov 2022
covering different aspects of the RBA.
Interaction of monetary, fiscal and
The two most substantive reforms proposed are:
macroprudential policy
1. Delegating monetary policymaking to a Monetary Policy
RBA Performance
Current Board of predominately business leaders has served Australia poorly when implementing
Committee composed of internal staff and external experts in  RBA Communications
mp. Several instances in recent years when the Board has made decisions based on flawed
monetary policy
Governance including board composition
understanding of mp, most recently seen in October 22 minutes.
2. Remove financial stability as part of the RBA’s mandate for  Culture, Management and Recruitment
Supports creation of separate MPC with 5 internals and 4 externals. External appointments should
monetary policy, focusing the
have professional expertise and training iin relevant field (i.e. mp, macro or financial markets)
Treasury secretary should remain on the Board as a non-voting member. Current status represents
a potential avenue for politicisation of the RBA
Act should be amended to al ow for possibility of multiple deputy governors as per other central
banks. It would mitigate the risk of appointing an external candidate to the leadership team
High
Minutes to state if staff
recommendation followed
No publication risks identified
Adopt the Grattan process for appointments, in addition Board appointments should be limited to
2 or 3 consecutive appointments of 5 years
External Board members should be supported by 1 or 2 full time economists from EC or FMG
MPC decisions should include votes and detailed reasoning, with transcripts published at lag (>7
years), MPC members should be permitted to talk publicly on mp
MPC minutes should include whether the staff recommendation was fol owed, and explain why it
wasn't
86
Gross
Isaac
Individual
n/a
Not confidential
This submission outlines 38 recommendations for reform
Monetary Policy Frameworks
KH - 10 Nov 2022
covering different aspects of the RBA.
Interaction of monetary, fiscal and
The RBA should give research
The two most substantive reforms proposed are:
macroprudential policy
orientated staff time to conduct
1. Delegating monetary policymaking to a Monetary Policy
RBA Performance
research even if they are not
Committee composed of internal staff and external experts in  RBA Communications
RBA frequently rotates PhD economists with strong research skil s into areas of the Bank with
currently in the research
monetary policy
Governance including board composition
limited scope for conducting research. This is a questionable use of human resources and makes it
Low
department; engage more with
2. Remove financial stability as part of the RBA’s mandate for  Culture, Management and Recruitment
difficult to attract and retain research orientated staff
academics who conduct policy-
monetary policy, focusing the
relevant research on the
Australian economy and monetary
policy.
86
Gross
Isaac
Individual
n/a
Not confidential
This submission outlines 38 recommendations for reform
Monetary Policy Frameworks
KH - 8 Nov 2022
covering different aspects of the RBA.
Interaction of monetary, fiscal and
The two most substantive reforms proposed are:
macroprudential policy
1. Delegating monetary policymaking to a Monetary Policy
RBA Performance
-Overal  assessment: Monetary policy played a crucial role in avoiding a potential recession in 2001
Committee composed of internal staff and external experts in  RBA Communications
and mitigating the downturn in 2008-09. By contrast, the cash rate was too high during 2016-19,
monetary policy
Governance including board composition
keeping inflation below target and the unemployment rate far too high.
2. Remove financial stability as part of the RBA’s mandate for  Culture, Management and Recruitment
-Low inflation period (2016-2019): while there are several possible explanations for the policy error
Serious thought should be given to
monetary policy, focusing the
that occurred from 2016-19, the most likely explanation is that the RBA was overly concerned about
reintegrating APRA and the RBA;
financial stability and kept rates too high for too long to avoid higher house prices. A better
RBA should set up and subsidize
alternative would have been to use macroprudential policy to maintain financial system stability.
prediction markets for core
-COVID-19 period: key lessons from the use of UMP 1) high degree of uncertainty surrounding the
macroeconomic variables to use as
impact of UMP on the macroeconomy . This uncertainty should be factored into the design e.g.
High
an input into the monetary policy  No publication risks identified
instead of announcing a fixed amount the number of bonds purchased should be explicitly tied to
process; Release a plan in 2024 for
the future evolution of macro outcomes and designed to ramp up until goals are achieved 2) RBA
how the RBA will stimulate the
should think more deeply about the limitations of UMP e.g. opted not to reduce cash rate target
economy when it is next
below zero, but setting rate on TFF below zero would have improved banks' balance sheets. 3) little
constrained by the ELB
prior research or external debate about use of YCC or forward guidance before introduced in 2020;
the RBA should publish an explicit plan for how it wil  respond the next time interest rates are
constrained by the ELB, al owing for external feedback/critique.
87
Winter
John
Individual
n/a
Not confidential
Only a two and a half page submission - explained on the
Monetary Policy Frameworks
GW - 17 Nov 2022
covering letter. Key message is the Reserve Bank has been
Interaction of monetary, fiscal and
crippled and can't deliver.
macroprudential policy

RBA Performance
Submission states that probably none of the Board members wil  be affected by the RBA decisions.
s 47E(d)
RBA Communications
Suggests a set of supporting committees with real life people representing a cross section
Low
Supporting committees with
community cross section

Governance including board composition
Other
87
Winter
John
Individual
n/a
Not confidential
Only a two and a half page submission - explained on the
Monetary Policy Frameworks
KH - 8 Nov 2022
covering letter. Key message is the Reserve Bank has been
Interaction of monetary, fiscal and
crippled and can't deliver.
macroprudential policy
RBA Performance
Communication: The RBA tries to explain/justify decisions but they are based on flawed economic
RBA Communications
theories.
Not applicable
Not applicable
No publication risks identified
Governance including board composition
Other
88
Rossiter
David
Individual
n/a
Not confidential
Monetary policy frameworks must consider the deteriorating  Monetary Policy Frameworks
dynamics of climate change on the world environment and
economy.

89
Davidson
Peter
Australian Council  Community/NFP  Not confidential
Macroeconomic policy prioritises low inflation over low
Monetary Policy Frameworks
of Social Service
group
unemployment. This is unbalanced: for people on the lowest  Interaction of monetary, fiscal and
incomes, high inflation is a struggle but unemployment is a
macroprudential policy
disaster.
RBA Performance
A full employment target should be set independently of the  Governance including board composition
inflation target, and they should be given equal weight.
Governments should play a greater role in reducing
unemployment and inflation using fiscal, regulatory and
taxation policies to bear down on both.
89
Davidson
Peter
Australian Council  Community/NFP  Not confidential
Macroeconomic policy prioritises low inflation over low
Monetary Policy Frameworks
GW - 17 Nov 2022
of Social Service
group
unemployment. This is unbalanced: for people on the lowest  Interaction of monetary, fiscal and
incomes, high inflation is a struggle but unemployment is a
macroprudential policy
disaster.
RBA Performance
RBA Act Act should specify that its Board is appointed from suitable candidates drawn from people
A full employment target should be set independently of the  Governance including board composition
with relevant economic expertise and a wider range of backgrounds and perspectives including
inflation target, and they should be given equal weight.
people drawn from unions and civil society as wel  as business backgrounds. The quality of mp
Medium
Specific composition in Act
No publication risks identified
Governments should play a greater role in reducing
decision-making on the Board would be enhanced if it included people drawn from more diverse
unemployment and inflation using fiscal, regulatory and
sources of expertise (including unions and community organisations)
taxation policies to bear down on both.
89
Davidson
Peter
Australian Council  Community/NFP  Not confidential
Macroeconomic policy prioritises low inflation over low
Monetary Policy Frameworks
KH - 17 Nov 2022
of Social Service
group
unemployment. This is unbalanced: for people on the lowest  Interaction of monetary, fiscal and
Overal : After its introduction in the 1990s, inflation targeting kept inflation low and seemed to
incomes, high inflation is a struggle but unemployment is a
macroprudential policy
ward off recessions for over a decade. However, since the GFC many have questioned the ‘fight
disaster.
RBA Performance
inflation first’ approach.
A full employment target should be set independently of the  Governance including board composition
GFC: There is no doubt that Australia would have undergone a recession during the GFC and that
inflation target, and they should be given equal weight.
the COVID recession would have been much deeper and more prolonged if Governments had not
Not applicable
Not applicable
Governments should play a greater role in reducing
pursued timely economic stimulus policies
unemployment and inflation using fiscal, regulatory and
Low inflation period (16-19): Critics of the RBA’s monetary policy settings at this time argued that it
taxation policies to bear down on both.
held interest rates too high for too long despite a lack of hard evidence that inflationary pressures
were building.
90
Rochford
Jonathan
Narrow Road
Business
Not confidential
This review is timely, with several failures of the RBA
Monetary Policy Frameworks
Capital
becoming apparent this year. These failures originate with the  Interaction of monetary, fiscal and
aims set for the RBA as they are too numerous, vague and
macroprudential policy
often conflict with each other. They set the RBA up to fail, as  RBA Performance
they ask the RBA to achieve outcomes using monetary policy  RBA Communications
that require coordination with fiscal policy, tax reform,
Governance including board composition
competition/productivity reforms and general economic
Culture, Management and Recruitment
settings that are al  beyond the RBA’s control.
90
Rochford
Jonathan
Narrow Road
Business
Not confidential
This review is timely, with several failures of the RBA
Monetary Policy Frameworks
GW - 17 Nov 2022 KH - 11 Nov 2022
Capital
becoming apparent this year. These failures originate with the  Interaction of monetary, fiscal and
aims set for the RBA as they are too numerous, vague and
macroprudential policy
Skil s and expertise: Lack of diversity of economic thought among the RBA Board and staff. Has
Board members and staff should
often conflict with each other. They set the RBA up to fail, as  RBA Performance
resulted in groupthink at the RBA (and most other central banks in developed nations). The lack of
be empowered to speak publicly,
they ask the RBA to achieve outcomes using monetary policy  RBA Communications
non-consensus discussion of Board decisions, by both RBA employees and the Board members
Low
allowing them to highlight the
No publication risks identified
that require coordination with fiscal policy, tax reform,
Governance including board composition
themselves, creates a perception that al  Board members and RBA staff agree with the decisions
wider considerations in making
competition/productivity reforms and general economic
Culture, Management and Recruitment
made and have a high level of certainty that its actions are appropriate.
decisions and the different views
settings that are al  beyond the RBA’s control.
held.
90
Rochford
Jonathan
Narrow Road
Business
Not confidential
This review is timely, with several failures of the RBA
Monetary Policy Frameworks
DL - 16 Nov 2022
Capital
becoming apparent this year. These failures originate with the  Interaction of monetary, fiscal and
aims set for the RBA as they are too numerous, vague and
macroprudential policy
Performance: Implementation of MMT-like policies in recent years has been a failure, as shown by
often conflict with each other. They set the RBA up to fail, as  RBA Performance
high inflation. Monetary stimulus has been futile, and resulted in lower growth, lower productivity,
they ask the RBA to achieve outcomes using monetary policy  RBA Communications
high levels of debt, zombie borrowers and increased financial instability. RBA should have
that require coordination with fiscal policy, tax reform,
Governance including board composition
advocated for a correction of its framework in private and public.
competition/productivity reforms and general economic
Culture, Management and Recruitment
Communication: Criticises RBA for (1) now al owing for wide range to be put forward, (2) misleading
Medium
No publication risks identified
settings that are al  beyond the RBA’s control.
the public about interest rate rises over 2022-2024, (3) saying that low interest rates do not lead to
higher house prices, (4) saying that low interest rates are result of glut of savings, and (5) misuse of
statistics (e.g. households are net borrowers in aggregate). RBA should be encouraging a wide
discussion of policy settings. RBA not communicating disagreement or uncertainty.
91
Connor
Jade
Individual
n/a
Not confidential
Inflation target, board membership terms, recession response Monetary Policy Frameworks
GW - 17 Nov 2022
Interaction of monetary, fiscal and
macroprudential policy
Board, Governor, staff – should include a mix of new people and existing people from inside and
Governance including board composition
outside the organisation. They should be given very short terms. The Governor should have a 1
High
1 year maximum term for
Culture, Management and Recruitment
year maximum term, flexible in emergency)
Governor
No publication risks identified
91
Connor
Jade
Individual
n/a
Not confidential
Inflation target, board membership terms, recession response Monetary Policy Frameworks
KH - 11 Nov 2022
Interaction of monetary, fiscal and
macroprudential policy
Governance including board composition
Not applicable
Not applicable
Not applicable
Culture, Management and Recruitment
92
Bryant
Gareth
Individual
n/a
Not confidential
This submission focuses on how the RBA can better manage  Monetary Policy Frameworks
climate-related financial risks and contribute to the
Interaction of monetary, fiscal and
decarbonisation of the Australian economy. We make 3
macroprudential policy
recommendations: 1. Expand the RBA mandate to include
RBA Performance
climate change; 2. Differentiate between clean and carbon-
intensive assets; 3. Coordinate between monetary, fiscal, and
regulatory authorities in climate policy.
92
Bryant
Gareth
Individual
n/a
Not confidential
This submission focuses on how the RBA can better manage  Monetary Policy Frameworks
DL - 16 Nov 2022
climate-related financial risks and contribute to the
Interaction of monetary, fiscal and
decarbonisation of the Australian economy. We make 3
macroprudential policy
recommendations: 1. Expand the RBA mandate to include
RBA Performance
RBA should 'tilt' its balance sheet
climate change; 2. Differentiate between clean and carbon-
UMP: Corporate bond purchases (if that was to occur) should differentiate between clean and
in climate-friendly direction and
No publication risks identified
intensive assets; 3. Coordinate between monetary, fiscal, and
carbon-intensive investment.
Medium
prepare for this.
regulatory authorities in climate policy.

93
Wood
Graham
Individual
n/a
Not confidential
This submission is tendered with the hope of:
Monetary Policy Frameworks
• improving Australia’s economic prosperity,
Interaction of monetary, fiscal and
• significantly reducing the high percentages of unemployed  macroprudential policy
and underemployed,
RBA Performance
• moderating normal inflation and deflation cycles,
RBA Communications
• changing monetary policy arrangements to reduce the
Governance including board composition
underlying causes of climate change,
• providing sufficient funds for Australia to mitigate climate
change without raising taxes, sel ing Australian Government
Securities or creating intergenerational debts or inequity.
93
Wood
Graham
Individual
n/a
Not confidential
This submission is tendered with the hope of:
Monetary Policy Frameworks
GW - 17 Nov 2022
• improving Australia’s economic prosperity,
Interaction of monetary, fiscal and
• significantly reducing the high percentages of unemployed  macroprudential policy
and underemployed,
RBA Performance
• moderating normal inflation and deflation cycles,
RBA Communications
• changing monetary policy arrangements to reduce the
Governance including board composition
Board composition: The RBA Board must represent society more accurately and include Ecological
underlying causes of climate change,
Economists, Steady State Specialists, Union Representatives and Diversity.
High
See below
• providing sufficient funds for Australia to mitigate climate
change without raising taxes, sel ing Australian Government
Securities or creating intergenerational debts or inequity.
93
Wood
Graham
Individual
n/a
Not confidential
This submission is tendered with the hope of:
Monetary Policy Frameworks
DL - 16 Nov 2022
• improving Australia’s economic prosperity,
Interaction of monetary, fiscal and
• significantly reducing the high percentages of unemployed  macroprudential policy
and underemployed,
RBA Performance
• moderating normal inflation and deflation cycles,
RBA Communications
Performance: The RBA's inefficient controls over the economy and unreliable prediction models
A long document with lots of
• changing monetary policy arrangements to reduce the
Governance including board composition
led the RBA to fail to predict the rise in inflation recently. NAIRU cannot be measured and is not
High
references, but I did not pick up any
underlying causes of climate change,
based on reliable evidence. Advocates solutions put forward in the MMT literature.
publication risks.
• providing sufficient funds for Australia to mitigate climate
change without raising taxes, sel ing Australian Government
Securities or creating intergenerational debts or inequity.
s 45, s 47E(d)
95
n/a
Anonymous
This submission to the Treasury provides comment on the
Monetary Policy Frameworks
s 45, s 47E(d)
fol owing aspects of the Reserve Bank of Australia (RBA), as
RBA Performance
input to Treasury’s Review of the RBA:
• RBA Powers to Set Monetary Policy
• Operational Independence of the RBA
• Lessons from the RBA Bond Buying Program
95
n/a
Anonymous
This submission to the Treasury provides comment on the
Monetary Policy Frameworks
DL - 17 Nov 2022
fol owing aspects of the Reserve Bank of Australia (RBA), as
RBA Performance
input to Treasury’s Review of the RBA:
Performance: Author argues a conflict of interest with BIS; RBA ignored inflationary pressures in
• RBA Powers to Set Monetary Policy
2021 ('fell into line' with BIS); then started raising aggressively though inflation mainly driven by
Review should consider political
• Operational Independence of the RBA
import prices (again 'fell into line' with BIS);
Medium
and commercial independence of  No publication risks identified
• Lessons from the RBA Bond Buying Program
UMP: BPP prioritised commercial interest of banks; large losses by RBA, accruing to financial
institutions; Gov should have issued directly to RBA, so losses not gained by financial institutions;
RBA
implicitly suggests lack of political or commercial independence;
96
Vines
David
Individual
n/a
Not confidential
The RBA’s monetary-policy responsibilities must be
Monetary Policy Frameworks
GW - 17 Nov 2022
broadened to go beyond inflation targeting, and Treasury, the  Interaction of monetary, fiscal and
RBA, APRA and the Productivity Commission (PC) need to
macroprudential policy
cooperate better. The Treasury should become a “Stackelberg  RBA Performance
leader”, assisted by a new Fiscal Policy Council. The other
Governance including board composition
institutions should become “Stackelberg fol owers”. The RBA,
Final version of #72, same content covered
No publication risks identified
in carrying out its broader role, should pay closer attention to
the level of the exchange rate. The roles of APRA and the PC
must also be re-examined.
97
Penzo
Emma
Australian
Peak industry
Not confidential
Key points raised:
Monetary Policy Frameworks
GW - 17 Nov 2022
Banking
body/union
• We consider the three objectives to be appropriate, noting  Interaction of monetary, fiscal and
Association
there may be an opportunity to update the expression of the  macroprudential policy
Board structure: considers a dual board structure with MPC and corporate governance Board, smal
objectives
RBA Performance
number of board members that sit on both to ensure alignment. Corporate Governance Board to
• We see opportunities for the RBA to augment its
RBA Communications
be chaired by an independent member, retain the remuneration and audit committee, with
communications to explain the complexities underlying
Governance including board composition
minutes to be reported to Treasurer and summarise publicly. MPC would continue to meet
decisions and trade-offs made.
monthly and execute mp
Dual structure, potential y with
• We see the independence of the RBA as critical to ensuring
Charters of both committees to be published and maintained on the RBA website
High
some non-voting advisory
No publication risks identified
a wel -functioning economy.
Composition: broadening skills matrix to include limited members of the RBA, monetary policy
members
experts, non voting treasury department member, and members with experience in real economy
including business and trade union. These real economy members could either be advisory non-
voting (could continue in role), or voting (no current ties)
Appointments:  vacancies should be advertised along with a skills matrix

97
Penzo
Emma
Australian
Peak industry
Not confidential
Key points raised:
Monetary Policy Frameworks
DL - 17 Nov 2022
Banking
body/union
• We consider the three objectives to be appropriate, noting  Interaction of monetary, fiscal and
Association
there may be an opportunity to update the expression of the  macroprudential policy
Performance: RBA has achieved reasonable outcomes on inflation; some argue financial stability
objectives
RBA Performance
led RBA to keep rates too high between 2013 and COVID; response to COVID provided necessary
• We see opportunities for the RBA to augment its
RBA Communications
confidence; supports RBA's actions in lifting rates to contain inflation
communications to explain the complexities underlying
Governance including board composition
Communication: RBA should better explain complexities underlying decisions as wel  as explanation
decisions and trade-offs made.
of trade-offs; supports liaison program but RBA could communicate quantitative insights to greater
Communicate quantitative info
• We see the independence of the RBA as critical to ensuring
extent; RBA could refashion, and potential y streamline, existing communication channels; could
from liaison program;
a wel -functioning economy.
provide more info about decision-making, including data inputs, trade-offs, use of scenarios,
Medium
summary of Board debate/dissent  No publication risks identified
summary of decision-making at Board (without attribution).
(without attribution)
UMP: Cash rate should remain primary MP policy tool; not clear QE had large effect but did come
at high cost; TFF was very helpful; YCC was difficult to exit well, was too long;
Other: RBA could incorporate other non-traditional data sets (e.g. card spending data) to greater
extent;
98
McKim
Nick
Australian Greens Political Party
Not confidential
independence must not equal freedom from accountability.  Monetary Policy Frameworks
AH
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
that ensures monetary policy is conducted in accord with
macroprudential policy
Employment objective - price objective is weighted too high relative to the employment objective.
other economic policy and in a way that is accountable to our  RBA Performance
the employment objective Needs to be measureable to make sure its accoutableprudential policy
democratic institutions.
Governance including board composition
should be shifted from APRA to the RBA
This wil  best ensure that “the monetary and banking policy
Additional Objectives - add to its Objectives the maintenance of a stable ecology and climate
of the Bank is directed to the greatest advantage of the
Welfare objective - should be directed to t the welfare of al , not some, or the people or australia,
people of Australia”.
and there is not enough considerationof the iimpat of the policies on housing.
Accountability - independannce should not equal freedom from acountability
Fiscal and monetary coordiantion needs to be more holistic.
98
McKim
Nick
Australian Greens Political Party
Not confidential
independence must not equal freedom from accountability.  Monetary Policy Frameworks
GW - 17 Nov 2022
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
that ensures monetary policy is conducted in accord with
macroprudential policy
other economic policy and in a way that is accountable to our  RBA Performance
Revised version of #68
democratic institutions.
Governance including board composition
Only change is recommendation for at least 4 women on the Board is now 4 people who are either
This wil  best ensure that “the monetary and banking policy
women or gender diverse
of the Bank is directed to the greatest advantage of the
people of Australia”.
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
GW - 17 Nov 2022
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
Association
markets expertise on the Board and (2) increased information  macroprudential policy
Composition: supports a reformed Board structure, Board should have multiple monetary policy
flow to the Board’s monetary process from the private sector. RBA Performance
economists and multiple experts in financial markets. There are now more efficient and accurate
RBA Communications
ways to get the business activity insights that were once provided by breadth of business reps on
Governance including board composition
the Board. These economic and market experts would be particular important for UMP and its
direct provision of non-official
Culture, Management and Recruitment
unwind. May also be helpful to have expertise related to economic chal enges of climate change.
Medium
data sources and expertise into
No publication risks identified
Supports BoE arrangements where RBA Board members would be provided with direct access to
Board processes
staff
Supports direct provision of non-official data sources and expertise into Board processes
Does not suggest naming individuals, but communicating the variety of views in the minutes
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
AH
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
"-Objectives are suitable
Association
markets expertise on the Board and (2) increased information  macroprudential policy
-Third objective - Needs refinement and is more a matter for Government, suggesting that the
flow to the Board’s monetary process from the private sector. RBA Performance
statement should specify its scope.
RBA Communications
-Flexible inflation target - recommend greater clarity of the objectives, and too flexible a target.
Governance including board composition
Broad support for FIT, and over alternative frameworks - other central banks have moved towards
Culture, Management and Recruitment
RBA having more flexibility. They note that central banks global y are lower reputational y and this
is not an ideal context to change the target.
-Fiscal and monetary policy interactions performed wel  during COVID
-Macroprudential coordiantion - COFR is performing wel , notes not created for managing
coordiantion of macropru policy. Note some advocate for APRA macropru function to be
incorporated into the RBA.
-Clarify monetary policy target - Financial market credibility may be more supported by increased
clarity on the RBA target in the Statement on the Conduct of Monetary Policy, and this could also
help clarify the reaction function.
-Accountability - The RBA should provide an explaination about whether outcomes are consistent
with the target.
"
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
KH - 17 Nov 2022
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
Utilise commercial bank data;
Association
markets expertise on the Board and (2) increased information  macroprudential policy
survey banks about range of
flow to the Board’s monetary process from the private sector. RBA Performance
The author notes that, as an economic researcher, if you criticise the culture, ethical behaviour of
monetary policy options being
RBA Communications
the RBA, or scrutinize the notion the RBA has blown a credit-fuel ed housing bubble, there is a
Medium
considered; QE should be avoided
Governance including board composition
pretty good chance you have either been banned from makin
where possible; FG shouldn't be
Culture, Management and Recruitment
calendar based.
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
KH - 10 Nov 2022
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
Association
markets expertise on the Board and (2) increased information  macroprudential policy
- Overal : The RBA has a good constructive institutional culture.
flow to the Board’s monetary process from the private sector. RBA Performance
- Recruitment: The bank already has some very good staff but further increasing financial markets
RBA Communications
expertise within the RBA would assist in ensuring a full picture of markets is understood. AFMA
Low
Increasing financial markets
expertise within the RBA
No publication risks identified
Governance including board composition
notes the benefit of a two-way flow of people as occurs in other markets, where central banks hire
Culture, Management and Recruitment
from the sector as wel  as the other way around.
s 45, s 47E(d)

s 45, s 47E(d)
102
Norman
Philip
Individual
n/a
Not confidential
'Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
GW - 17 Nov 2022
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
Repeat submission
Not applicable
N/A
N/A
representative to the Board, like the Australian Broadcasting
Commission. Smal  business should be represented on the
board.
103
Koci
Stephen
Individual
n/a
Not confidential
The RBA being arrogant and not being accountable for their
RBA Performance
GW - 17 Nov 2022
decisions and the comments of the Governor being
RBA Communications
Supports the removal of al  key executives and the board as they have failed under any measure
misleading.
Governance including board composition
and cal s for the RBA to be accountable to the Australian people and be accountable for their
High
Removal of all key executives
As below
decisions and comments
103
Koci
Stephen
Individual
n/a
Not confidential
The RBA being arrogant and not being accountable for their
RBA Performance
KH - 17 Nov 2022
decisions and the comments of the Governor being
RBA Communications
Possibly - there are a number of
misleading.
Governance including board composition
Forward guidance: the author raised concerns about the Governor's use of forward guidance,
inflammatory statements e.g. 'I
noting that 'what was reported was financial advice from the Governor with no disclosure or any
Not applicable
N/A
would support the removal of al  key
discussions about risks is shocking'
executives and the board as they
have failed under any measure'
104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
GW - 17 Nov 2022
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
inflation targets; better model ing and public commentary on  macroprudential policy
wages, unemployment, and the real drivers of inflation; the
RBA Performance
Composition: present Board is heavily unbalanced, with all six of the lay appointees coming
establishment of a macro-economic coordination committee  RBA Communications
from a corporate background to varying degrees. There are no members from a union or
to achieve full employment, price and stability; and at least
Governance including board composition
industrial relations background. Because of this the Board has never considered the role of
one position on the board for an expert on labour markets
Culture, Management and Recruitment
price setting by business in contributing towards inflation. In addition, workers bear the brunt of
and wage setting with a labour movement background.
RBA actions but no one on the Board properly understands their position or can advocate for it
Medium
Union representation, and greater  Resubmitted
The RBA should appoint at least one member to the Board with a deep understanding and
economic representation
No publication risks identified
experience of the labour market and wage-setting system from the labour movement. The
industrial labour movement has strongest subject matter expertise on wages and wage-setting
dynamics
Academic economists and academically trained economists should be appointed to the RBA
Board with a diversity of perspectives and the capacity to interrogate orthodox views at a
technical level.

104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
KH - 17 Nov 2022
Overall: the culture of the RBA needs reshaping; diversity of economic thought needs to be
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
encouraged as well as demographic diversity. The RBA should take proactive steps to diversify
inflation targets; better model ing and public commentary on  macroprudential policy
the theoretical perspectives represented within its research and policy program
wages, unemployment, and the real drivers of inflation; the
RBA Performance
Support genuine col ectively
establishment of a macro-economic coordination committee  RBA Communications
bargaining with its staff; more
to achieve full employment, price and stability; and at least
Governance including board composition
Medium
diversity among its staff
No publication risks identified
one position on the board for an expert on labour markets
Culture, Management and Recruitment
(demographics and economic
and wage setting with a labour movement background.
perspectives).
104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
AH
1. Increase the weight of the employment objective - Define full employment as zero involuntary
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
unemployment. They note that it currently isn't addequately articulated what the RBA's view is on
inflation targets; better model ing and public commentary on  macroprudential policy
this objective.
wages, unemployment, and the real drivers of inflation; the
RBA Performance
2. Establish a macroeconomic coordination committee to ensure decisions move in the same
establishment of a macro-economic coordination committee  RBA Communications
direction. They propose that this include al  Government department leaders and the Treasurer
to achieve full employment, price and stability; and at least
Governance including board composition
that impact the macroeconomy
one position on the board for an expert on labour markets
Culture, Management and Recruitment
3. Greater coordination of macroprudential policy, they state they 'did not have the confidence
Medium
and wage setting with a labour movement background.
that macroprudentila policy would have stepped in to prevent unsustainable borrowing and
lending if the Bank undertook further monetary easing'.
4. 'Reserved' - distracts from greater issue that mp alone is too blunt, and better outcomes are not
a given.
104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
KH - 17 Nov 2022
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
Overal : The inflation target of 2-3% on average over the cycle set since 1993 has contributed to
inflation targets; better model ing and public commentary on  macroprudential policy
periods of elevated unemployment and wage stagnation. This has caused needless suffering for
wages, unemployment, and the real drivers of inflation; the
RBA Performance
working people and is an imbalance that must be corrected.
establishment of a macro-economic coordination committee  RBA Communications
Forecasts: The RBA’s understanding of, and projections of wage growth and employment levels in
to achieve full employment, price and stability; and at least
Governance including board composition
the past decade has been poor, as has its understanding and recent response to the drivers of
one position on the board for an expert on labour markets
Culture, Management and Recruitment
inflation. It is recommended that the RBA should work with the ACTU and labour market experts to
RBA work with ACTU/labour
and wage setting with a labour movement background.
revise its modelling (particularly with regard to wages and u/e).
Low
market experts to improve its
No publication risks identified
Mining: key example of the ‘bluntness’ of interest rate policy and its inability to target specific
models
geospatial and sectoral dimensions of inflation is Australia’s experience in the mining boom of the
early 2010s.
Low inflation period (16-19): overly tight fiscal policy and overly loose macroprudential policy
undermined monetary policy objectives
105
Danks
David
Individual
n/a
Not confidential
Interest rates are a very blunt instrument for dealing with
Monetary Policy Frameworks
inflation. I propose that the level of compulsory
Interaction of monetary, fiscal and
superannuation be legislated to float between 10% and 25%.  macroprudential policy
The RBA would be given the ability to mandate the
percentage of wages paid into super within this band. This
would give the RBA a new lever with a very broad impact that
would reduce the spending power of al  workers not just
those with borrowings.
106
n/a
Anonymous
n/a
RBA Performance
KH - 17 Nov 2022
KH- 17 Nov 2022
KH- 17
s 45, s 47E(d)
RBA Communications
Nov 2022

Other
s 47E(d)
Culture, Management and Recruitment
This submission raises concerns about the appropriateness of an incident in 1988 where an RBA
representative was speaking at an event with representatives from the urban land authority and
real estate institute of Victoria. The author also raises concerns about the interaction between the
Not applicable
N/A

government and banks during the pandemic.

107
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
AH - 29 Nov 2022 KH -17 Nov 2022
GW - 17 Nov 2022 KH -17 Nov 2022
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
inflation targets; better model ing and public commentary on  macroprudential policy
wages, unemployment, and the real drivers of inflation; the
RBA Performance
establishment of a macro-economic coordination committee  RBA Communications
to achieve full employment, price and stability; and at least
Governance including board composition
Repeat submission
one position on the board for an expert on labour markets
Culture, Management and Recruitment
and wage setting with a labour movement background.
s 45, s 47E(d)

s 45, s 47E(d)
110
n/a
Anonymous
There are two main themes to my submission; 1.
Monetary Policy Frameworks
s 45, s 47E(d)
Management of lending, 2. The government should receive
RBA Performance
the benefit of being the only legal issuer of legal tender
Governance including board composition
110
n/a
Anonymous
There are two main themes to my submission; 1.
Monetary Policy Frameworks
GW- 1 Dec 2022
Management of lending, 2. The government should receive
RBA Performance
Representatives of Treasury, NIPA (new organisation proposed in submission)and consultant
the benefit of being the only legal issuer of legal tender
Governance including board composition
economists in should make up most of the Board of Governors, rather than those with possible
High
See below
conflicts of interest
110
n/a
Anonymous
There are two main themes to my submission; 1.
Monetary Policy Frameworks
DL - 1 Dec 2022
Management of lending, 2. The government should receive
RBA Performance
Performance: RBA does not have the tools to achieve its goals. Should advocate to get right tools.
Anonymous
the benefit of being the only legal issuer of legal tender
Governance including board composition
Interest rates are ineffective, costly way to manage inflation. Flawed narrative of NAIRU. Raises
High
Do not publish - Copyright issues
conflict of interest and whether that prevented Board acting.
because it contains published articles
111
Harkness
Peter
Individual
n/a
Not confidential
How to reduce inflation
Monetary Policy Frameworks
RBA Performance
111
Harkness
Peter
Individual
n/a
Not confidential
How to reduce inflation
Monetary Policy Frameworks
DL - 1 Dec 2022
RBA Performance
Performance: Using cash rate to reduce inflation reduces welfare of many people. Questions
whether hardship of higher interest rates is worse that hardship of higher inflation. Raising rates to
reduce supply side inflation hasn't worked and it seems has made it worse. RBA's diagnosis is
Medium
Direct regulation in markets (e.g.
energy) to reduce inflation.
No publication risks identified
wrong.
s 45, s 47E(d)
113
Pope
Robin
Individual
n/a
Not confidential
Submission to join the Panel
RBA Performance
Other
Flag for further consideration.
Attached paper thanks various
people (some well-known) for their
input, but I'm sceptical about their
affiliation.
113
Pope
Robin
Individual
n/a
Not confidential
Submission to join the Panel
RBA Performance
DL - 1 Dec 2022
Other
Flag for further consideration.
Performance: Author suggests failures in RBA model ing, especial y of exchange rates. Using
Attached paper thanks various
interest rates to control inflation is 'grossly inefficient'.
Low
people (some well-known) for their
input, but I'm sceptical about their
affiliation.

FOI 3804
Document 3
Su+1:18 Last name
First name
Name of
What type of
Confidential/
Author's Summary
Topics covered
Reviewed by
Reviewed by
Reviewed by
Reviewed by
Overal  degree of
New ideas (expand)
Any publication risks identified (e.g. Defamatory
HM comment
TT comment
5b #
organisation
organisation?
Anonymous/ Not
Frameworks
Performance
Governance
Culture
change proposed
statements - see instructions tab)
confidential
(L/M/H)
s 45, s 47E(d)
7
Porter
James
Individual
n/a
Not confidential
1. The RBA's decisions are limited to domestic financial
Interaction of monetary, fiscal and
NA
can't seen any issue with
trading do not impact on foreign borrowings or investment or  macroprudential policy
this one?
in-house in transfers. This is a large proportion of the cash
Monetary Policy Frameworks
flowing in economy.
2.The RBA's decisions are limited in their economy wide
impact by the increasing control by oligopolies with market
power to expand without borrowing and can control prices
avoiding inflation targets.
3. RBA is not considering off-shore tax minimization effects on
economy.
106
n/a
Anonymous
n/a
RBA Performance
KH - 17 Nov 2022
KH- 17 Nov 2022
Not applicable
N/A
  To review; inflammatory  for legal review pls
legal review
s 45, s 47E(d)
RBA Communications
s 47E(d)
statements
Other
Culture, Management and Recruitment
105
Danks
David
Individual
n/a
Not confidential
Interest rates are a very blunt instrument for dealing with
Monetary Policy Frameworks
AH - 1 Dec 2022
No publication risks identified
inflation. I propose that the level of compulsory
Interaction of monetary, fiscal and
superannuation be legislated to float between 10% and 25%.  macroprudential policy
The RBA would be given the ability to mandate the
percentage of wages paid into super within this band. This
would give the RBA a new lever with a very broad impact that
would reduce the spending power of al  workers not just
those with borrowings.
104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
GW - 17 Nov 2022
Medium
Union representation, and greater
Resubmitted
Repeat submission
Do not publish - publish #107
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
economic representation
No publication risks identified
instead as it is more recent
inflation targets; better model ing and public commentary on  macroprudential policy
wages, unemployment, and the real drivers of inflation; the
RBA Performance
establishment of a macro-economic coordination committee  RBA Communications
to achieve full employment, price and stability; and at least
Governance including board composition
one position on the board for an expert on labour markets
Culture, Management and Recruitment
and wage setting with a labour movement background.
104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
KH - 17 Nov 2022
Medium
Support genuine col ectively bargaining  No publication risks identified
Repeat submission
Do not publish - publish #107
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
with its staff; more diversity among its
instead as it is more recent
inflation targets; better model ing and public commentary on  macroprudential policy
staff (demographics and economic
wages, unemployment, and the real drivers of inflation; the
RBA Performance
perspectives).
establishment of a macro-economic coordination committee  RBA Communications
to achieve full employment, price and stability; and at least
Governance including board composition
one position on the board for an expert on labour markets
Culture, Management and Recruitment
and wage setting with a labour movement background.
104
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
KH - 17 Nov 2022
Low
RBA work with ACTU/labour market
No publication risks identified
Repeat submission
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
experts to improve its models
inflation targets; better model ing and public commentary on  macroprudential policy
wages, unemployment, and the real drivers of inflation; the
RBA Performance
establishment of a macro-economic coordination committee  RBA Communications
to achieve full employment, price and stability; and at least
Governance including board composition
one position on the board for an expert on labour markets
Culture, Management and Recruitment
and wage setting with a labour movement background.
103
Koci
Stephen
Individual
n/a
Not confidential
The RBA being arrogant and not being accountable for their
RBA Performance
GW - 17 Nov 2022
High
Removal of al  key executives
As below
To review; inflammatory  lets pass to legal for review. I  I think this is ok
decisions and the comments of the Governor being
RBA Communications
statements
think ok to publish, but lets
misleading.
Governance including board composition
double check
103
Koci
Stephen
Individual
n/a
Not confidential
The RBA being arrogant and not being accountable for their
RBA Performance
KH - 17 Nov 2022
Not applicable
N/A
Possibly - there are a number of inflammatory statements  To review; inflammatory
(ditto)
decisions and the comments of the Governor being
RBA Communications
e.g. 'I would support the removal of al  key executives and  statements
misleading.
Governance including board composition
the board as they have failed under any measure'
102
Moule
Daniel
Individual
n/a
Not confidential
My submission is a copy of "What has Government Done to  Other
Not applicable
Not applicable
To review; copyright
sub number is wrong - #102  NB this is number 10 not
our Money" by the
issues. Repeat submission is the phil ip norman one
102 ; can't see that we
late Professor Murray Rothbard of the Austrian school of
which is fine to publish.
can publish #10 o/a
economics.
copyright. #102 is fine
s 45, s 47E(d)

s 45, s 47E(d)
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
GW - 17 Nov 2022
Medium
direct provision of non-official data
No publication risks identified
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
sources and expertise into Board
Association
markets expertise on the Board and (2) increased information  macroprudential policy
processes
flow to the Board’s monetary process from the private sector. RBA Performance
RBA Communications
Governance including board composition
Culture, Management and Recruitment
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
KH - 17 Nov 2022
Medium
Utilise commercial bank data; survey
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
banks about range of monetary policy
Association
markets expertise on the Board and (2) increased information  macroprudential policy
options being considered; QE should be
flow to the Board’s monetary process from the private sector. RBA Performance
avoided where possible; FG shouldn't be
RBA Communications
calendar based.
Governance including board composition
Culture, Management and Recruitment
99
Jeffree
Damian
Australian
Peak industry
Not confidential
Our submission comments on al  the themes raised and
Monetary Policy Frameworks
KH - 10 Nov 2022
Low
Increasing financial markets expertise
No publication risks identified
Financial Markets  body/union
supports (1) Governance reform to increase monetary and
Interaction of monetary, fiscal and
within the RBA
Association
markets expertise on the Board and (2) increased information  macroprudential policy
flow to the Board’s monetary process from the private sector. RBA Performance
RBA Communications
Governance including board composition
Culture, Management and Recruitment
98
McKim
Nick
Australian Greens Political Party
Not confidential
independence must not equal freedom from accountability.  Monetary Policy Frameworks
GW - 17 Nov 2022
Duplicate
This is the later
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
submission so we'd
that ensures monetary policy is conducted in accord with
macroprudential policy
publish this not #68
other economic policy and in a way that is accountable to our  RBA Performance
(replaces 4 women on
democratic institutions.
Governance including board composition
board with four
This wil  best ensure that “the monetary and banking policy of
women/gender diverse
the Bank is directed to the greatest advantage of the people
on board)
of Australia”.
97
Penzo
Emma
Australian Banking  Peak industry
Not confidential
Key points raised:
Monetary Policy Frameworks
GW - 17 Nov 2022
High
Dual structure, potential y with some
No publication risks identified
Association
body/union
• We consider the three objectives to be appropriate, noting  Interaction of monetary, fiscal and
non-voting advisory members
there may be an opportunity to update the expression of the  macroprudential policy
objectives
RBA Performance
• We see opportunities for the RBA to augment its
RBA Communications
communications to explain the complexities underlying
Governance including board composition
decisions and trade-offs made.
• We see the independence of the RBA as critical to ensuring
a wel -functioning economy.
97
Penzo
Emma
Australian Banking  Peak industry
Not confidential
Key points raised:
Monetary Policy Frameworks
DL - 17 Nov 2022
Medium
Communicate quantitative info from
No publication risks identified
Association
body/union
• We consider the three objectives to be appropriate, noting  Interaction of monetary, fiscal and
liaison program;
there may be an opportunity to update the expression of the  macroprudential policy
summary of Board debate/dissent
objectives
RBA Performance
(without attribution)
• We see opportunities for the RBA to augment its
RBA Communications
communications to explain the complexities underlying
Governance including board composition
decisions and trade-offs made.
• We see the independence of the RBA as critical to ensuring
a wel -functioning economy.
96
Vines
David
Individual
n/a
Not confidential
The RBA’s monetary-policy responsibilities must be
Monetary Policy Frameworks
GW - 17 Nov 2022
No publication risks identified
broadened to go beyond inflation targeting, and Treasury, the  Interaction of monetary, fiscal and
RBA, APRA and the Productivity Commission (PC) need to
macroprudential policy
cooperate better. The Treasury should become a “Stackelberg  RBA Performance
leader”, assisted by a new Fiscal Policy Council. The other
Governance including board composition
institutions should become “Stackelberg fol owers”. The RBA,
in carrying out its broader role, should pay closer attention to
the level of the exchange rate. The roles of APRA and the PC
must also be re-examined.
95
n/a
Anonymous
This submission to the Treasury provides comment on the
Monetary Policy Frameworks
Redacted
redact both header on p1
agree
s 45, s
fol owing aspects of the Reserve Bank of Australia (RBA), as
RBA Performance
and name at the end pls
input to Treasury’s Review of the RBA:
• RBA Powers to Set Monetary Policy
47E(d)
• Operational Independence of the RBA
• Lessons from the RBA Bond Buying Program
95
n/a
Anonymous
This submission to the Treasury provides comment on the
Monetary Policy Frameworks
DL - 17 Nov 2022
Medium
Review should consider political and
No publication risks identified
Redacted
redact both header on p1
agree
fol owing aspects of the Reserve Bank of Australia (RBA), as
RBA Performance
commercial independence of RBA
and name at the end pls
input to Treasury’s Review of the RBA:
• RBA Powers to Set Monetary Policy
• Operational Independence of the RBA
• Lessons from the RBA Bond Buying Program

s 45, s 47E(d)
93
Wood
Graham
Individual
n/a
Not confidential
This submission is tendered with the hope of:
Monetary Policy Frameworks
• improving Australia’s economic prosperity,
Interaction of monetary, fiscal and
• significantly reducing the high percentages of unemployed  macroprudential policy
and underemployed,
RBA Performance
• moderating normal inflation and deflation cycles,
RBA Communications
• changing monetary policy arrangements to reduce the
Governance including board composition
underlying causes of climate change,
• providing sufficient funds for Australia to mitigate climate
change without raising taxes, sel ing Australian Government
Securities or creating intergenerational debts or inequity.
93
Wood
Graham
Individual
n/a
Not confidential
This submission is tendered with the hope of:
Monetary Policy Frameworks
GW - 17 Nov 2022
High
See below
• improving Australia’s economic prosperity,
Interaction of monetary, fiscal and
• significantly reducing the high percentages of unemployed  macroprudential policy
and underemployed,
RBA Performance
• moderating normal inflation and deflation cycles,
RBA Communications
• changing monetary policy arrangements to reduce the
Governance including board composition
underlying causes of climate change,
• providing sufficient funds for Australia to mitigate climate
change without raising taxes, sel ing Australian Government
Securities or creating intergenerational debts or inequity.
93
Wood
Graham
Individual
n/a
Not confidential
This submission is tendered with the hope of:
Monetary Policy Frameworks
DL - 16 Nov 2022
High
A long document with lots of references, but I did not pick
• improving Australia’s economic prosperity,
Interaction of monetary, fiscal and
up any publication risks.
• significantly reducing the high percentages of unemployed  macroprudential policy
and underemployed,
RBA Performance
• moderating normal inflation and deflation cycles,
RBA Communications
• changing monetary policy arrangements to reduce the
Governance including board composition
underlying causes of climate change,
• providing sufficient funds for Australia to mitigate climate
change without raising taxes, sel ing Australian Government
Securities or creating intergenerational debts or inequity.
92
Bryant
Gareth
Individual
n/a
Not confidential
This submission focuses on how the RBA can better manage  Monetary Policy Frameworks
climate-related financial risks and contribute to the
Interaction of monetary, fiscal and
decarbonisation of the Australian economy. We make 3
macroprudential policy
recommendations: 1. Expand the RBA mandate to include
RBA Performance
climate change; 2. Differentiate between clean and carbon-
intensive assets; 3. Coordinate between monetary, fiscal, and
regulatory authorities in climate policy.
92
Bryant
Gareth
Individual
n/a
Not confidential
This submission focuses on how the RBA can better manage  Monetary Policy Frameworks
DL - 16 Nov 2022
Medium
RBA should 'tilt' its balance sheet in
climate-related financial risks and contribute to the
Interaction of monetary, fiscal and
climate-friendly direction and prepare
decarbonisation of the Australian economy. We make 3
macroprudential policy
for this.
recommendations: 1. Expand the RBA mandate to include
RBA Performance
climate change; 2. Differentiate between clean and carbon-
intensive assets; 3. Coordinate between monetary, fiscal, and
regulatory authorities in climate policy.
91
Connor
Jade
Individual
n/a
Not confidential
Inflation target, board membership terms, recession response Monetary Policy Frameworks
GW - 17 Nov 2022
High
1 year maximum term for Governor
No publication risks identified
Interaction of monetary, fiscal and
macroprudential policy
Governance including board composition
Culture, Management and Recruitment
91
Connor
Jade
Individual
n/a
Not confidential
Inflation target, board membership terms, recession response Monetary Policy Frameworks
KH - 11 Nov 2022
Not applicable
Not applicable
Interaction of monetary, fiscal and
macroprudential policy
Governance including board composition
Culture, Management and Recruitment
90
Rochford
Jonathan
Narrow Road
Business
Not confidential
This review is timely, with several failures of the RBA
Monetary Policy Frameworks
Capital
becoming apparent this year. These failures originate with the  Interaction of monetary, fiscal and
aims set for the RBA as they are too numerous, vague and
macroprudential policy
often conflict with each other. They set the RBA up to fail, as  RBA Performance
they ask the RBA to achieve outcomes using monetary policy  RBA Communications
that require coordination with fiscal policy, tax reform,
Governance including board composition
competition/productivity reforms and general economic
Culture, Management and Recruitment
settings that are al  beyond the RBA’s control.
90
Rochford
Jonathan
Narrow Road
Business
Not confidential
This review is timely, with several failures of the RBA
Monetary Policy Frameworks
GW - 17 Nov 2022 KH - 11 Nov 2022
Low
Board members and staff should be
No publication risks identified
Capital
becoming apparent this year. These failures originate with the  Interaction of monetary, fiscal and
empowered to speak publicly, al owing
aims set for the RBA as they are too numerous, vague and
macroprudential policy
them to highlight the wider
often conflict with each other. They set the RBA up to fail, as  RBA Performance
considerations in making decisions and
they ask the RBA to achieve outcomes using monetary policy  RBA Communications
the different views held.
that require coordination with fiscal policy, tax reform,
Governance including board composition
competition/productivity reforms and general economic
Culture, Management and Recruitment
settings that are al  beyond the RBA’s control.

90
Rochford
Jonathan
Narrow Road
Business
Not confidential
This review is timely, with several failures of the RBA
Monetary Policy Frameworks
DL - 16 Nov 2022
Medium
No publication risks identified
Capital
becoming apparent this year. These failures originate with the  Interaction of monetary, fiscal and
aims set for the RBA as they are too numerous, vague and
macroprudential policy
often conflict with each other. They set the RBA up to fail, as  RBA Performance
they ask the RBA to achieve outcomes using monetary policy  RBA Communications
that require coordination with fiscal policy, tax reform,
Governance including board composition
competition/productivity reforms and general economic
Culture, Management and Recruitment
settings that are al  beyond the RBA’s control.
89
Davidson
Peter
Australian Council  Community/NFP  Not confidential
Macroeconomic policy prioritises low inflation over low
Monetary Policy Frameworks
of Social Service
group
unemployment. This is unbalanced: for people on the lowest  Interaction of monetary, fiscal and
incomes, high inflation is a struggle but unemployment is a
macroprudential policy
disaster.
RBA Performance
A full employment target should be set independently of the  Governance including board composition
inflation target, and they should be given equal weight.
Governments should play a greater role in reducing
unemployment and inflation using fiscal, regulatory and
taxation policies to bear down on both.
89
Davidson
Peter
Australian Council  Community/NFP  Not confidential
Macroeconomic policy prioritises low inflation over low
Monetary Policy Frameworks
GW - 17 Nov 2022
Medium
Specific composition in Act
No publication risks identified
of Social Service
group
unemployment. This is unbalanced: for people on the lowest  Interaction of monetary, fiscal and
incomes, high inflation is a struggle but unemployment is a
macroprudential policy
disaster.
RBA Performance
A full employment target should be set independently of the  Governance including board composition
inflation target, and they should be given equal weight.
Governments should play a greater role in reducing
unemployment and inflation using fiscal, regulatory and
taxation policies to bear down on both.
89
Davidson
Peter
Australian Council  Community/NFP  Not confidential
Macroeconomic policy prioritises low inflation over low
Monetary Policy Frameworks
KH - 17 Nov 2022
Not applicable
Not applicable
of Social Service
group
unemployment. This is unbalanced: for people on the lowest  Interaction of monetary, fiscal and
incomes, high inflation is a struggle but unemployment is a
macroprudential policy
disaster.
RBA Performance
A full employment target should be set independently of the  Governance including board composition
inflation target, and they should be given equal weight.
Governments should play a greater role in reducing
unemployment and inflation using fiscal, regulatory and
taxation policies to bear down on both.
88
Rossiter
David
Individual
n/a
Not confidential
Monetary policy frameworks must consider the deteriorating  Monetary Policy Frameworks
AH - 1 Dec 2022
No publication risks identified
dynamics of climate change on the world environment and
economy.
87
Winter
John
Individual
n/a
Not confidential
Only a two and a half page submission - explained on the
Monetary Policy Frameworks
GW - 17 Nov 2022
Low
Supporting committees with community  s 47E(d)
covering letter. Key message is the Reserve Bank has been
Interaction of monetary, fiscal and
cross section
crippled and can't deliver.
macroprudential policy
RBA Performance
RBA Communications
Governance including board composition
Other
87
Winter
John
Individual
n/a
Not confidential
Only a two and a half page submission - explained on the
Monetary Policy Frameworks
KH - 8 Nov 2022
Not applicable
Not applicable
No publication risks identified
covering letter. Key message is the Reserve Bank has been
Interaction of monetary, fiscal and
crippled and can't deliver.
macroprudential policy
RBA Performance
RBA Communications
Governance including board composition
Other
86
Gross
Isaac
Individual
n/a
Not confidential
This submission outlines 38 recommendations for reform
Monetary Policy Frameworks
GW - 17 Nov 2022
High
Minutes to state if staff
No publication risks identified
covering different aspects of the RBA.
Interaction of monetary, fiscal and
recommendation followed
The two most substantive reforms proposed are:
macroprudential policy
1. Delegating monetary policymaking to a Monetary Policy
RBA Performance
Committee composed of internal staff and external experts in  RBA Communications
monetary policy
Governance including board composition
2. Remove financial stability as part of the RBA’s mandate for  Culture, Management and Recruitment
monetary policy, focusing the
86
Gross
Isaac
Individual
n/a
Not confidential
This submission outlines 38 recommendations for reform
Monetary Policy Frameworks
KH - 10 Nov 2022
Low
The RBA should give research orientated
covering different aspects of the RBA.
Interaction of monetary, fiscal and
staff time to conduct research even if
The two most substantive reforms proposed are:
macroprudential policy
they are not currently in the research
1. Delegating monetary policymaking to a Monetary Policy
RBA Performance
department; engage more with
Committee composed of internal staff and external experts in  RBA Communications
academics who conduct policy-relevant
monetary policy
Governance including board composition
research on the Australian economy and
2. Remove financial stability as part of the RBA’s mandate for  Culture, Management and Recruitment
monetary policy.
monetary policy, focusing the
86
Gross
Isaac
Individual
n/a
Not confidential
This submission outlines 38 recommendations for reform
Monetary Policy Frameworks
KH - 8 Nov 2022
High
Serious thought should be given to
No publication risks identified
covering different aspects of the RBA.
Interaction of monetary, fiscal and
reintegrating APRA and the RBA; RBA
The two most substantive reforms proposed are:
macroprudential policy
should set up and subsidize prediction
1. Delegating monetary policymaking to a Monetary Policy
RBA Performance
markets for core macroeconomic
Committee composed of internal staff and external experts in  RBA Communications
variables to use as an input into the
monetary policy
Governance including board composition
monetary policy process; Release a plan
2. Remove financial stability as part of the RBA’s mandate for  Culture, Management and Recruitment
in 2024 for how the RBA will stimulate
monetary policy, focusing the
the economy when it is next constrained
by the ELB
85
Murphy
Jason
Individual
n/a
Not confidential
This submission, by economist Jason Murphy, argues the
Monetary Policy Frameworks
AH - 1 Dec 2022
No publication risks identified
review should engage in and promote big picture thinking
Interaction of monetary, fiscal and
about what monetary policy is for, and how monetary policy  macroprudential policy
could change. It argues there is an ideas gap that needs to be
filled with clear thinking in case the current system collapses,
unable to manage upcoming chal enges. The alternative is
ceding the space to ad hoc solutions and/or populism.
84
Richardson
David
Australia Institute Policy/research
Not confidential
This submission addresses each of these as wel  as the
Monetary Policy Frameworks
GW - 17 Nov 2022
High
Removal of RBA independence over mp  Refers to the CIS as a right wing thinktank
To review; comment re
OK to publish.
agree
institute
deficiencies in the intellectual models behind RBA analysis,
Interaction of monetary, fiscal and
decision
CIS?
I think CIS describe
assessments and other work. We also comment on the
macroprudential policy
themselves as liberterians
economic, social and environmental consequences of the RBA  RBA Performance
actions which should be explicitly incorporated in RBA
RBA Communications
thinking. The RBA is trapped in unrealistic models of the
Governance including board composition
Australian economy and has failed to establish a method for  Culture, Management and Recruitment
incorporating real world phenomenon into its thinking. This is
evident in issues from its approach to wage setting behaviour
through to complacency about an oligopolistic finance sector
in which anti-social behaviour has been endemic.

84
Richardson
David
Australia Institute Policy/research
Not confidential
This submission addresses each of these as wel  as the
Monetary Policy Frameworks
KH- 10 Nov 2022
Medium
The flow of senior staff between the
No publication risks identified
institute
deficiencies in the intellectual models behind RBA analysis,
Interaction of monetary, fiscal and
RBA, other regulators and the finance
assessments and other work. We also comment on the
macroprudential policy
sector should be prohibited for at least
economic, social and environmental consequences of the RBA  RBA Performance
10 years.
actions which should be explicitly incorporated in RBA
RBA Communications
thinking. The RBA is trapped in unrealistic models of the
Governance including board composition
Australian economy and has failed to establish a method for  Culture, Management and Recruitment
incorporating real world phenomenon into its thinking. This is
evident in issues from its approach to wage setting behaviour
through to complacency about an oligopolistic finance sector
in which anti-social behaviour has been endemic.
84
Richardson
David
Australia Institute Policy/research
Not confidential
This submission addresses each of these as wel  as the
Monetary Policy Frameworks
KH - 8 Nov 2022
Low
In making guidance to the market, the
No publication risks identified
institute
deficiencies in the intellectual models behind RBA analysis,
Interaction of monetary, fiscal and
RBA should make it clear that it does not
assessments and other work. We also comment on the
macroprudential policy
know the future and that anything can
economic, social and environmental consequences of the RBA  RBA Performance
happen. When commitments are made
actions which should be explicitly incorporated in RBA
RBA Communications
they should be honoured; Introduce
thinking. The RBA is trapped in unrealistic models of the
Governance including board composition
other initiatives to improve
Australian economy and has failed to establish a method for  Culture, Management and Recruitment
understanding of the real world.
incorporating real world phenomenon into its thinking. This is
evident in issues from its approach to wage setting behaviour
through to complacency about an oligopolistic finance sector
in which anti-social behaviour has been endemic.
83
Shepherd
Ian
Individual
n/a
Not confidential
At least in periods of excess reserves, arguably, the RBA
Monetary Policy Frameworks
AH - 1 Dec 2022
No publication risks identified
should not pay interest on the full amount of al  Exchange
Interaction of monetary, fiscal and
Settlement Account (ESA) balances. The Government should  macroprudential policy
assume responsibility for setting the parameters of monetary,
(system-wide) macroprudential policy and fiscal policy as a
whole. After the Review, The Treasury should undertake a
non-public examination of excluded review matters, and
some others.
s 45, s 47E(d)
81
n/a
Anonymous
Proposal for major reform of the monetary policy framework.  Monetary Policy Frameworks
To review; 'breakfastdogs'
suggest redact tag at top
s 45, s 47E(d)
Replacement of the existing interest rate mechanism with a
personal tag?
and bottom of doc
new mechanism transmitted only via the household cashflow
channel.
80
Pentland
Alex
Individual
n/a
Not confidential
Suggestion regarding improving the process for appointments  Governance including board composition
GW - 17 Nov 2022
Medium
Ensrine appointment process code of
No publication risks identified
to the Reserve Bank Board under the Reserve Bank Act 1958,
practice in Act
including the Governor, Deputy Governor, and 6 other
members of the board. Proposals include a public and open
process to improve public confidence in the membership of
the board, and the requirement that merit forms a key part of
any appointments.
79
d'lapico-Bien Victor
Individual
n/a
Not confidential
My contention in this submission is that the current
Monetary Policy Frameworks
To review; copyright
I think ok to publish.
seems fine from a
intel ectual paradigm the RBA operates under is
Interaction of monetary, fiscal and
I don’t think the content in  copyright standpoint but
inappropriate. One policy outcome of the paradigm is that as  macroprudential policy
the submission itself is
submission is
soon as there is inflation the automatic and I would add
RBA Performance
copyright, and the links are  incomplete. I assume
mindless policy response is to raise interest rates. The RBA
genuine.
that is error on his part
should move to a different paradigm which is embodied in
rather than smth to do
the Minsky economic dynamics model developed by Prof
with converlens
Steve Keen. Both fiscal & monetary policy would be managed
by the RBA in this new paradigm.
79
d'lapico-Bien Victor
Individual
n/a
Not confidential
My contention in this submission is that the current
Monetary Policy Frameworks
KH - 11 Nov 2022
Not applicable
Not applicable
Potential copyright issue as submission focuses on sharing  To review; copyright
I think ok to publish.
intel ectual paradigm the RBA operates under is
Interaction of monetary, fiscal and
the views of Prof Keen
I don’t think the content in
inappropriate. One policy outcome of the paradigm is that as  macroprudential policy
the submission itself is
soon as there is inflation the automatic and I would add
RBA Performance
copyright, and the links are
mindless policy response is to raise interest rates. The RBA
genuine.
should move to a different paradigm which is embodied in
the Minsky economic dynamics model developed by Prof
Steve Keen. Both fiscal & monetary policy would be managed
by the RBA in this new paradigm.

78
Norman
Philip
Individual
n/a
Not confidential
Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
GW- 17 Nov 2022
Medium
Staff elected rep on Board
No publication risks identified
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
representative to the Board, like the Australian Broadcasting
Commission. Smal  business should be represented on the
board.
78
Norman
Philip
Individual
n/a
Not confidential
Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
KH - 10 Nov 2022
Not applicable
Not applicable
No publication risks identified
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
representative to the Board, like the Australian Broadcasting
Commission. Smal  business should be represented on the
board.
78
Norman
Philip
Individual
n/a
Not confidential
Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
KH - 8 Nov 2022
Not applicable
Not applicable
No publication risks identified
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
representative to the Board, like the Australian Broadcasting
Commission. Smal  business should be represented on the
board.
77
Quiggin
John
Individual
n/a
Not confidential
The primary purpose of this submission is to argue that the
Monetary Policy Frameworks
GW - 17 Nov 2022
Low
Board should either have broad
No publication risks identified
currently dominant framework for monetary policy, based on  Interaction of monetary, fiscal and
representation, or move to a Board of al
strong central bank independence and reliance on
macroprudential policy
macroeconomists
adjustments to central bank interest rates to achieve a 2-3 per  Governance including board composition
cent inflation target has performed poorly at a global level
and is no longer sustainable. A new framework, accepting a
higher average rate of inflation and taking explicit account of
the objectives of full employment and economic prosperity is
needed.
77
Quiggin
John
Individual
n/a
Not confidential
The primary purpose of this submission is to argue that the
Monetary Policy Frameworks
KH - 8 Nov 2022
Not applicable
Not applicable
No publication risks identified
currently dominant framework for monetary policy, based on  Interaction of monetary, fiscal and
strong central bank independence and reliance on
macroprudential policy
adjustments to central bank interest rates to achieve a 2-3 per  Governance including board composition
cent inflation target has performed poorly at a global level
and is no longer sustainable. A new framework, accepting a
higher average rate of inflation and taking explicit account of
the objectives of full employment and economic prosperity is
needed.
76
Terry
Miller
Individual
n/a
Not confidential
sack philip lowe
RBA Performance
KH - 10 Nov 2022 GW - 16 Nov 2022 KH - 10 Nov 2022
Not applicable
Not applicable
Publication risk - inflammatory statement
To review
lets pass to legal. I think its  agree
Governance including board composition
their view and therefore fine
Culture, Management and Recruitment
to publish, but lets double
check.
75
McDonald
Andrew
Individual
n/a
Not confidential
A Register of Board Member's Interest.
Governance including Board composition
GW - 17 Nov 2022
high
register of Board member interests
No publication risks identified
Live streaming of RBA Board Meetings plus Minutes
livestreamed meetings
published.
Transparency of the consideration about the effect on broad
categories of the public.
74
Carrodus
Toby
Individual
n/a
Not confidential
My submission for the Review of the RBA covers i) monetary  Monetary policy frameworks
policy frameworks and ii) RBA performance. I discuss the
RBA performance
effectiveness of determining monetary policy via a
centralized, committee-based framework compared to a
market-based framework. I highlight the RBA's narrow
interpretation of the Act as equating to 2-3% inflation and the
adverse side-effects of this. I propose an alternative involving
Australia’s banking system to mitigate the problems
associated with the RBA’s current arrangement.
74
Carrodus
Toby
Individual
n/a
Not confidential
My submission for the Review of the RBA covers i) monetary  Monetary policy frameworks
KH - 8 Nov 2022
High
Limit the scope of the RBA to acting as a  No publication risks identified
policy frameworks and ii) RBA performance. I discuss the
RBA performance
“lender of last resort”; al ow banks to
effectiveness of determining monetary policy via a
issue their own coins as forms of
centralized, committee-based framework compared to a
payment to facilitate a market-based
market-based framework. I highlight the RBA's narrow
mechanism for the determination of
interpretation of the Act as equating to 2-3% inflation and the
short-term interest rates.
adverse side-effects of this. I propose an alternative involving
Australia’s banking system to mitigate the problems
associated with the RBA’s current arrangement.
s 45, s 47E(d)
72
Vines
David
Individual
n/a
Not confidential
The submission argues that there is need for a framework of  Monetary policy frameworks
GW - 17 Nov 2022
Finalised version uploaded #96
Duplicate. Not Published
don’t publish
macroeconomic policymaking in which the Treasury the
Interaction of monetary, fiscal and
Reserve Bank, the Productivity Commission and APRA
macroprudential policy
cooperate more closely than has happened in the recent past.  RBA performance
I discuss the central role which the Treasury needs to play in  Governance including Board composition
the implementation of such a framework. And I propose that
a Fiscal Policy Council should be established to make it more
likely that the Treasury wil  be able to provide the necessary
leadership
72
Vines
David
Individual
n/a
Not confidential
The submission argues that there is need for a framework of  Monetary policy frameworks
DL - 10 Nov 2022
Low
Finalised version uploaded #96
Duplicate. Not Published
don’t publish
macroeconomic policymaking in which the Treasury the
Interaction of monetary, fiscal and
Reserve Bank, the Productivity Commission and APRA
macroprudential policy
cooperate more closely than has happened in the recent past.  RBA performance
I discuss the central role which the Treasury needs to play in  Governance including Board composition
the implementation of such a framework. And I propose that
a Fiscal Policy Council should be established to make it more
likely that the Treasury wil  be able to provide the necessary
leadership

71
Parsons
Louise
Individual
n/a
Not confidential
The governance and accountability of the RBA wil  benefit
Monetary policy frameworks
from strengthening, and the legislative framework of the RBA  Interaction of monetary, fiscal and
should be amended to accommodate the key elements of the  macroprudential policy
Statement on the Conduct of Monetary Policy. In particular,  Governance including Board composition
the RBA€™s mandate for financial stability, the role and
Other
nature of the inflation-targeting model of monetary policy,
and relevant accountability arrangements included in the
Statement on the Conduct of Monetary Policy should be
included in legislation.
71
Parsons
Louise
Individual
n/a
Not confidential
The governance and accountability of the RBA wil  benefit
Monetary policy frameworks
Low
No publication risks identified
from strengthening, and the legislative framework of the RBA  Interaction of monetary, fiscal and
should be amended to accommodate the key elements of the  macroprudential policy
Statement on the Conduct of Monetary Policy. In particular,  Governance including Board composition
the RBA€™s mandate for financial stability, the role and
Other
nature of the inflation-targeting model of monetary policy,
and relevant accountability arrangements included in the
Statement on the Conduct of Monetary Policy should be
included in legislation.
s 45, s 47E(d)
69
Lowe
Kit
Lowe Capital
Business
Not confidential
The 2-3% inflation target is appropriate. The problem is that  Monetary Policy Frameworks
GW - 17 Nov 2022
Low
Change composition of the Board
Discusses RBA media leaking to specific named journalists
Can we run this one past
Management
the RBA spent 7 years worried about financial stability and
Interaction of monetary, fiscal and
legal pl
complaining about fiscal not helping it's cause instead of just  macroprudential policy
responding to too tight fiscal policy. They should never have  RBA Performance
done YCC and given forward guidance out to 2024. They
RBA Communications
constantly leak to the press when they perceive the market is  Governance including board composition
wrong about MP. They never consider employing anyone with  Culture, Management and Recruitment
broad market experience they just hire PHD's.
69
Lowe
Kit
Lowe Capital
Business
Not confidential
The 2-3% inflation target is appropriate. The problem is that  Monetary Policy Frameworks
DL - 10 Nov 2022
Low
No publication risks identified
Management
the RBA spent 7 years worried about financial stability and
Interaction of monetary, fiscal and
complaining about fiscal not helping it's cause instead of just  macroprudential policy
responding to too tight fiscal policy. They should never have  RBA Performance
done YCC and given forward guidance out to 2024. They
RBA Communications
constantly leak to the press when they perceive the market is  Governance including board composition
wrong about MP. They never consider employing anyone with  Culture, Management and Recruitment
broad market experience they just hire PHD's.
68
McKim
Nick
Australian Greens Other
Not confidential
Independence must not equal freedom from accountability.  Monetary Policy Frameworks
GW - 17 Nov 2022
High
Unions to appoint Board member, limit  Updated version submitted as #98
Not published - duplicate
Do not publish
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
large business representation
copy of 98
that ensures monetary policy is conducted in accord with
macroprudential policy
Publicly recorded votes
other economic policy and in a way that is accountable to our  RBA Performance
Treasurer to direct Treasury Secretary
democratic institutions. This wil  best ensure that â€œthe
Governance including board composition
and publish position
monetary and banking policy of the Bank is directed to the
greatest advantage of the people of Australia€.
68
McKim
Nick
Australian Greens Other
Not confidential
Independence must not equal freedom from accountability.  Monetary Policy Frameworks
DL - 10 Nov 2022
Low
Updated version submitted as #98
Not published - duplicate
Do not publish
The aim of this review should be to establish a framework
Interaction of monetary, fiscal and
copy of 98
that ensures monetary policy is conducted in accord with
macroprudential policy
other economic policy and in a way that is accountable to our  RBA Performance
democratic institutions. This wil  best ensure that â€œthe
Governance including board composition
monetary and banking policy of the Bank is directed to the
greatest advantage of the people of Australia€.
67
n/a
Anonymous
Gained from personal knowledge, I provide examples of the  Monetary Policy Frameworks
- MMT proposals of job guarantee and  Anonymous
s 45, s
negative consequences of unemployment and provide
RBA Performance
use of NAIBER
practical solutions the RBA should adopt to develop an
RBA Communications
innovative and accountable culture to meet its three primary  Governance including board composition
47E(d)
legislative goals - price stability, full employment and ensuring  Culture, Management and Recruitment
the economic prosperity and welfare of Australians; without
harming innocent Australian individuals, families and
communities with the negative economic, social and health
effects of long term unemployment.
67
n/a
Anonymous
Gained from personal knowledge, I provide examples of the  Monetary Policy Frameworks
Medium
Greatly broaden types of people on
Anonymous
negative consequences of unemployment and provide
RBA Performance
Board, provide for unemployed person  No other publication risks identified
practical solutions the RBA should adopt to develop an
RBA Communications
to attend board meetings
innovative and accountable culture to meet its three primary  Governance including board composition
legislative goals - price stability, full employment and ensuring  Culture, Management and Recruitment
the economic prosperity and welfare of Australians; without
harming innocent Australian individuals, families and
communities with the negative economic, social and health
effects of long term unemployment.
67
n/a
Anonymous
Gained from personal knowledge, I provide examples of the  Monetary Policy Frameworks
High
- MMT proposals of job guarantee and  Anonymous
negative consequences of unemployment and provide
RBA Performance
use of NAIBER
practical solutions the RBA should adopt to develop an
RBA Communications
innovative and accountable culture to meet its three primary  Governance including board composition
legislative goals - price stability, full employment and ensuring  Culture, Management and Recruitment
the economic prosperity and welfare of Australians; without
harming innocent Australian individuals, families and
communities with the negative economic, social and health
effects of long term unemployment.
s 45, s 47E(d)

s 45, s 47E(d)
65
Barwick
Elisa
Australian Citizens  Other
Not confidential
This submission of the Australian Citizens Party calls for a
Monetary Policy Frameworks
Creation of a 'national bank', similar to
Party
return to national banking to foster economic growth; a
Interaction of monetary, fiscal and
the Commonwealth Bank that existed
review of the unofficial inflation mandate by which the RBA
macroprudential policy
pre-1959. Greater intervention in
operates; returning government to control of monetary
RBA Performance
banking and lending.
policy; restoring adequate financial regulation and,
subsequently, consumer protections; and expanding the
RBA's policy toolbox in the face of potential financial crises.
65
Barwick
Elisa
Australian Citizens  Other
Not confidential
This submission of the Australian Citizens Party calls for a
Monetary Policy Frameworks
DL - 9 Nov 2022
High
No publication risks identified
Party
return to national banking to foster economic growth; a
Interaction of monetary, fiscal and
review of the unofficial inflation mandate by which the RBA
macroprudential policy
operates; returning government to control of monetary
RBA Performance
policy; restoring adequate financial regulation and,
subsequently, consumer protections; and expanding the
RBA's policy toolbox in the face of potential financial crises.
64
Henderson
Dougal
Individual
n/a
Not confidential
Due to the mandate that monetary policy contribute to full
Monetary Policy Frameworks
MM - 30 Nov 2022
Low
No publication risks identified
employment, the RBA has been forced into implementing
Interaction of monetary, fiscal and
policies, often unwil ingly, that have had a direct impact on
macroprudential policy
both redistribution of wealth in Australia and the size of the  RBA Performance
budget deficit and the level of future taxation, These
RBA Communications
decisions have been made by an unelected and
Governance including board composition
unrepresentative committee, with little or no public
Culture, Management and Recruitment
discussion or accountability. This goes against the principle of
no taxation without representation.
64
Henderson
Dougal
Individual
n/a
Not confidential
Due to the mandate that monetary policy contribute to full
Monetary Policy Frameworks
GW - 17 Nov 2022
Medium
Increase representative nature of Board  No publication risks identified
employment, the RBA has been forced into implementing
Interaction of monetary, fiscal and
composition
policies, often unwil ingly, that have had a direct impact on
macroprudential policy
both redistribution of wealth in Australia and the size of the  RBA Performance
budget deficit and the level of future taxation, These
RBA Communications
decisions have been made by an unelected and
Governance including board composition
unrepresentative committee, with little or no public
Culture, Management and Recruitment
discussion or accountability. This goes against the principle of
no taxation without representation.
64
Henderson
Dougal
Individual
n/a
Not confidential
Due to the mandate that monetary policy contribute to full
Monetary Policy Frameworks
DL - 9 Nov 2022
High
Limit RBA responsibilities to financial
No publication risks identified
employment, the RBA has been forced into implementing
Interaction of monetary, fiscal and
system stability, with Treasurer to have
policies, often unwil ingly, that have had a direct impact on
macroprudential policy
responsibility for monetary policy
both redistribution of wealth in Australia and the size of the  RBA Performance
budget deficit and the level of future taxation, These
RBA Communications
decisions have been made by an unelected and
Governance including board composition
unrepresentative committee, with little or no public
Culture, Management and Recruitment
discussion or accountability. This goes against the principle of
no taxation without representation.
63
Hawkins
John
Individual
n/a
Not confidential
The RBA's objectives are appropriate and it has achieved
Monetary Policy Frameworks
GW - 17 Nov 2022
Medium
Change composition of Board to include  No publication risks identified
them. Its monetary policy framework of flexible inflation
RBA Performance
backgrounds of unions and social
target is the model towards which other central banks have
RBA Communications
services +additional mp expert
moved. There is no good reason to move from the 2-3 per
Governance including board composition
cent medium-term inflation target. The unconventional
Culture, Management and Recruitment
policies used in response to the Covid recession, while fairly
successful, should be independently reviewed. A more
diverse board would be desirable with fewer business people.
63
Hawkins
John
Individual
n/a
Not confidential
The RBA's objectives are appropriate and it has achieved
Monetary Policy Frameworks
DL- 8 Nov 2022
Low
No publication risks identified
them. Its monetary policy framework of flexible inflation
RBA Performance
target is the model towards which other central banks have
RBA Communications
moved. There is no good reason to move from the 2-3 per
Governance including board composition
cent medium-term inflation target. The unconventional
Culture, Management and Recruitment
policies used in response to the Covid recession, while fairly
successful, should be independently reviewed. A more
diverse board would be desirable with fewer business people.
62
James
Douglas
Australian
Government
Not confidential
This submission seeks to provide additional context to the
Interaction of monetary, fiscal and
No publication risks identified
Prudential
Review, by explaining APRA€™s role in promoting financial
macroprudential policy
Regulation
stability and APRA€™s framework for macroprudential policy.
Authority
It is intended to provide factual material to assist the Panel in
its deliberations.
61
McCook
Alison
Not confidential
This submission advocates for imposition of decarbonisation  Monetary Policy Frameworks
ER - 1 Dec
No risks
measures by the RBA, with a focus on green Term Funding
Facilities. It argues the RBA€™s legal framework is malleable,
and that that the RBA is legal y able to implement green
central banking even without changes to its mandate.

s 45, s 47E(d)
59
TULIP
PETER
Centre for
Policy/research
Not confidential
The RBA would make fewer, less persistent mistakes if more  Monetary Policy Frameworks
GW - 16 Nov 2022
High
Creation of MPC, increase in expertise
No publication risks identified
Independent
institute
monetary policy experts were appointed to the Board, if
Interaction of monetary, fiscal and
Individual voting
Studies
Board members publicly explained their votes and if the Bank  macroprudential policy
were required to explain its decisions in more detail.
RBA Performance
RBA Communications
Governance including board composition
Culture, Management and Recruitment
59
TULIP
PETER
Centre for
Policy/research
Not confidential
The RBA would make fewer, less persistent mistakes if more  Monetary Policy Frameworks
DL - 8 Nov 2022
Medium
Show projections of the cash rate as wel   No publication risks identified
Independent
institute
monetary policy experts were appointed to the Board, if
Interaction of monetary, fiscal and
as alternative cash rate paths; regularly
Studies
Board members publicly explained their votes and if the Bank  macroprudential policy
update and publish estimates of the
were required to explain its decisions in more detail.
RBA Performance
NAIRU, introduce regular quantitative
RBA Communications
post-mortems of forecasts.
Governance including board composition
Culture, Management and Recruitment
s 45, s 47E(d)
57
Morris
Shireen
Individual
n/a
Not confidential
This submission argues for a fairer synthesis of the dual
Monetary Policy Frameworks
objectives of true full employment and stable prices, which
Interaction of monetary, fiscal and
should be the headline priority of the Commonwealth
macroprudential policy
government of which the RBA is a part. The RBA should
RBA Performance
support the government in achieving a true full employment  Governance including board composition
agenda. It argues that the orthodox approach of fighting
inflation by maintaining unemployment is not only unjust, but
also unproductive and often ineffective. There are more
productive alternatives to be explored.
57
Morris
Shireen
Individual
n/a
Not confidential
This submission argues for a fairer synthesis of the dual
Monetary Policy Frameworks
High
RBA independence is not immovable
No publication risks identified
objectives of true full employment and stable prices, which
Interaction of monetary, fiscal and
should be the headline priority of the Commonwealth
macroprudential policy
government of which the RBA is a part. The RBA should
RBA Performance
support the government in achieving a true full employment  Governance including board composition
agenda. It argues that the orthodox approach of fighting
inflation by maintaining unemployment is not only unjust, but
also unproductive and often ineffective. There are more
productive alternatives to be explored.
57
Morris
Shireen
Individual
n/a
Not confidential
This submission argues for a fairer synthesis of the dual
Monetary Policy Frameworks
DL - 8 Nov 2022
Advocates for a federal job guarantee to  No publication risks identified
objectives of true full employment and stable prices, which
Interaction of monetary, fiscal and
help achieve full employment.
should be the headline priority of the Commonwealth
macroprudential policy
government of which the RBA is a part. The RBA should
RBA Performance
support the government in achieving a true full employment  Governance including board composition
agenda. It argues that the orthodox approach of fighting
inflation by maintaining unemployment is not only unjust, but
also unproductive and often ineffective. There are more
productive alternatives to be explored.
56
Wales
Richard
Individual
n/a
Not confidential
The weakness of the using the current blunt tools to manage  Monetary Policy Frameworks
the money supply and the assumption that maintaining a 2-
Interaction of monetary, fiscal and
3% inflation rate will achieve all three RBA objectives is
macroprudential policy
highlighted. It is proposed that a Sovereign Money approach  RBA Performance
(see Positive Money) wil  provide a far more effective way of  Governance including board composition
managing the money supply. It is also proposed that the RBA
have a wel  funded and independent research team and a
board that includes people appointed based on relevant
expertise and experience.
56
Wales
Richard
Individual
n/a
Not confidential
The weakness of the using the current blunt tools to manage  Monetary Policy Frameworks
GW - 16 Nov 2022
Medium
Changes to Board composition
No publication risks identified
the money supply and the assumption that maintaining a 2-
Interaction of monetary, fiscal and
3% inflation rate will achieve all three RBA objectives is
macroprudential policy
highlighted. It is proposed that a Sovereign Money approach  RBA Performance
(see Positive Money) wil  provide a far more effective way of  Governance including board composition
managing the money supply. It is also proposed that the RBA
have a wel  funded and independent research team and a
board that includes people appointed based on relevant
expertise and experience.
56
Wales
Richard
Individual
n/a
Not confidential
The weakness of the using the current blunt tools to manage  Monetary Policy Frameworks
DL - 7 Nov 2022
No publication risks identified
the money supply and the assumption that maintaining a 2-
Interaction of monetary, fiscal and
3% inflation rate will achieve all three RBA objectives is
macroprudential policy
highlighted. It is proposed that a Sovereign Money approach  RBA Performance
(see Positive Money) wil  provide a far more effective way of  Governance including board composition
managing the money supply. It is also proposed that the RBA
have a wel  funded and independent research team and a
board that includes people appointed based on relevant
expertise and experience.
s 45, s 47E(d)

s 45, s 47E(d)
54
Johnson
Ray
Individual
n/a
Not confidential
The submission wil  provide robust evidence for the urgent
Monetary Policy Frameworks
GW - 16 Nov 2022
High
AG (Ecology)
need to engage with the environmental and ecological
Interaction of monetary, fiscal and
Secretary for Energy D
dimension of the economy.
macroprudential policy
RBA Performance
Governance including board composition
54
Johnson
Ray
Individual
n/a
Not confidential
The submission wil  provide robust evidence for the urgent
Monetary Policy Frameworks
DL - 7 Nov 2022
High
Work with ABS and Productivity
No publication risks identified
need to engage with the environmental and ecological
Interaction of monetary, fiscal and
Commission to improve environmental
dimension of the economy.
macroprudential policy
data.
RBA Performance
Governance including board composition
53
Stoneway
n/a
Individual
n/a
Not confidential
Board composition and superficiality of analysis in interest
Monetary Policy Frameworks
rate deliberation, policy targeting.
RBA Performance
Governance including board composition
53
Stoneway
n/a
Individual
n/a
Not confidential
Board composition and superficiality of analysis in interest
Monetary Policy Frameworks
GW - 3 Nov 2022
Low
Greater diversity in Board member
No
rate deliberation, policy targeting.
RBA Performance
representation
Governance including board composition
53
Stoneway
n/a
Individual
n/a
Not confidential
Board composition and superficiality of analysis in interest
Monetary Policy Frameworks
DL - 3 Nov 2022
Low
rate deliberation, policy targeting.
RBA Performance
Governance including board composition
52
Sathiy
Siva
Individual
n/a
Not confidential
RBA has failed the oral duty and it has created moral
Monetary Policy Frameworks
hazardous environment in Australia
Interaction of monetary, fiscal and
New duty statement: RBA’s duty is to contribute to the
macroprudential policy
stability of the currency (more than 20% swing within 7 days),  RBA Performance
full employment (under 6%), and the economic prosperity
RBA Communications
(asset appreciation inline inflation and increase in real
Governance including board composition
income) with and welfare (current and future generations) of  Culture, Management and Recruitment
the Australian people.
52
Sathiy
Siva
Individual
n/a
Not confidential
RBA has failed the oral duty and it has created moral
Monetary Policy Frameworks
GW - 3 Nov 2022
Medium
No Business representation on the Board No
hazardous environment in Australia
Interaction of monetary, fiscal and
New duty statement: RBA’s duty is to contribute to the
macroprudential policy
stability of the currency (more than 20% swing within 7 days),  RBA Performance
full employment (under 6%), and the economic prosperity
RBA Communications
(asset appreciation inline inflation and increase in real
Governance including board composition
income) with and welfare (current and future generations) of  Culture, Management and Recruitment
the Australian people.
52
Sathiy
Siva
Individual
n/a
Not confidential
RBA has failed the oral duty and it has created moral
Monetary Policy Frameworks
DL - 3 Nov 2022
Medium
hazardous environment in Australia
Interaction of monetary, fiscal and
New duty statement: RBA’s duty is to contribute to the
macroprudential policy
stability of the currency (more than 20% swing within 7 days),  RBA Performance
full employment (under 6%), and the economic prosperity
RBA Communications
(asset appreciation inline inflation and increase in real
Governance including board composition
income) with and welfare (current and future generations) of  Culture, Management and Recruitment
the Australian people.
27
Grenville
Stephen
Individual
n/a
Not confidential
See previous summary
Monetary Policy Frameworks
Repeat submission
publish whichever is the
agreed
Interaction of monetary, fiscal and
latest version from mr
macroprudential policy
grenville
RBA Performance
51
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Monetary Policy Frameworks
DL - 3 Nov 2022
High
- Help public to better understand how  Potentially inflammatory - e.g. 'That policy is only used by  To review
I think fine to publish, but
agreed
because it follows only Monetarist (Friedmanite) policies,
Interaction of monetary, fiscal and
money is created.
fascist governments to suppress wage justice.' and 'RBA…
lets run this past the legal
which are wrong! The charter of the RBA requires it to ensure: macroprudential policy
- Introduce a 'job guarantee' and
serves its own political prejudices'
team
a) the stability of the currency of Australia;
RBA Performance
Universal Basic Income.
b) the maintenance of full employment in Australia; and
RBA Communications
c) the economic prosperity and welfare of the people of
Governance including board composition
Australia.
Culture, Management and Recruitment
The RBA is failing on al  three of these requirements. I critique
both Monetary and Inflation Policies of the RBA, and suggest
better alternatives.
s 45, s 47E(d)
49
Delemenico
Phil
Treasury Services  Private - Financial  Not confidential
Repayment of TFF from excess funds in ADI ES accounts (&
RBA Performance
DL - 3 Nov 2022
Low
ADIs to repay TFF drawdowns that are
No publication risks identified
Group
services
HQLA).
being held in ES accounts; RBA to place a
cap on each ADI's ES balances until
repayment of TFF; Review to disclose
cost to government of excess funds
being held in ES accounts.
48
Smith
Andrew
Individual
n/a
Not confidential
Thornton, Wicksel  and Hayek al  recognised the benefits of a  Monetary Policy Frameworks
AH - 1 Dec 2022
No
monetary system in which the money supply is constant,
since in it the natural rate of interest automatically prevails.
Modern money - fiat, electronic, abstract - makes such a
system feasible. I explore the implications of adopting this. I
argue it results in a financial system not prone to crises, and
in better economic outcomes as pricing signals are not
distorted by the money-creation process .

47
Phillips
Toby
Centre for Policy  Policy/research
Not confidential
Climate change is having a significant and dynamic impact on  Monetary Policy Frameworks
MW - 22 Nov 2022
Low
Staff resourcing for climate capability
No
Development
institute
the macro-stability goals of the RBA. The RBA should evolve  Interaction of monetary, fiscal and
its practice to integrate climate risk into its business and limit  macroprudential policy
contradictions between monetary policy and climate
Governance including board composition
transition policy. The government should clarify how the RBA  Culture, Management and Recruitment
objectives relate to climate issues, either through legislative
amendment or a ministerial direction.
47
Phillips
Toby
Centre for Policy  Policy/research
Not confidential
Climate change is having a significant and dynamic impact on  Monetary Policy Frameworks
GW - 16 Nov 2022
Low
Board skills matrix with climate change  No
Development
institute
the macro-stability goals of the RBA. The RBA should evolve  Interaction of monetary, fiscal and
as a skil
its practice to integrate climate risk into its business and limit  macroprudential policy
contradictions between monetary policy and climate
Governance including board composition
transition policy. The government should clarify how the RBA  Culture, Management and Recruitment
objectives relate to climate issues, either through legislative
amendment or a ministerial direction.
46
Halmarick
Stephen
Individual
n/a
Not confidential
This submission covers the RBA€™s objectives, structure and  Monetary Policy Frameworks
MW - 22 Nov 2022
Low
No
strategy - with a focus on key recommendations to help set
Interaction of monetary, fiscal and
the RBA up for a more uncertain future. Key
macroprudential policy
recommendations include no change to the RBA's 2%-3%
RBA Performance
flexible inflation target and no changes to the objectives set  RBA Communications
out in the RBA Act. Changes are recommended to the
Governance including board composition
structure of the RBA Board, the RBA's communication
Culture, Management and Recruitment
strategy, the use of non-official data, insights and market
feedback and monetary policy tools.
46
Halmarick
Stephen
Individual
n/a
Not confidential
This submission covers the RBA€™s objectives, structure and  Monetary Policy Frameworks
MW - 22 Nov 2022
Medium
Press conferences fol owing SMP release No
strategy - with a focus on key recommendations to help set
Interaction of monetary, fiscal and
the RBA up for a more uncertain future. Key
macroprudential policy
recommendations include no change to the RBA's 2%-3%
RBA Performance
flexible inflation target and no changes to the objectives set  RBA Communications
out in the RBA Act. Changes are recommended to the
Governance including board composition
structure of the RBA Board, the RBA's communication
Culture, Management and Recruitment
strategy, the use of non-official data, insights and market
feedback and monetary policy tools.
46
Halmarick
Stephen
Individual
n/a
Not confidential
This submission covers the RBA€™s objectives, structure and  Monetary Policy Frameworks
GW - 16 Nov 2022
Medium
Publication of non-attributed votes
No
strategy - with a focus on key recommendations to help set
Interaction of monetary, fiscal and
change in composition to include more
the RBA up for a more uncertain future. Key
macroprudential policy
monetary policy experts
recommendations include no change to the RBA's 2%-3%
RBA Performance
improve appointments
flexible inflation target and no changes to the objectives set  RBA Communications
out in the RBA Act. Changes are recommended to the
Governance including board composition
structure of the RBA Board, the RBA's communication
Culture, Management and Recruitment
strategy, the use of non-official data, insights and market
feedback and monetary policy tools.
45
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Interaction of monetary, fiscal and
High
Increased diversity of Board composition  As below
To review
don’t publish as it is a
agree
because it follows only Monetarist (Friedmanite) policies,
macroprudential policy
to include heterodox economic thought
duplicate- publish later
which are wrong!
RBA Performance
version (51)
The charter of the RBA requires it to ensure:
RBA Communications
a)the stability of the currency of Australia;
Governance including board composition
b)the maintenance of full employment in Australia; and
c)the economic prosperity and welfare of the people of
Australia.
The RBA is failing on al  three of these requirements.
45
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Interaction of monetary, fiscal and
MW - 7 Nov 2022
High
The submission advocates for improved  Potentially - there are a range of fairly bold claims e.g.
To review
don’t publish as it is a
agree
because it follows only Monetarist (Friedmanite) policies,
macroprudential policy
communication of the RBA's policy
"The theory of NAIRU is a nasty lie. As explained above,
duplicate- publish later
which are wrong!
RBA Performance
choices
there is no need for a minimum consistent level of
version (51)
The charter of the RBA requires it to ensure:
RBA Communications
unemployment. That policy is only used by fascist
a)the stability of the currency of Australia;
Governance including board composition
governments to suppress wage justice."
b)the maintenance of full employment in Australia; and
c)the economic prosperity and welfare of the people of
Australia.
The RBA is failing on al  three of these requirements.
44
Nelson
Charles
Foreseechange
Business
Not confidential
The practice of economic forecasting leads to suboptimal
Monetary Policy Frameworks
AH - 1 Dec 2022
No
policy; the different responses to interest rate changes have  RBA Performance
changed over the years, with the "perverse" impact now
RBA Communications
greater than in the past which has the potential to confuse
policy makers into over-reaction; the general public were well
ahead of the RBA on expectations about inflation and interest
rates and the recent poor communication could have been
avoided had the RBA listened to the people.
44
Nelson
Charles
Foreseechange
Business
Not confidential
The practice of economic forecasting leads to suboptimal
Monetary Policy Frameworks
ER - 1 Dec
MW - 7 Nov 2022
Medium
-The author suggests that there should  No
policy; the different responses to interest rate changes have  RBA Performance
be upper and lower bounds on the cash
changed over the years, with the "perverse" impact now
RBA Communications
rate, to provide a degree of certainty to
greater than in the past which has the potential to confuse
consumers.
policy makers into over-reaction; the general public were well
-The author recommends the use of
ahead of the RBA on expectations about inflation and interest
scenarios to prepare for large future
rates and the recent poor communication could have been
shocks
avoided had the RBA listened to the people.
-The author recommends increasing
liaison with consumers as an early
indicator of turning points
43
Walter
Ryan
Individual
n/a
Not confidential
This submission clarifies the role of party politics in the origins  Monetary Policy Frameworks
No
of Australia€™s independent, inflation-targeting regime and in  RBA Communications
the continuing politicization of interest-rate movements. It
Governance including board composition
then proposes two reforms - a bipartisan policy commitment
and a 'Reminder Provision' - to mitigate the harmful effects of
politicization.
43
Walter
Ryan
Individual
n/a
Not confidential
This submission clarifies the role of party politics in the origins  Monetary Policy Frameworks
MW - 7 Nov 2022 GW - 16 Nov 2022
Low
Further formalising independence in the  No
of Australia€™s independent, inflation-targeting regime and in  RBA Communications
SCMP
the continuing politicization of interest-rate movements. It
Governance including board composition
then proposes two reforms - a bipartisan policy commitment
and a 'Reminder Provision' - to mitigate the harmful effects of
politicization.

42
Lawler
Luke
Customer Owned  Peak industry
Not confidential
RBA engages effectively with stakeholders to gather
Interaction of monetary, fiscal and
GW - 16 Nov 2022
Low
Former retail bankers to be considered  No
Banking
body/union
information and consult on policy matters.
macroprudential policy
for Board membership, candidate list to
Association
RBA acted effectively during the pandemic to support the
RBA Performance
give consideration to different business
stability of the financial system.
RBA Communications
models
Strongly support contributions by the RBA to debate about
Governance including board composition
regulatory proportionality and better regulatory co-
ordination.
Recent experience in retail banking should be considered
highly relevant for the shortlist of candidates for the RBA
Board.
42
Lawler
Luke
Customer Owned  Peak industry
Not confidential
RBA engages effectively with stakeholders to gather
Interaction of monetary, fiscal and
MW - 7 Nov 2022
Low
No
Banking
body/union
information and consult on policy matters.
macroprudential policy
Association
RBA acted effectively during the pandemic to support the
RBA Performance
stability of the financial system.
RBA Communications
Strongly support contributions by the RBA to debate about
Governance including board composition
regulatory proportionality and better regulatory co-
ordination.
Recent experience in retail banking should be considered
highly relevant for the shortlist of candidates for the RBA
Board.
41
Hind
Neville
Individual
n/a
Not confidential
Sharpening a blunt tool
Interaction of monetary, fiscal and
AH - 29 Nov 2022
Low
No
macroprudential policy
This submission identifies an overlap between fiscal and
monetary policy. It proposes to apply common fiscal policy
tools to monetary policy to al ow monetary policy to be
applied at a micro-economic level.
The tools would allow risks within the financial system to be
targeted and reduced by changing taxation arrangements. It
will also give policy makers more options to reallocate
resources, which should improve efficiency and/or equity.
40
MAIR
PETER
Individual
n/a
Not confidential
The future for central banks is not clear. Monetary policies
Monetary Policy Frameworks
GW - 16 Nov 2022
Low
Improvements to Governor approval
Discusses a 'reign of terror' in the management of the
Discusses a 'reign of
seems ok to publish
dictated by a global consensus raise questions of relevance.  Interaction of monetary, fiscal and
process
Bank between 1982-89
terror' in the management
given non-specific and a
Substantial fiscal policy decisions of central banks are not
macroprudential policy
of the Bank between 1982-
long time ago
properly coordinated with government, nor clearly identified  RBA Performance
89
and quantified. Central bankers' short-run mindsets are not  Governance including board composition
attuned and responsive to the longer-run public interest.
Culture, Management and Recruitment
Shortcomings remain to be corrected. Coordination of
financial regulators' policies would best involve an
independent oversight body.
40
MAIR
PETER
Individual
n/a
Not confidential
The future for central banks is not clear. Monetary policies
Monetary Policy Frameworks
MW - 7 Nov 2022
Medium
No
Discusses a 'reign of
seems ok to publish
dictated by a global consensus raise questions of relevance.  Interaction of monetary, fiscal and
terror' in the management
given non-specific and a
Substantial fiscal policy decisions of central banks are not
macroprudential policy
of the Bank between 1982-
long time ago
properly coordinated with government, nor clearly identified  RBA Performance
89
and quantified. Central bankers' short-run mindsets are not  Governance including board composition
attuned and responsive to the longer-run public interest.
Culture, Management and Recruitment
Shortcomings remain to be corrected. Coordination of
financial regulators' policies would best involve an
independent oversight body.
39
n/a
Anonymous
The submission seeks to draw attention to the overlooked
RBA Performance
MW - 7 Nov 2022 GW - 16 Nov 2022
High
-The author suggests the RBA should
No
s 45, s 47E(d)
question of negative real returns to depositors, which it is
RBA Communications
provide analysis setting out regularly in
suggested, should be viewed as a constraint on monetary
Governance including board composition
detail the distributional impacts of
policy. Communication mandates and decision principles are
monetary policy settings, and why any
proposed, cognisant of this impact on depositors. The
adverse impacts were considered
question is posed, whether the central banking and monetary
necessary
policy setting functions of the RBA. May be separated, for
-The author suggests that the RBA's
dedicated, more effective monetary policy setting processes.
reaction function should include
consideration of returns to depositors.
-The author considers that the RBA's
38
Johnson
Mark
Individual
n/a
Not confidential
Part I argues for formal recognition of Reserve Bank
Other
High
Increase RBA objectives to facilitate
No
responsibility to facilitate the transfer of Australian expertise
relationships with economies in the Asia
in financial regulation to other Asia Pacific economies.
Pacific region
Part II describes a current initiative to alleviate currency risk
in these economies, through Commonwealth Government
sponsorship of a currency indexed bond market, which
requires Reserve Bank support.
37
Ong
Su-Lin
RBC Capital
Business
Not confidential
This paper was written in early Jun-22 ahead of the ToR with  Monetary Policy Frameworks
GW - 16 Nov 2022
Medium
Sees merit in changing Board
No
Markets
clients (funds, asset managers, central banks) asking us about  RBA Communications
composition
the Review, process and what we thought likely to emerge. It  Governance including board composition
was done as a forward looking exercise. All key suggestions
remain valid including a regular quarterly press conference
post each SoMP, formalisation and publication of the
business liaison, publication of votes, publication of different
board meeting views, greater board diversity including
international.
37
Ong
Su-Lin
RBC Capital
Business
Not confidential
This paper was written in early Jun-22 ahead of the ToR with  Monetary Policy Frameworks
Medium
-Regular press conferences
No
Markets
clients (funds, asset managers, central banks) asking us about  RBA Communications
-More detailed minutes (including
the Review, process and what we thought likely to emerge. It  Governance including board composition
dissenting opinions)
was done as a forward looking exercise. Al  key suggestions
-Voting records
remain valid including a regular quarterly press conference
-Publication of business liaison program
post each SoMP, formalisation and publication of the
business liaison, publication of votes, publication of different
board meeting views, greater board diversity including
international.
36
Dowling
Grahame
Individual
n/a
Not confidential
This submission addresses three issues â€“ the economic
Monetary Policy Frameworks
GW - 16 Nov 2022
Medium
More meetings
No
prosperity and welfare objective of the Bank; Board decision  RBA Communications
publish votes
making, and forward guidance.
Governance including board composition
I start with the RBA€™s statutory purpose to promote the
economic welfare of the Australian people. The argument
advanced is that the hope for a single institution that uses
one primary economic lever (cash rate) and a megaphone
(forward guidance) to reliably manipulate Australia€™s
economy is a Grand Absurdity.

36
Dowling
Grahame
Individual
n/a
Not confidential
This submission addresses three issues â€“ the economic
Monetary Policy Frameworks
MW - 7 Nov 2022
Medium
The submission suggests that forecasts  No
prosperity and welfare objective of the Bank; Board decision  RBA Communications
should be generated by 3 groups - Bank
making, and forward guidance.
Governance including board composition
staff, a group of ''wel -informed lay
I start with the RBAâ€™s statutory purpose to promote the
people" and professional economists.
economic welfare of the Australian people. The argument
The three sets of forecasts would be
advanced is that the hope for a single institution that uses
included in monthly Board papers,
one primary economic lever (cash rate) and a megaphone
"maybe as dot plots".
(forward guidance) to reliably manipulate Australiaâ€™s
economy is a Grand Absurdity.
35
Kirchner
Stephen
Business Council  Peak industry
Not confidential
The Reserve Bank has served Australia wel  since the adoption  Monetary Policy Frameworks
GW - 16 Nov 2022
High
Creation of MPC, improved selection
No
of Australia
body/union
of inflation targeting in the early 1990s. Australia avoided
Interaction of monetary, fiscal and
process for Gov/Dep Gov
recession between 1991 and 2020, with inflation outcomes
macroprudential policy
mostly consistent with the target and the financial system has  RBA Performance
been stable. This suggests that the fundamental statutory
RBA Communications
framework and mandate for the RBA is sound.
Governance including board composition
Culture, Management and Recruitment
35
Kirchner
Stephen
Business Council  Peak industry
Not confidential
The Reserve Bank has served Australia wel  since the adoption  Monetary Policy Frameworks
MW - 7 Nov 2022
MW - 7 Nov 2022 Medium
FS subordinate to inflation and
No
of Australia
body/union
of inflation targeting in the early 1990s. Australia avoided
Interaction of monetary, fiscal and
employment in SCMP
recession between 1991 and 2020, with inflation outcomes
macroprudential policy
mostly consistent with the target and the financial system has  RBA Performance
been stable. This suggests that the fundamental statutory
RBA Communications
framework and mandate for the RBA is sound.
Governance including board composition
Culture, Management and Recruitment
34
Richards
Graeme
Individual
n/a
Not confidential
The RBA needs stronger tools to deal with inflation caused by  Monetary Policy Frameworks
ER - 1 Dec
MW - 4 Nov 2022
High
No
declining productivity. The RBA should set the GST tax rate to  Interaction of monetary, fiscal and
check excess demand for goods and services. The RBA should  macroprudential policy
set wage rates according to movements in GDP and working  RBA Performance
hours and relative labour conditions by industry to deal with  RBA Communications
the declining productivity. Setting just interest rates with
unprecedented future expenditure from Carbon Emissions
reductions, Defence, COVID, with an Aging population wil  not
work.
33
n/a
Anonymous
Submission To Ensure Single Mandate, Financial Stability,
Monetary Policy Frameworks
AH - 29 Nov 2022
Submission needs to have personal details removed
Redacted
redact name
s 45, s 47E(d)
Productivity, Price and Monetary Stability, Inflation Target,
Other
Non Human Set Cash Rate Target
32
Maxwel
Anne
Individual
n/a
Not confidential
That the operation of the RBA be aligned with an accurate
Governance including board composition
AH - 29 Nov 2022
High
No
view of monetary systems and monetary policy as informed  Interaction of monetary, fiscal and
by Modern Monetary Theory.
macroprudential policy
Other
31
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers frameworks and performance.
Monetary Policy Frameworks
AH - 29 Nov 2022
No
RBA Performance
31
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers frameworks and performance.
Monetary Policy Frameworks
MW - 4 Nov 2022
Low
No
RBA Performance
30
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers all topics
Culture, Management and Recruitment
GW- 16 Nov 2022
Not Applicable
No
Governance including board composition
Interaction of monetary, fiscal and
macroprudential policy
Monetary Policy Frameworks
RBA Communications
RBA Performance
30
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers all topics
Culture, Management and Recruitment
MW - 4 Nov 2022 Medium
-More could be done to encourage
No
Governance including board composition
applications from graduates with prior
Interaction of monetary, fiscal and
work experience
macroprudential policy
-Encourage short-term appointments
Monetary Policy Frameworks
from people on leave from their usual
RBA Communications
workplaces, including university staff
RBA Performance
30
Cornish
Selwyn
Individual
n/a
Not confidential
This submission covers all topics
Culture, Management and Recruitment
MW - 4 Nov 2022
Medium
-Reconsider forward guidance
No
Governance including board composition
-Communicate successes and failures
Interaction of monetary, fiscal and
better
macroprudential policy
Monetary Policy Frameworks
RBA Communications
RBA Performance
29
MAIR
PETER
Individual
n/a
Not confidential
A review of any central bank has global dimensions and wil
Monetary Policy Frameworks
AH - 29 Nov 2022
High
No publication risks identified
have global relevance. Five, global, monetary-policy shifts by  Other
central banks since 1930 are reviewed. Central bankers
understand 'seigniorage': that issuing banknotes, on which
interest is not paid, is natural y profitable. Not understood
were the consequences of central banks giving, but not later
revoking, commercial-banks entitlements to the seigniorage
on the modern currency of the realm, 'free' deposits in
transaction accounts.
s 45, s 47E(d)
51
Elliston
Bob
Individual
n/a
Not confidential
The Reserve Bank of Australia has been failing its Charter
Monetary Policy Frameworks
GW - 3 Nov 2022
NA
Duplicate
Duplicate
see comments above on
because it follows only Monetarist (Friedmanite) policies,
Interaction of monetary, fiscal and
this one
which are wrong! The charter of the RBA requires it to ensure: macroprudential policy
a) the stability of the currency of Australia;
RBA Performance
b) the maintenance of full employment in Australia; and
RBA Communications
c) the economic prosperity and welfare of the people of
Governance including board composition
Australia.
Culture, Management and Recruitment
The RBA is failing on al  three of these requirements. I critique
both Monetary and Inflation Policies of the RBA, and suggest
better alternatives.

s 45, s 47E(d)
25
Cox
Kevin
White Label
Business
Not confidential
The Reserve Bank needs direct control over some of the new  Interaction of monetary, fiscal and
AH - 29 Nov 2022
High
No publication risks identified
Personal Clouds
money released into the economy. Interest Rates are an
macroprudential policy
indirect instrument with a delayed effect, while direct control
permits immediate adjustment. Community Capital spent by
the Government is a way to inject new money directly into
the economy without causing inflation. It al ows the Reserve
Bank to respond quickly to changing economic conditions
while leaving the Government to decide where to inject the
funds.
24
Blackburn
Ben
Ben Blackburn
Business
Not confidential
There is an over-arching and fundamental need to ensure that  RBA Performance
GW - 16 Nov 2022
Medium
No publication risks identified
Racing
our economy remains resilient to a complex and changing
Monetary Policy Frameworks
economic environment including global instability,
Governance including board composition
inflationary pressures and international supply chain
Culture, Management and Recruitment
shortages. What is clear is that more checks and balances â€“  Other
and further detailed scrutiny, analysis and transparency of
RBA board decision making is urgently required. The RBA
would make fewer and less persistent mistakes if it was
required to explain its decisions in public.
24
Blackburn
Ben
Ben Blackburn
Business
Not confidential
There is an over-arching and fundamental need to ensure that  RBA Performance
KH - 10 Nov 2022 Not applicable
Not applicable
No publication risks identified
Racing
our economy remains resilient to a complex and changing
Monetary Policy Frameworks
economic environment including global instability,
Governance including board composition
inflationary pressures and international supply chain
Culture, Management and Recruitment
shortages. What is clear is that more checks and balances â€“  Other
and further detailed scrutiny, analysis and transparency of
RBA board decision making is urgently required. The RBA
would make fewer and less persistent mistakes if it was
required to explain its decisions in public.
24
Blackburn
Ben
Ben Blackburn
Business
Not confidential
There is an over-arching and fundamental need to ensure that  RBA Performance
KH - 3 Nov 2022
Not applicable
Not applicable
No publication risks identified
Racing
our economy remains resilient to a complex and changing
Monetary Policy Frameworks
economic environment including global instability,
Governance including board composition
inflationary pressures and international supply chain
Culture, Management and Recruitment
shortages. What is clear is that more checks and balances â€“  Other
and further detailed scrutiny, analysis and transparency of
RBA board decision making is urgently required. The RBA
would make fewer and less persistent mistakes if it was
required to explain its decisions in public.
23
Mckibbin
Warwick
Individual
n/a
Not confidential
Paper on the interaction of climate policy and monetary
Monetary Policy Frameworks
AH - 29 Nov 2022
No publication risks identified - this was published
ER: article says copyright
policy
previously in an academic journal
the authors, which I see


22
Mckibbin
Warwick
Individual
n/a
Not confidential
paper presented to the 2018 RBA conference on Inflation
Monetary Policy Frameworks
AH - 29 Nov 2022
No publication risks identified - this was published
targeting
previously at the RBA 2018 conference on frameworks
21
n/a
Anonymous
There is a major problem whereby staff from cultural y
Culture, Management and Recruitment
Low
Targets should be applied across
s 45, s 47E(d)
diverse backgrounds, while wel  represented in junior to
seniority levels/ corporate groups.
lower-mid level positions, are severely underrepresented in
Targets should be measurable, time-
leadership positions. To address this, the Bank must take
bound and accompanied by an
meaningful action â€“ including setting and implementing
implementation plan.
targets for culturally diverse staff in leadership positions.
s 45, s 47E(d)
19
Knox-Haly
Martha
Individual
n/a
Not confidential
The key points cover the need for board members who
Culture, Management and Recruitment
ER - 1 Dec
MMT perspective; not a fully fleshed out  I am not concerned about this being inflammatory,
to review
OK to publish, I don’t think  agree fine to publish
understand the role of monetary supply to the private sector,  Governance including board composition
alternative framework
though recognise it is a subjective thing
we need legal to check it
as wel  as economists from an MMT background to hold
Monetary Policy Frameworks
board level and senior management roles within the RBA.
19
Knox-Haly
Martha
Individual
n/a
Not confidential
The key points cover the need for board members who
Culture, Management and Recruitment
GW - 16 Nov 2022 KH - 10 Nov 2022 Medium
Add MMT expertise to Board and
Possibly - some inflammatory claims e.g. 'The private
to review
OK to publish, I don’t think  agree fine to publish
understand the role of monetary supply to the private sector,  Governance including board composition
leadership, broaden expertise on Board sector does not provision the government with money,
we need legal to check it
as wel  as economists from an MMT background to hold
Monetary Policy Frameworks
and we need RBA board members who understand this'
board level and senior management roles within the RBA.
18
Jupp
Tony
Individual
n/a
Not confidential
What if there was another way to take cash out of the
Monetary Policy Frameworks
AH - 29 Nov 2022
High
Proposes that the RBA be given control  Submission includes address and email, this should be
Redacted
Redact name and address
agree
economy that was fairer and didn't punish mortgage holders
of the superannuation guarantee rate, as  blacked out
from top and bottom of the
so inequitably? What if we could do this without actual y
a way to curb income in the short term
document pls
reducing family incomes? What if instead of varying interest
and reduce aggregate demand
rates the RBA varied the Superannuation Guarantee. What if
instead of raising interest rates & taking money out of
peoples pockets in times of rising inflation the RBA instead
varied the SG. My submission explains how this would work in
s 45, s 47E(d)
15
Individual
n/a
Anonymous
Representing people that the RBA's policy impacts
Interaction of monetary, fiscal and
AH - 29 Nov 2022
Not applicable
Anonymous - submission word doc needs to be
Redacted
Redact name from top and
agree
s 45, s
macroprudential policy
anonymised.
bottom of the document pls
RBA Communications
RBA Performance
47E(d)
15
Individual
n/a
Anonymous
Representing people that the RBA's policy impacts
Interaction of monetary, fiscal and
KH- 3 Nov 2022
Not applicable
Not applicable
No publication risks identified
Redacted
Redact name from top and
agree
macroprudential policy
bottom of the document pls
RBA Communications
RBA Performance

14
n/a
Anonymous
I recommend the objective of maintenance of full
RBA Performance
GW - 16 Nov 2022
Low
Strengthen COI policies for Board
Anonymous
s 45, s
employment is removed, or updated to make it clearer what  RBA Communications
members,
No publication risks identified
the RBA is expected to achieve.
Monetary Policy Frameworks
The inflation target should allow for lower levels of inflation,  Governance including board composition
47E(d)
and even al ow for periods of deflation. The RBAs objectives
should include maintaining a neutral real interest rate for the
majority of the time.
Consideration should be given to how the RBA's actions lead
to transfers of wealth.
Conflict of interest policies ought to be strengthened.
14
n/a
Anonymous
I recommend the objective of maintenance of full
RBA Performance
ER- 1 Dec 2022
Low
RBA should be more tolerant of variation  No publication risk identified
employment is removed, or updated to make it clearer what  RBA Communications
in inflation, be less accountable to
the RBA is expected to achieve.
Monetary Policy Frameworks
contributing to full employment, and
The inflation target should allow for lower levels of inflation,  Governance including board composition
aim to keep a neutral interest rate
and even al ow for periods of deflation. The RBAs objectives
setting most of the time.
should include maintaining a neutral real interest rate for the
majority of the time.
Consideration should be given to how the RBA's actions lead
to transfers of wealth.
Conflict of interest policies ought to be strengthened.
14
n/a
Anonymous
I recommend the objective of maintenance of full
RBA Performance
KH- 3 Nov 2022
Low
RBA should seek public input when
No publication risk identified
employment is removed, or updated to make it clearer what  RBA Communications
assessing its actions (e.g. policy
the RBA is expected to achieve.
Monetary Policy Frameworks
response to COVID)
The inflation target should allow for lower levels of inflation,  Governance including board composition
and even al ow for periods of deflation. The RBAs objectives
should include maintaining a neutral real interest rate for the
majority of the time.
Consideration should be given to how the RBA's actions lead
to transfers of wealth.
Conflict of interest policies ought to be strengthened.
s 45, s 47E(d)
12
Pagan
Adrian
Individual
n/a
Not confidential
Performance, Stability of the Currency, Full Employment,
RBA Communications
KH - 3 Nov 2022
Low
Use of forward guidance should be
No publication risk identified
Welfare, Operational Issues, Communication and
Governance including board composition
constrained; fewer speeches and not
Transparency, Governance
Interaction of monetary, fiscal and
supportive of press conferences
macroprudential policy
RBA Performance
Monetary Policy Frameworks
12
Pagan
Adrian
Individual
n/a
Not confidential
Performance, Stability of the Currency, Full Employment,
RBA Communications
GW - 16 Nov 2022
High
Creation of MPC with 4 internals (2 from  No publication risk identified
Welfare, Operational Issues, Communication and
Governance including board composition
Treasury) and 5 fully informed externals
Transparency, Governance
Interaction of monetary, fiscal and
macroprudential policy
RBA Performance
Monetary Policy Frameworks
10
Moule
Daniel
Individual
n/a
Not confidential
My submission is a PDF copy of "What has the Government  Other
Not applicable
Not applicable
Potential copyright issue (as this submission contains a
To review
Do not publish - sole content  agree
done to our Money" by the late Professor Murray Rothbard of
copy of the book What has Government Done to Our
is a copyright book.
the Austrian school of economics.
Money? )
102
Norman
Philip
Individual
n/a
Not confidential
'Money stil  matters. The RBA board should give weight to
Monetary Policy Frameworks
GW - 17 Nov 2022
Not applicable
N/A
N/A
fine to publish
adverse movements in monetary aggregates and be prepared  Governance including board composition
to act quickly. Trade credit should be measured by the ABS
Culture, Management and Recruitment
and monitored by the RBA board. The culture of the RBA
should be to act early, take risks, make mistakes and be proud
to learn from mistakes. There should be an elected staff
representative to the Board, like the Australian Broadcasting
Commission. Smal  business should be represented on the
board.
9
Porter
James
Individual
n/a
Not confidential
The scope of the RBA to contribute to economic management  Interaction of monetary, fiscal and
AH - 29 Nov 2022
Not applicable
No publication risk identified
has diminished owing to changes in financing outside of the  macroprudential policy
banking fields
s 45, s 47E(d)

107
Moxham
Ben
Australian Council  Peak industry
Not confidential
The ACTU submission cal s for, among other thing, an explicit  Monetary Policy Frameworks
KH -17 Nov 2022
GW - 17 Nov 2022 KH -17 Nov 2022
To review; repeat
Publish this one as it is the
agree
of Trade Unions
body/union
full employment target for the RBA, pursued in balance with  Interaction of monetary, fiscal and
submission to #104
more recent ACTU one - and
inflation targets; better model ing and public commentary on  macroprudential policy
don’t publish #104
wages, unemployment, and the real drivers of inflation; the
RBA Performance
establishment of a macro-economic coordination committee  RBA Communications
to achieve full employment, price and stability; and at least
Governance including board composition
one position on the board for an expert on labour markets
Culture, Management and Recruitment
and wage setting with a labour movement background.
s 45, s 47E(d)
5
Faithfull
Fraser
Individual
n/a
Not confidential
In this submission I am proposing that the Reserve Bank of
Monetary Policy Frameworks
AH - 29 Nov 2022
Medium
Include house price in objectives
No Publication risks identified
Australia (RBA) might choose to follow the Reserve Bank of
Interaction of monetary, fiscal and
New Zealand (RBNZ) and add the sustainability of house
macroprudential policy
prices and housing affordability to its overal  remit / mandate.
4
Kijurina
Jon
Individual
n/a
Not confidential
These are questions that seek justification on the
Monetary Policy Frameworks
AH - 29 Nov 2022
Low
Nil - the submission focusses on
May be publication risks - Author has not asked to be
To review; email
Can we pls reach out to Jon
fundamentals of our monetary policy and targeted inflation,
questions that the Review should
confidential but is a current staff member of the RBA
and double check that he
asking 'why do we do what we do' and 'are we doing the
consider
s 47F
wishes to include his name
morally right things'?
and position details in what


3
Andrew
Cocker
Individual
n/a
Not confidential
Don't make wildly unfounded predictions about the interest  RBA Performance
KH - 3 Nov 2022
Not applicable
Not applicable
May be a publication risk - the attached document only
To review
Do not publish cat picture
agree
rates. At the end of 2021, Philip Lowe said there wouldn't be a
contains an image of a cat so we may want to consider
word doc - instead can we
rate rise until 2024. Just five months later, the RBA began a
publishing just the summary
just publish their summary
series of massive rate rises. The incompetence is mind-
words pls
boggling.
2
Grenville
Stephen
Individual
n/a
Not confidential
This submission explores the origins of Australia's Flexible
Monetary Policy Frameworks
AH - 29 Nov 2022
Low
No publication risks identified
Inflation Targeting (FIT) framework, explaining the logic
Interaction of monetary, fiscal and
behind specification.
macroprudential policy
Monetary policy should return to the original concept of FIT  RBA Performance
focused on a forward-looking forecast of inflation (preferably
a single point rather than a range), with a recognition that it
can do little to offset strong headwinds or secular stagnation.
2
Grenville
Stephen
Individual
n/a
Not confidential
This submission explores the origins of Australia's Flexible
Monetary Policy Frameworks
KH - 3 Nov 2022
Low
UMP: more downside than benefit. Yield  No publication risks identified
Inflation Targeting (FIT) framework, explaining the logic
Interaction of monetary, fiscal and
targeting should not be attempted again,
behind specification.
macroprudential policy
and forward guidance should be
Monetary policy should return to the original concept of FIT  RBA Performance
confined to assuring the market that the
focused on a forward-looking forecast of inflation (preferably
Bank would meet its inflation target,
a single point rather than a range), with a recognition that it
over time
can do little to offset strong headwinds or secular stagnation.
1
Test
Test
Not confidential
Test
Not for RBA Secondees
To review
Do not publish - test
agree

FOI 3804
Document 4
Submissions Package
Submission #
Performance Workstream
2
Stephen Grenville
12
Adrian Pagan
16
s 45, s 47E(d)
35
Business Council of Australia
46
Stephen Halmarick
59
Peter Tulip - Centre for Independent Studies (just links to this article)
68
Australian Greens
84
David Richardson - Australia Institute
86
Isaac Gross
97
Emma Ponzo - Australian Bankers Association
99
Australian Financial Markets Association
104
Ben Moxham - Australian Council of Trade Unions
Submission #
Governance
6
Confidential
8
Anonymous
12
Adrian Pagan
30
Selwyn Cornish
35
Stephen Kirchner
36
Grahame Dowling
46
Stephen Halmarick
59
Peter Tulip
63
John Hawkins
66
Confidential
80
Alex Pentland
84
David Richardson- Australia Institute
86
Isaac Gross
89
Peter Davidson - ACOSS
97
Emma Penzo – Australian Banking Association
98
Nick McKim – Greens
99
Damian Jeffree – Australian Financial Markets Association
104
Ben Moxham – Australian Council of Trade Unions
Submission #
Culture
6
Confidential
8
Anonymous
21
Anonymous
50
s 45, s 47E(d)
60
s 45, s 47E(d)
66
Confidential
86
Isaac Gross
101
Anonymous
Submission #
Frameworks
13
s 45, s 47E(d)
22
Warrick McKibbin
23
Warrick McKibbin
30
Selwyn Cornish

31
Selwyn Cornish
47
CPD
55
s 45, s 47E(d)
57
Shireen Morris
77
John Quiggin
89
ACOSS
96
David Vines

FOI 3804
Document 5
s 45, s 47E(d)
104
Moxham
Ben
Australian Council of Trade  Peak industry
Not confidential
Unions
body/union
Composition: present Board is heavily unbalanced, with all six of the lay appointees coming from a corporate background to varying degrees. There are no members from a union or industrial relations background. Because of this the Board has never
considered the role of price setting by business in contributing towards inflation. In addition, workers bear the brunt of RBA actions but no one on the Board properly understands their position or can advocate for it.
The RBA should appoint at least one member to the Board with a deep understanding and experience of the labour market and wage-setting system from the labour movement. The industrial labour movement has strongest subject matter expertise on wages
and wage-setting dynamics.
Academic economists and academically trained economists should be appointed to the RBA Board with a diversity of perspectives and the capacity to interrogate orthodox views at a technical level.
103
Koci
Stephen
Individual
n/a
Not confidential
Supports the removal of al  key executives and the board as they have failed under any measure and cal s for the RBA to be accountable to the Australian people and be accountable for their decisions and comments.
s 45, s 47E(d)
99
Jeffree
Damian
Australian Financial
Peak industry
Not confidential
Markets Association
body/union
Composition: supports a reformed Board structure, Board should have multiple monetary policy economists and multiple experts in financial markets. There are now more efficient and accurate ways to get the business activity insights that were once provided by breadth
of business reps on the Board. These economic and market experts woul be particular important for UMP and its unwind. May also be helpful to have expertise related to economic chal enges of climate change.
Supports BoE arrangements where RBA Board members would be provided with direct access to staff.
Supports direct provision of non-official data sources and expertise into Board processes.
Does not suggest naming individuals, but communicating the variety of views in the minutes.
97
Penzo
Emma
Australian Banking
Peak industry
Not confidential
Association
body/union
Board structure: considers a dual board structure with MPC and corporate governance Board, smal  number of board members that sit on both to ensure alignment. Corporate Governance Board to be chaired by an independent member, retain the remuneration and audit
committee, with minutes to be reported to Treasurer and summarise publical y. MPC would continue to meet monthly and execute mp.
Charters of both committees to be published and maintained on the RBA website.
Composition: broadening skil s matrix to include limited members of the RBA, monetary policy experts, non voting treasury department member, and members with experience in real economy including business and trade union. These real economy members could either
be advisory non-voting (could continue in role), or voting (no current ties).
Appointments:  vacancies should be advertised along with a skil s matrix.
93
Wood
Graham
Individual
n/a
Not confidential
Board composition: The RBA Board must represent society more accurately and include Ecological Economists, Steady State Specialists, Union Representatives and Diversity.
91
Connor
Jade
Individual
n/a
Not confidential
Board, Governor, staff – should include a mix of new people and existing people from inside and outside the organisation. They should be given very short terms. The Governor should have a 1 year maximum term, flexible in emergency.
90
Rochford
Jonathan
Narrow Road Capital
Business
Not confidential
Skills and expertise: Lack of diversity of economic thought among the RBA Board and staff has resulted in groupthink at the RBA (and most other central banks in developed nations). The lack of non-consensus discussion of Board decisions, by both RBA employees and the
Board members themselves, creates a perception that al  Board members and RBA staff agree with the decisions made and have a high level of certainty that its actions are appropriate.
89
Davidson
Peter
Australian Council of Social  Community/NFP
Not confidential
Service
group
RBA Act should specify that its Board is appointed from suitable candidates drawn from people with relevant economic expertise and a wider range of backgrounds and perspectives including people drawn from unions and civil society as wel  as business backgrounds. The
quality of mp decision-making on the Board would be enhanced if it included people drawn from more diverse sources of expertise (including unions and community organisations).
87
Winter
John
Individual
n/a
Not confidential
Submission states that probably none of the Board members wil  be affected by the RBA decisions. Suggests a set of supporting committees with real life people representing a cross section.
86
Gross
Isaac
Individual
n/a
Not confidential
Current Board of predominately business leaders has served Australia poorly when implementing mp. Several instatnces in recent years when the Board has made decisions based on flawed understanding of mp, most recently seen in October 22 minutes.
Supports creation of separate MPC with 5 internals and 4 externals. External appointments should have professional expertise and training iin relevant field (ie mp, macro or financial markets).
Treasury secretary should remain on the Board as a non-voting member. Current status represents a potential avenue for politicisation of the RBA.
Act should be amended to al ow for possibility of multiple deputy governors as per other central banks. It would mitigate the risk of appointing an external candidate to the leadership team.
Adopt the Grattan process for appointments, in addition Board appointments should be limited to 2 or 3 consecutive appointments of 5 years.
External Board members should be supported by 1 or 2 full time economists from EC or FMG.
MPC decisions should include votes and detailed reasoning, with transcripts published at lag (>7 years), MPC members should be permitted to talk publicly on mp.
MPC minutes should include whether the staff recommendation was fol owed, and explain why it wasn't.
84
Richardson
David
Australia Institute
Policy/research
Not confidential
institute
The RBA board be reconstituted to better reflect the community and its role changed to advice and the administration of monetary policy.
Notes present board of the RBA does not any welfare or labour reps. External members strong business links, and one board member is also on the board of right wing thinktank, CIS. This is a biased board and the bias has been sold as a virtue in the past.
Submission discusses how after the Rudd election, head of Treasury and RBA wrote to incoming treasurer outlining suggested criterai for drawing up a candidate short list. Suggests that the criteria inferred exclusion of al  but captains of industry, without any labour or left
wing sympathies.
Business concentration of the Board has led to the tendency to exaggerate the potential role of any future wage increases in stoking inflation.
Independence - RBA needs to be returned to the realm of political transparency and accountability. One option is RBA to retain administrative responsibility for monetary policy implementation and an advisory role on policy itself, actual policy responsibility of the
Government.
80
Pentland
Alex
Individual
n/a
Not confidential
Appointments: Propose RBA Act enshrine a process for appointments that includes (submission provides specific wording and leg provisions):
Minister must by writing determine a code of practice for selecting and appointing the Governor, the Deputy Governor and the 6 other members as required by section 14 that sets out general principles on which the selections are to be made, including but not limited to:
merit; independent scrutiny of appointments; probity; and openness and transparency.
Minister must review code each 5 years and invite public comment.
78
Norman
Philip
Individual
n/a
Not confidential
Composition: smal  business should be represented on the Board, as wel  as an elected staff representative (like the ABC).
77
Quiggin
John
Individual
n/a
Not confidential
Current structure of RBA Board provides neither the expertise to al ow serious questioning of RBA decisions, nor any effective representation
Board is primarily made up of senior business people, not appropriate for an organisation primarily concerned with public policy. Represent a single perspective, with the interests of households and workers not represented
Would be preferable to return to structure of the past, with broader representation of the community, or move to a Board made up of Australian and international economists, with expertise in macro policy.
75
McDonald
Andrew
Individual
n/a
Not confidential
The RBA should maintain and publish a Register of Board Member’s Interests including property, private companies, other investments.
Board meetings should be livestreamed and minutes published.
Communication: Board should define categories and how desision wil  impact each Eg. An Interest rate increase wil  affect Mortgage Holders in a Negative way, Savers in a Positive way.
96
Vines
David
Individual
n/a
Not confidential
Argues for an integrated overal  system of macro policy making, and discusses the potential governance of this system.
RBA could improve governance by moving in direction of BoE.
69
Lowe
Kit
Lowe Capital Management Business
Not confidential
The RBA board needs less economists and more people with broad market experience. Also the ACTU leader should be considered.

98
McKim
Nick
Australian Greens
Other
Not confidential
Composition: Board should include representation from trade unions, and limit representation from business.
Act must be ammended to require: 1 member appointed by trade unions; 5 independent members appointed by Treasurer, must include no more than one person who is an exec or on the board of a large Aus company; no fewer than 4 women in total to the Board.
Voting: votes to be made public, and minutes to al ow Board members to publish additional or disenting comments.
Treasurer must provide written instructions to Treasury Secretary prior to meeting, with the instructions and reasoning made public. Instructions would set out positions Treasury Secretary is to take with aim of better intergrating fiscal/mp. Board must respond to these
positions in minutes.
s 45, s 47E(d)
64
Henderson
Dougal
Individual
n/a
Not confidential
Submission notes that 25 of the 26 past and present board members are business leaders, bankers or economists. Argues that for a board that is making decisions that directly impact on future tax liabilities and wealth distribution both within society and across generations
this is a truly unrepresentative board. Outside of principle of no taxation without representation.
Recommends mandated diversity around the composition of the RBA board such that it more closely reflects the people it represents.
63
Hawkins
John
Individual
n/a
Not confidential
Frequency: RBA Board meets more frequently than most other central banks. This is desirable as it al ows the RBA to adjust interest rates more rapidly and in smal er increments.
Submission discusses literature on the optimal size of committees, and the practice in other jurisdictions.
Notes the RBA Board seems overweighted with business leaders, the RBA can already tap into the insights of business through its business liaison program. There would seem to be a case to return to having a member with a trade union background. A member could also
be appointed with a background in the welfare sector such as ACOSS. Also a case to appoint another academic expert, with expertise in monetary policy, and possibly economic history.
Does not suppport having a non-Governor chair the Board, to set up rival leaders and spokespersons in this way would seem a recipe for conflict and confusion.
Notes possibility of seperate MPC.
59
TULIP
PETER
Centre for Independent
Policy/research
Not confidential
Composition -  Many of the RBA’s problems — policy mistakes, lack of communication, lack of deliberation — can be attributed to a lack of expertise on the Board. Most members lack formal training in macroeconomics and are unfamiliar with monetary policy and are
Studies
institute
consequently unable to adaquetely chal enge and cannot argue for an alternative policy. The natural consequence is that mistakes are not identified, let alone corrected. Cal ing for more expertise does not mean the Board should be composed entirely of monetary policy
experts. The most desirable dimension of diversity is of opinion.
Similarly, the Board is unduly swayed by public opinion. Vocal pressure groups, like interest-dependent retirees, are given more weight than marginalised groups like the unemployed.
Responsiblity - Best practice in central bank design is to have a smal  committee of experts. Reforms at the Bank of England are a good example. The Reserve Bank of New Zealand put a good structure in place, but then interpreted ‘conflict of interest’ provisions in a way
that turned its new Monetary Policy Committee into another rubber stamp.
Voting - Board members also need an incentive. Public votes and explanations should be required at the Board level.
56
Wales
Richard
Individual
n/a
Not confidential
RBA has limited independence with the Act providing a clear process for the government to overrule the RBA monetary policy decisions.
RBA doesn’t appoint monetary policy experts as its non-RBA members. The treasurer has made appointments that are dominated by business people who have held senior roles in major public corporations.
A decision needs to be made to determine if the RBA board should be the best col ection of expertise available or provide a representative group that influences and guides the board towards meeting its remit.
The inclusion of wel -respected academics representing modern economic thought, as wel  as union representatives and more general representatives of the Australian public, could better hold the RBA employees on the board to account.
54
Johnson
Ray
Individual
n/a
Not confidential
The Secretary of the lead federal Department with responsibility for the Environment should be an ex-officio appointment to the Reserve Bank Board.
The Board should include at least one member with appropriate proven high-level experience in ecological economics.
An Assistant-Governor (Ecology) should be appointed along with sufficient staff with relevant expertise to meet the RBA’s needs regarding its proposed environmental and ecological economic objectives.
There should be a mandatory independent review of these new arrangements every two years. The review should be made public at the same time it is passed to government.
53
Stoneway
n/a
Individual
n/a
Not confidential
Composition - RBA board and decision makers should have cross societal representation, not just be ful  of neoliberal economist types, or the few who benefit from very large salaries that drive inequality. Economic expertise is clearly important but a variety of perspectives
is too. Question to when the RBA Board had representation from various groups of society.
Better board composition would help the RBA in considering the distributional and sectoral impacts of rate decisions.
52
Sathiy
Siva
Individual
n/a
Not confidential
Composition - Current compositions only support the business community, short term (like company directors propping the share price to get bonus), and current generation. Only private and public sector economics should be the voting members. Businesses and union
can be part of the decision making but they wil  be non-voting members.
47
Phil ips
Toby
Centre for Policy
Policy/research
Not confidential
Development
institute
May be useful to develop a skil s matrix for the Board. Climate change should be included as a specific skil . This could be through the targeted appointment of a qualified candidate, training of existing board members, or both.
46
Halmarick
Stephen
Individual
n/a
Not confidential
Economists from outside the RBA, including the CBA, should be invited to present data and insights to the RBA Board meeting.
A 3-3-3 Board, comprising three members from the RBA/Treasury, three from the ‘economy’ and three monetary policy/economic experts who could provide significant input and chal enge to the internal y generated RBA view.
The six non-RBA/Treasury Board appointments should be made in an open and transparent way, not by the current ‘shortlist’. The current 5 year term for Board members is appropriate, with a limit to be set of two terms to be held.
In our view, there is no need for individual ‘votes’ on the Board to be disclosed by name. However, a ‘vote count’ should be published.
43
Walter
Ryan
Individual
n/a
Not confidential
The submission (from an Associate Professor of Political Science) discusses the interaction between party politics and monetary policy by providing a brief history. The author provides a suggested addition to the SCMP to provide more formal recognition of the RBA's
political independence, signed by the Governor, Treasurer and Shadow Treasurer:
Consistent with its responsibilities for economic policy as a whole, the Government reserves the right to comment on monetary policy from time to time, but in full recognition that the Reserve Bank’s operational independence places interest-rate movements beyond the
government’s immediate control . The Government and Opposition recognize that the Governor may need to publicly remind members of any party of this aspect of our monetary policy framework from time to time.
42
Lawler
Luke
Customer Owned Banking  Peak industry
Not confidential
COBA sees a case for former retail bankers to be on the Board. Banking system is the means of transmission of monetary policy. Strategic perspective, and experience in retail banking markets is relevant experience and could productively chal enge.
Association
body/union
Given the perspective of listed companies are always wel  represented, when drafting candidate shortlist should give due weighting to different business models such as customer owned.
40
MAIR
PETER
Individual
n/a
Not confidential
Discusses issues from 1982-89, a 'reign of terror' when management of the bank was destabalised. Highlights that since governors make internal appointments, a misstep in the appointment of the governor leads to others.
Putting in place more objectively independent arrangements for governor appointments is an option.
Reservations about current arrangements around scope for political bias, not limited to RBA. As is, the RBA board is a diverse group of wel  credentialed people. Members bring to the table wel  informed views and a sense of public service.
39
n/a
Anonymous
The submission considers that the RBA has not given adequate consideration to the impact of negative real returns on depositors. The submission advocates for more distributional analysis, a change to the monetary policy reaction function and for splitting out the RBA's
s 45, s 47E(d)
monetary policy function from its central banking duties.

37
Ong
Su-Lin
RBC Capital Markets
Business
Not confidential
Notes current compositon of the Board and the contrast to other monetary policy boards/committees which have a far heavier presence from academia including monetary policy specialists, broader public policy representation and more diverse boards with international
participants as wel  as representation from financial markets. Sees merit in this.
Notes Treasurer already has the discretion to appoint such members should they wish to.
36
Dowling
Grahame
Individual
n/a
Not confidential
Number of meetings: In a dynamic, complex economy that operates 12 months a year, 11 meetings, each of which wil  also devote (considerable) time to administrative matters, does not reflect the fundamental importance.
Part-time nature of Board members creates heavy reliance on background papers and briefings offered by the RBA which creates management capture. The information flowing up to the board is what the RBA senior executives want the board members to see. And since
the Governor is the Chair, control of the agenda rests firmly with the RBA. The governance literature suggests that RBA (expert) information wil  anchor board discussion and the non-executive members, most of whom know far less about economics than the RBA’s
professionals, wil  seldom strongly chal enge this information and boardroom discussion wil  not significantly change the anchor position set by the RBA.
Given prestige and stipend of position, literature suggests members have more to gain by conforming to the group.
Voting - Australians can't opt out of sphere of influence, so different to a corporate world where investors can opt out if don't like governance. Therefore merit to arguments for public votes.
Accountability - the non-executives are real y a group of hand-picked, bright, part-time non-economists tasked with moderating the views of a group of expert economists. Neither group is held personal y accountable for their decisions.
35
Kirchner
Stephen
Business Council of
Peak industry
Not confidential
Responsibilities: Monetary policy decision making could be assigned to a Monetary Policy Committee consisting of RBA executives and external appointees with monetary policy and macroeconomic expertise. The role of the non-executive Board members would then be to
Australia
body/union
oversight the performance of the Bank in meeting its statutory objectives and policy agreement with the government, reporting to the Treasurer and the Parliament.
Accountability for monetary policy decision making could also be strengthened by ensuring that the contributions and voting records of Monetary Policy Committee members to monetary policy decisions are made public through the minutes of Committee meetings. This is
accepted practice with other central banks.
The current consensus-based model of decision making discourages dissent, which is less conducive to robust decision making.
On appointments, it is not clear why Treasury and the RBA should enjoy an effective veto over appointments to the Board.
Appointments to the position of Governor and Deputy Governor should be made on the basis of an open and international y competitive selection process, such as that used to recruit Governors of the Bank of England.
30
Cornish
Selwyn
Individual
n/a
Not confidential
Accountability: Reserve Bank decisions need more scrutiny. This can be achieved by appointing more experts to the RBA Board, making Board members individual y accountable and requiring greater transparency.
24
Blackburn
Ben
Ben Blackburn Racing
Business
Not confidential
Accountability: Reserve Bank decisions need more scrutiny. This can be achieved by appointing more experts to the RBA Board, making Board members individual y accountable and requiring greater transparency.
19
Knox-Haly
Martha
Individual
n/a
Not confidential
Board Composition and Recruitment: We are wel  overdue for economists from a modern monetary theory background to be sitting on the RBA Board and in senior management roles. Need governors and heads of department within the RBA who have a knowledge and
understanding of inflationary causes, and that raising interest rates is an over-zealous intervention which cures symptoms by kil ing the patient. RBA Board members need to be selected on the basis of expertise and should also include climate scientists, academic
economists and engineers, rather than individuals with a generalist business background.
14
n/a
Anonymous
Conflict of interest policies for Board members should be strengthened. Self declaration is inadequate for the RBA’s purposes. For example, consideration should be given to whether being a director (including a non-executive director) of a large commercial business
s 45, s 47E(d)
should automatical y preclude an RBA board member from being involved in monetary policy decisions.
s 45, s 47E(d)
12
Pagan
Adrian
Individual
n/a
Not confidential
Structure - Supports creation of MPC to seperate mp decision and corporate governance issues. MPC should contain 4 "internals" (Gov, Dep Gov + Treas Sec, Dep Sec for Macro) and 5 externals. Externals must be fully informed (noted externals on RBNZ MPC, FOMC and UK
MPC attend meetings before the decision).
Composition- for external members, good people to do this in private secotr, academia, unions, state governments etc. no reason to have any representative from a particular group.
Votes- if votes are to be released should be in blocks according to internal/external split. Little need to release individual votes.
Time- Board meeting should be longer, maybe a whole day.
s 45, s 47E(d)

FOI 3804
Document 6
Please treat my
Short ID
Last name
First name
submission as:
Position
Detail on Position
s 45, s 47E(d)
Define full employment as zero
Not confidential â€“ my
Increase the
involuntary unemployment. They
submission and name can  weight of the
note that it currently isn't
be published on the RBA
employment
addequately articulated what their
107 Moxham
Ben
Review website
objective
view is on the objective.
the current target has led to
Not confidential â€“ my
elevated unemployment and wage
submission and name can
stagnation - they consider that the
be published on the RBA
Flexible
current approach preferences the
107 Moxham
Ben
Review website
inflation target price stability objective.
Establislh a
macroeconomicoordination
committee tu ensure decisions
move in the same direction. They
Not confidential â€“ my
Greater fiscal
propose that this include all
submission and name can  and monetary  Government department leaders
be published on the RBA
policy
and the Treasurer that impact the
107 Moxham
Ben
Review website
coordination
macroeconomy
did not have the confidence that
macroprudentila poilcy would have
Not confidential â€“ my
Greater
tepped in to prevent unsustainable
submission and name can  coordination of  borrowing and lending if the Bank
be published on the RBA
macroprudentia undertook further monetary
107 Moxham
Ben
Review website
l policy
easing.'

Not confidential â€“ my
submission and name can
Reserved' - distracts from greater
be published on the RBA
Alternative
issue that mp along is too blunt, and
107 Moxham
Ben
Review website
frameworks
better outcomes are nto a given.
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
Focus on individual experience
106
details)
NA
related to culture
Not confidential â€“ my
submission and name can
Proposes that Superannution
be published on the RBA
Guarantee be usedto curb income
105 Danks
David
Review website
NA
and consumption
Not confidential â€“ my
submission and name can
be published on the RBA
104 Moxham
Ben
Review website
NA
updated draft provided later
Not confidential â€“ my
submission and name can
be published on the RBA
Thinks that the RBA think they are
103 Koci
Stephen
Review website
Accountability above accountability
Not confidential â€“ my
submission and name can
be published on the RBA
Focus on performance, personal
102 Norman
Philip
Review website
NA
experience and culture

s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
Objectives are
99 Jeffree
Damian
Review website
suitable
Not confidential â€“ my
Needs refinement and is more a
submission and name can
matter for Government, suggesting
be published on the RBA
that the statement should specify
99 Jeffree
Damian
Review website
Third objective its scope.
recommend greater clarity of the
objectives, and too flexible a target.
Broad support for FIT, and over
alternative frameworks - other
central banks have moved towards
RBA having more flexibility. They
Not confidential â€“ my
note that central banks globally are
submission and name can
lower reputationally and this is not
be published on the RBA
Flexible
an ideal context to change the
99 Jeffree
Damian
Review website
inflation target target.
Not confidential â€“ my
Fiscal and
submission and name can Monetary
be published on the RBA
policy
99 Jeffree
Damian
Review website
interactions
Performed well during COVID
COFR is performing well, notes not
created for managing coordiantion
Not confidential â€“ my
of macropru policy. Note some
submission and name can
advocate for APRA macropru
be published on the RBA
Macroprudenti function to be incorporated into the
99 Jeffree
Damian
Review website
al coordination RBA.

Financial market credibility may
be more supported by increased
clarity on the RBA target in the
Statement on the Conduct of
Not confidential â€“ my
Monetary Policy , and this could
submission and name can  Clarify
also help clarify the reaction
be published on the RBA
monetary policy
99 Jeffree
Damian
Review website
target
function.
Not confidential â€“ my
The RBA should provide an
submission and name can
explaination about whether
be published on the RBA
outcomes are consistent with the
99 Jeffree
Damian
Review website
Accountability target.
Not confidential â€“ my
submission and name can
be published on the RBA
Objectives
The weighting of the price objective
98 McKim
Nick
Review website
framework
is too high relative to employment.
Not confidential â€“ my
Fiscal and
submission and name can  Monetary
be published on the RBA
policy
98 McKim
Nick
Review website
interactions
Policy is not suitably holistic -
Not confidential â€“ my
submission and name can
be published on the RBA
Independence should not equal
98 McKim
Nick
Review website
Accountability freedom from accountability.
Fiscal and
Monetary
policy
Government should recognise joint
interactions
responsibility for inflation
Not confidential â€“ my
submission and name can
be published on the RBA
Employment
Needs to be measured to ensure
98 McKim
Nick
Review website
objective
that its accountable.
Macroprudenti prudential regulation should be
al coordination shifted from APRA to the RBA
Additional
add to its objectievvs 'the
objectives -
maintenance of a stable ecology
climate
and climate'
should be directed to the welfare of
Not confidential â€“ my
al  not some of the people of
submission and name can
australia. There is not enough
be published on the RBA
Welfare
consideration of the impact fo th
98 McKim
Nick
Review website
objective
RBA's policies on housing.
Supports objectives, but trade offs
Not confidential â€“ my
should be better articulated. They
submission and name can
consider that the welare objective I
be published on the RBA
Objectives
s understood by the bank as
97 Penzo
Emma
Review website
framework
financial stability

Not confidential â€“ my
submission and name can
be published on the RBA
Macroprudenti
98 Penzo
Emma
Review website
al coordination Support current CFR arrangements
Not confidential â€“ my
Fiscal and
support treasury secretary on the
submission and name can Monetary
board as the way to ensure good
be published on the RBA
policy
coordination. They state thae it
99 Penzo
Emma
Review website
interactions
should be coordianted
Not confidential â€“ my
submission and name can
be published on the RBA
96 Vines
David
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
97 Vines
David
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
98 Vines
David
Review website
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
92
details)
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
93
details)
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
The RBA should have the power to
s 45, s 47E(d)
not include any personal
restrict the aggregate lending in the
94
details)
Tools
economy specifically

Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
Argues that the RBA is not
submission document does
authorised to act on money supply,
s 45, s 47E(d)
not include any personal
to restric te the scale of lending in
95
details)
Objectives
the economy.
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
93 Wood
Graham
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
92 Bryant
Gareth
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
91 Connor
Jade
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
90 Rochford
Jonathan
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
89 Davidson
Peter
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
88 Rossiter
David
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
87 Winter
John
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
86 Gross
Isaac
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
85 Murphy
Jason
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
84 Richardson
David
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
83 Shepherd
Ian
Review website

s 45, s 47E(d)
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
81
details)
Not confidential â€“ my
submission and name can
be published on the RBA
80 Pentland
Alex
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
79 d'Iapico-Bien Victor
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
78 Norman
Philip
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
77 John
Quiggin
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
76 Terry
Miller
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
75 McDonald
Andrew
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
74 Carrodus
Toby
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
72 Vines
David
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
71 Parsons
Louise
Review website
s 45, s 47E(d)

Not confidential â€“ my
submission and name can
be published on the RBA
69 Lowe
Kit
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
68 McKim
Nick
Review website
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
67
details)
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
65 Barwick
Elisa
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
64 Henderson
Dougal
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
63 Hawkins
John
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
62 James
Douglas
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
61 McCook
Alison
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
59 TULIP
PETER
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
57 Morris
Shireen
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
56 Wales
Richard
Review website

s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
54 Johnson
Ray
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
53 Stoneway
Professor
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
52 Siva
Sathiy
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
51 Elliston
Bob
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
49 Delmenico
Phil
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
48 Smith
Andrew
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
47 Phil ips
Toby
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
46 Halmarick
Stephen
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
45 El iston
Bob
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
44 Nelson
Charles
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
43 Walter
Ryan
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
42 Lawler
Luke
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
41 Hind
Neville
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
40 MAIR
PETER
Review website
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
39
details)
Not confidential â€“ my
submission and name can
be published on the RBA
38 Johnson
Mark
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
37 Ong
Su-Lin
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
36 Dowling
Grahame
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
35 Kirchner
Stephen
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
34 Richards
Graeme
Review website
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
not include any personal
s 45, s 47E(d)
33
details)
Not confidential â€“ my
submission and name can
be published on the RBA
32 Maxwell
Anne
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
31 Cornish
Selwyn
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
30 Cornish
Selwyn
Review website

Not confidential â€“ my
submission and name can
be published on the RBA
29 MAIR
PETER
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
27 Grenville
Stephen
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
25 Cox
Kevin
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
24 Blackburn
Ben
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
23 Mckibbin
Warwick
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
22 Mckibbin
Warwick
Review website

Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
21
details)
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
19 Knox-Haly
Martha
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
18 Jupp
Tony
Review website
s 45, s 47E(d)
Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
15
details)

Anonymous â€“ my
submission can be
published on the RBA
Review website, but please
do not include my name
(please ensure your
submission document does
s 45, s 47E(d)
not include any personal
14
details)
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
12 Pagan
Adrian
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
11 Moule
Daniel
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
10 Moule
Daniel
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
9 Porter
James
Review website
s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
7 Porter
James
Review website

s 45, s 47E(d)
Not confidential â€“ my
submission and name can
be published on the RBA
5 Faithfull
Fraser
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
4 Kijurina
Jon
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
3 Andrew
Cocker
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
2 Grenville
Stephen
Review website
Not confidential â€“ my
submission and name can
be published on the RBA
1 Test
Test
Review website
The RBA should target a lower level
of inflation, suggests it could be up
to 3 per cent, or between 1 and 2
per cent. Also suggests that the RBA
objective should be to keep the
interest rate at the neutral level the
s 45, s 47E(d)
Lower the
majority of the time to minimise the
14
Lower the inflation target inflation target amount of market dis

s 45, s 47E(d)
Should subsume the employment
14
Third objective
Third objective objective
The employment objective should
be removed, or clarified in what it
should agheive - there is no clear
s 45, s 47E(d)
Employment
indicator that full employment is
14
Employment objective
objective
achieved
s 45, s 47E(d)
Alternative
No benefit from alternatives
12 Pagan
Adrian
Alternative frameworks
frameworks
frameworks or targets

The objectives are meaningless for
judging the performance of the
RBA. On average overtime should
specify the period, eg 8 years
(based on the Melbourne Institute's
work).
The performance could also be
Clarify
judged on inflation expectations.
Clarify monetary policy
monetary policy Regards the RBA as a credible
12 Pagan
Adrian
objectives
objectives
inflation targeter.
s 45, s 47E(d)

s 45, s 47E(d)
Suggests following the direction of
RBNZ.
"even though the NZ central bank
itself might not think they have
achieved a great deal, in the world
of financial markets sometimes a
little bit of judicious jawboning from
a respected authority can go a long
way. And perhaps the broader
public relations potential shouldn’t
be overlooked either.
If a similar initiative could be
undertaken in the Australian
context – involving the RBA alone or
in concert with APRA – and it
provided even modest results, my
Additional
hope is that this would still
Additional objectives -
objectives -
represent a worthwhile gain for our
5 Faithfull
Fraser
housing
housing
community"

No agency has responsibility for
monitoring the affordability and
sustainability of house prices'
Quoting Mal aby's biography of
Greenspan - "After the 2008
meltdown, central bankers resolved
to use regulatory policy, not
monetary policy, to head off the
next crisis. But regulatory tools are
hard to wield. They involve
confronting brutal lobbies… They
involve interpreting vague reports
of market abuses… And they involve
writing rules that are flexible
enough not to be oppressive, yet
Macroprudential
Macroprudenti tough enough to change behaviour.
5 Faithful
Fraser
coordination
al coordination This is a tricky balance to strike"
The submission is a list of questions,
broadly focussed on monetary
policy objectives. For example,
"why should we ‘target’ inflation,
the decline in the purchasing power
of our money, when it seems to me
that the great benefit (and aim) of
innovation and development in our
modern industrial society is to
reduce the cost (and increase
consumer access) of goods and
services over time?"
4 Kijurina
Jon
Nil
Nil

Supportive of
"the last decade shows monetary
Supportive of flexible
flexible inflation  policy's dange of over reach"
2 Grenvil e
Stephen
inflation target
target
if elements in the wider financial
sector require RBA support to avoid
Financial
macro-consequences, this should
stability
be seen as a failure of the
2 Grenvil e
Stephen
Financial stability objective objective
prudential framework
reconciliation of the inflation and
output objectives could be achieved
Add a time
by adding a time dimension to the
dimension to
target, giving the central bank the
Add a time dimension to
the inflation
latitude to plot a path back to the
2 Grenvil e
Stephen
the inflation target
target
prime target
If policy-makers were disappointed
Fiscal and
with the pace of the recovery, then
Monetary
fiscal policy rather than monetary
Fiscal and Monetary policy  policy
policy was the appropriate macro-
2 Grenvil e
Stephen
interactions
interactions
response.
Alternative
Notsupportive of alternative
2 Grenvil e
Stephen
Alternative frameworks
frameworks
frameworks
Inflation targeting worked wel  for
two decades, but was unable to
stimulate a faster recovery after the
GFC, and hence keep inflation on
target. Even though the undershoot
was smal , with no adverse
consequences for the real economy
as there was never any danger of
deflation (consistently fal ing
prices), this caused central banks
everywhere to push monetary
Effectiveness of  policy wel  beyond its useful
25 Cox
Kevin
monetary policy powers. "

24 Blackburn
Ben
23 Mckibbin
Warwick
22 Mckibbin
Warwick
19 Knox-Haly
Martha
19 Knox-Haly
Martha
19 Knox-Haly
Martha
19 Knox-Haly
Martha
Proposes variable
superannuation guarantee
to be set by the bank to
18 Jupp
Tony
curb individual spending
14 s 45, s 47E(d)
14
14
13

12 Pagan
Adrian
12 Pagan
Adrian

FOI 3804
Document 7
Sub number
Last name
First name
Email
Name removed Redaction required
Published
110
s 45, s 47E(d)
Yes
Redacted attachments
s 47F
Yes
s 45, s 47E(d)

Sub number Last name
First name
Redaction required
Published
113
Pope
Robin
s 47F
Redacted attachments/research papers
Yes
111
Harkness
Peter
Yes
105
Danks
David
Yes
104
Moxham
Ben
Yes
103
Koci
Stephen
Flagged for redaction of phone, address and email, approved to publish
Yes
102
Norman
Philip
Yes
99
Jeffree
Damian
Yes
98
McKim
Nick
Yes
97
Penzo
Emma
Confirmed not confidential, redact 'confidential' from submission
Yes
96
Vines
David
Yes
93
Wood
Graham
Flagged, approved to publish
Yes
92
Bryant
Gareth
Yes
91
Connor
Jade
Flagged for redaction of personal details, approved to publish
Yes
90
Rochford
Jonathan
Yes
89
Davidson
Peter
Yes
88
Rossiter
David
Yes
87
Winter
John
s 47E(d)
86
Gross
Isaac
Yes
85
Murphy
Jason
Flagged to check hyperlinks, approved to publish
Yes
84
Richardson David
Flagged - but unsure why, approved to publish
Yes
83
Shepherd
Ian
Yes
80
Pentland
Alex
Yes
79
D'Lapico-BienVictor
Flagged, Check hyperlink
Yes
78
Norman
Philip
Duplicate, do not publish
77
John
Quiggin
Yes
75
McDonald
Andrew
Flagged to redact address at top of document, approved to publish
Yes
74
Carrodus
Toby
Flagged, check hyperlink, approved to publish
Yes
71
Parsons
Louise
Flagged, check hyperlink to thesis, approved to publish
Yes
69
Lowe
Kit
Flagged, approved to Publish
Yes
65
Barwick
Elisa
Yes
64
Henderson Dougal
Yes
63
Hawkins
John
Yes
62
James
Douglas
Yes
61
McCook
Alison
Yes
59
TULIP
PETER
Flagged for Hamish hyperlinks, approved
Yes
57
Morris
Shireen
Flagged for Hamish hyperlinks, approved
Yes
56
Wales
Richard
Flagged for hamish hyperlink, approved
Yes
54
Johnson
Ray
Flagged for hamish hyperlinks, approved
Yes
53
Stoneway
Professor
Yes
52
Siva
Sathiy
Yes
51
Elliston
Bob
Flagged for redaction, approved to publish
Yes
49
Delmenico Phil
Yes
48
Smith
Andrew
Flagged for attachment, and redact personal address, approved
Yes
47
Phillips
Toby
Flagged, personal email and end notes, approved to publish
Yes
46
Halmarick
Stephen
Flagged, hyperlinks, approved
Yes
45
Elliston
Bob
duplicate, do not publish
44
Nelson
Charles
Flagged hyperlinks, approved
Yes
43
Walter
Ryan
Flagged hyperlinks, approved
Yes
42
Lawler
Luke
Flagged hyperlinks, approved
Yes
41
Hind
Neville
Flagged hyperlinks, approved
Yes
40
MAIR
PETER
Flagged for redaction, approved to publish
Yes
38
Johnson
Mark
Yes
37
Ong
Su-Lin
Flagged, personal details, approved
Yes
36
Dowling
Grahame
Yes
35
Kirchner
Stephen
Yes
34
Richards
Graeme
Yes
32
Maxwell
Anne
Flagged, redact personal information, approved
Yes
31
Cornish
Selwyn
Flagged hyperlink references, approved
Yes
30
Cornish
Selwyn
Yes
29
MAIR
PETER
Yes
27
Grenville
Stephen
Flagged, hyperlink, approved
Yes
25
Cox
Kevin
Flagged, hyperlink, approved
Yes
24
Blackburn
Ben
Yes
23
Mckibbin
Warwick
Flagged, hyperlinks and email, approved
Yes
22
Mckibbin
Warwick
Yes
19
Knox-Haly
Martha
Flagged, hyperlinks, approved
Yes
18
Jupp
Tony
Flagged, personal email, approved
Yes
12
Pagan
Adrian
Yes
11
Moule
Daniel
Flagged, someone elses paper, not for publication
9
Porter
James
Yes
5
Faithfull
Fraser
Flagged, hyperlinks, approved
Yes
4
Kijurina
Jon
Yes
3
Andrew
Cocker
Flagged, picture of a cat, not for publication
2
Grenville
Stephen
Duplicate, do not publish

To send
A
s 47F
A
A
A
A
A
A
A
A
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FOI 3804
Document 8
Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Organisations
Richardson
David
Australia
This submission addresses the “deficiencies” in the intel ectual models behind RBA analysis,
Institute
assessments, and other work. It also comments on the economic, social, and environmental
consequences of the RBA actions which should be explicitly incorporated in RBA thinking.
It cal s for greater RBA Board transparency and accountability and is critical of business sector
dominance. Other criticisms included performance, forward guidance, and communication.
Penzo
Emma
Australian
The submission considered the three objectives to be appropriate, noting there may be an
Banking
opportunity to update the expression of the objectives.  It highlighted opportunities for the RBA
Association
to augment its communications to explain the complexities underlying decisions and trade-offs
made. It stated, “the independence of the RBA as critical to ensuring a wel -functioning
economy.”
Barwick
Elisa
Australian
This submission of the Australian Citizens Party cal s for a return to national banking to foster
Citizens Party
economic growth; a review of the unofficial inflation mandate by which the RBA operates;
returning government to control of monetary policy; restoring adequate financial regulation and,
subsequently, consumer protections; and expanding the RBA's policy toolbox in the face of
potential financial crises.
Davidson
Peter
Australian
The submission said macroeconomic policy prioritises low inflation over low unemployment are
Council of Social  unbalanced.  It said for people on the lowest incomes, high inflation is a struggle, but
Service
unemployment is a disaster.
A ful  employment target should be set independently of the inflation target, and they should be
given equal weight.
Governments should play a greater role in reducing unemployment and inflation using fiscal,
regulatory and taxation policies to bear down on both.
Moxham
Ben
Australian
The ACTU submission cal s for, among other things, an explicit ful  employment target for
Council of Trade  the RBA, pursued in balance with inflation targets; better model ing and public
Unions
commentary on wages, unemployment, and the real drivers of inflation; the
establishment of a macro-economic coordination committee to achieve ful  employment, price,
and stability; and at least one position on the board for an expert on labour markets and wage
setting with a labour movement background.
1

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Jeffree
Damian
Australian
This submission comments on al  the themes raised and supports (1) Governance reform to
Financial
increase monetary and markets expertise on the Board and (2) increased information flow to the
Markets
Board’s monetary process from the private sector. It supports a reformed board structure and
Association
that Board members should have access to RBA staff.
Third objective - Needs refinement  and is more a matter for Government, suggesting that the
statement should specify its scope.
-Flexible inflation target - recommend greater clarity of the objectives, and too flexible a target.
Broad support for FIT, and over alternative frameworks - other central banks have moved
towards RBA having more flexibility. They note that central banks global y are lower
reputational y and this is not an ideal context to change the target.
-Fiscal and monetary policy interactions performed wel  during COVID
-Macroprudential coordination - COFR is performing wel , notes not created for managing
coordination of macroprudential policy. Note some advocate for APRA macroprudential function
to be incorporated into the RBA.
-Clarify monetary policy target - Financial market credibility may be more supported by increased
clarity on the RBA target in the Statement on the Conduct of Monetary Policy, and this could also
help clarify the reaction function.
-Accountability - The RBA should provide an explanation about whether outcomes are consistent
with the target.

James
Douglas
Australian
This submission seeks to provide additional context to the Review, by explaining APRA’s role in
Prudential
promoting financial stability and APRA’s framework for macroprudential policy. It is intended to
Regulation
provide factual material to assist the Panel in its deliberations.
Authority

Blackburn
Ben
Ben Blackburn
There is an over-arching and fundamental need to ensure that our economy remains resilient to
Racing
a complex and changing economic environment including global instability, inflationary
pressures, and international supply chain shortages. What is clear is that more checks and
balances and further detailed scrutiny, analysis and transparency of RBA board decision making
is urgently required. The RBA would make fewer and less persistent mistakes if it was required to
explain its decisions in public.
2

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Kirchner
Stephen
Business Council  The Reserve Bank has served Australia wel  since the adoption of inflation targeting in the early
of Australia
1990s. Australia avoided recession between 1991 and 2020, with inflation outcomes mostly
consistent with the target and the financial system has been stable. This suggests that the
fundamental statutory framework and mandate for the RBA is sound.
Responsibilities: Monetary policy decision making could be assigned to a Monetary Policy
Committee consisting of RBA executives and external appointees with monetary policy and
macroeconomic expertise. The role of the non-executive Board members would then be to
oversight the performance of the Bank in meeting its statutory objectives and policy agreement
with the government, reporting to the Treasurer and the Parliament.
Accountability for monetary policy decision making could also be strengthened by ensuring that
the contributions and voting records of Monetary Policy Committee members to monetary policy
decisions are made public through the minutes of Committee meetings. This is accepted practice
with other central banks.
The current consensus-based model of decision making discourages dissent, which is less
conducive to robust decision making.
On appointments, it is not clear why Treasury and the RBA should enjoy an effective veto over
appointments to the Board.
Appointments to the position of Governor and Deputy Governor should be made on the basis of
an open and international y competitive selection process, such as that used to recruit Governors
of the Bank of England.
Tulip
Peter
Centre for
The RBA would make fewer, less persistent mistakes if more monetary policy experts were
Independent
appointed to the Board, if Board members publicly explained their votes and if the Bank were
Studies
required to explain its decisions in more detail.
Composition -  Many of the RBA’s problems — policy mistakes, lack of communication, lack of
deliberation — can be attributed to a lack of expertise on the Board. Most members lack formal
training in macroeconomics and are unfamiliar with monetary policy and are consequently
unable to adequately chal enge and cannot  argue for an alternative policy. The natural
consequence is that mistakes are not identified, let alone corrected. Cal ing for more expertise
does not mean the Board should be composed entirely of monetary policy experts. The most
desirable dimension of diversity is of opinion.
3

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Similarly, the Board is unduly swayed by public opinion. Vocal pressure groups, like interest-
dependent retirees, are given more weight than marginalised groups like the unemployed
Responsibility - Best practice in central bank design is to have a smal  committee of experts.
Reforms at the Bank of England are a good example. The Reserve Bank of New Zealand put a
good structure in place, but then interpreted ‘conflict of interest’ provisions in a way that turned
its new Monetary Policy Committee into another rubber stamp.
Voting - Board members also need an incentive. Public votes and explanations should be
required at the Board level.
Phil ips
Toby
Centre for
Climate change is having a significant and dynamic impact on the macro-stability goals of the
Policy
RBA. The RBA should evolve its practice to integrate climate risk into its business and limit
Development
contradictions between monetary policy and climate transition policy. The government should
clarify how the RBA objectives relate to climate issues, either through legislative amendment or a
ministerial direction.
Lawler
Luke
Customer
RBA engages effectively with stakeholders to gather information and consult on policy matters.
Owned Banking  RBA acted effectively during the pandemic to support the stability of the financial system.
Association
Strongly support contributions by the RBA to debate about regulatory proportionality and better
regulatory co-ordination.
Recent experience in retail banking should be considered highly relevant for the shortlist of
candidates for the RBA Board.
Nelson
Charles
Foreseechange
The practice of economic forecasting leads to suboptimal policy; the different responses to
interest rate changes have changed over the years, with the "perverse" impact now greater than
in the past which has the potential to confuse policy makers into over-reaction; the general
public were wel  ahead of the RBA on expectations about inflation and interest rates and the
recent poor communication could have been avoided had the RBA listened to the people.
McKim
Nick
Greens
'Composition: Board should include representation from trade unions, and limit representation
from business.
Act must be amended to require: 1 member appointed by trade unions; 5 independent members
appointed by Treasure, must include no more than one person who is an exec or on the board of
a large Aust company; no fewer than 4 women in total to the Board.
4

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Voting: votes to be made public, and minutes to al ow Board members to publish additional or
dissenting comments.
Treasurer must provide written instructions to Treasury Secretary prior to meeting, with the
instructions and reasoning made public. Instructions would set out positions Treasury Secretary
is to take with aim of better integrating fiscal/mp. Board must respond to these positions in
minutes.
RBA has consistently underperformed its legislated objectives. Prior to GFC, inflation was stable,
yet exchange rate nearly doubled. Ful  employment has not been maintained - quoting
'opportunity to achieve and sustain ful  employment'. Wages share of national income is at a
record low and corporate profits are at record highs, while at same time wealth and income
inequality has growth (after including housing costs).
- Prioritising inflation above al  else has not resulted in RBA fulfil ing its duties.
- Housing prices have been driven by structural decline in interest rates and monetary policy
regime that is agnostic about flow of credit. Fuel ing inequality.
- RBA deliberately encourages people to borrow record amounts of money and push housing
prices to new records.
- RBA shows indifference to people's lived experiences.
- RBA consistently overestimated future wages and undershot its inflation target from 2014-
2021. Economy was clearly not in a state of ful  employment.
- Currently RBA is adopting deliberate strategy to suppress wages consistent with neoliberal
ideology.
- RBA needs to be upfront about limits of monetary policy.
- Author commends RBA for advocacy on climate.
Lowe
Kit
Lowe Capital
The 2-3% inflation target is appropriate. The problem is that the RBA spent 7 years worried about
Management
financial stability and complaining about fiscal not helping it's cause instead of just responding to
too tight fiscal policy. They should never have done YCC and given forward guidance out to 2024.
They constantly leak to the press when they perceive the market is wrong about MP. They never
consider employing anyone with broad market experience they just hire PHD's.
5

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Rochford
Jonathan
Narrow Road
This review is timely, with several failures of the RBA becoming apparent this year. These failures
Capital
originate with the aims set for the RBA as they are too numerous, vague, and often conflict with
each other. They set the RBA up to fail, as they ask the RBA to achieve outcomes using monetary
policy that require coordination with fiscal policy, tax reform, competition/productivity reforms
and general economic settings that are al  beyond the RBA’s control.
Ong
Su-Lin
RBC Capital
This paper was written in early Jun-22 ahead of the ToR with clients (funds, asset managers,
Markets
central banks) asking us about the Review, process and what we thought likely to emerge.  It was
done as a forward-looking exercise.  Al  key suggestions remain valid including a regular quarterly
press conference post each SoMP, formalisation and publication of the business liaison,
publication of votes, publication of different board meeting views,  greater board diversity
including international.
Delmenico
Phil
Treasury
Repayment of TFF from excess funds in ADI ES accounts (& HQLA).
Services Group
Author notes that RBA is paying 2.5% on ADI's ES balances, but TFF funding was provided at
between 0.1-0.25%. To the extent ADIs drew funds to add to ES balances, this is a cost to the
government. The author proposes: (1) requiring repayment of excess ES balances from TFF
drawings, (2) the RBA limiting ES balances until institutions repay excess ES balances, and (3) the
Review disclosing costs to government of excess ES balances.
Cox
Kevin
White Label
The Reserve Bank needs direct control over some of the new money released into the economy.
Personal Clouds  Interest Rates are an indirect instrument with a delayed effect, while direct control permits
immediate adjustment. Community Capital spent by the Government is a way to inject new
money directly into the economy without causing inflation. It al ows the Reserve Bank to respond
quickly to changing economic conditions while leaving the Government to decide where to inject
the funds.

Individuals
Anonymous

There are two main themes to my submission; 1. Management of lending, 2. The government
should receive the benefit of being the only legal issuer of legal tender.
6

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Anonymous

This submission to the Treasury provides comment on the fol owing aspects of the Reserve Bank
of Australia (RBA), as input to Treasury’s Review of the RBA:
- RBA Powers to Set Monetary Policy
- Operational Independence of the RBA
- Lessons from the RBA Bond Buying Program
Anonymous

Proposal for major reform of the monetary policy framework. Replacement of the existing
interest rate mechanism with a new mechanism transmitted only via the household cashflow
channel.
Anonymous

Gained from personal knowledge, I provide examples of the negative consequences of
unemployment and provide practical solutions the RBA should adopt to develop an innovative
and accountable culture to meet its three primary legislative goals - price stability, ful
employment and ensuring the economic prosperity and welfare of Australians; without harming
innocent Australian individuals, families, and communities with the negative economic, social
and health effects of long-term unemployment.
Anonymous

The submission seeks to draw attention to the overlooked question of negative real returns to
depositors, which it is suggested, should be viewed as a constraint on monetary policy.
Communication mandates and decision principles are proposed, cognisant of this impact on
depositors. The question is posed, whether the central banking and monetary policy setting
functions of the RBA may be separated, for dedicated, more effective monetary policy setting
processes.
Anonymous

Submission To Ensure Single Mandate, Financial Stability, Productivity, Price and Monetary
Stability, Inflation Target, Non- Human Set Cash Rate Target. Proposes  that the RBA should be
given power to set a GST/VAT to curb demand, as wel  as personal income tax rates, and wages
for sectors of the economy.
7

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Anonymous

There is a major problem whereby staff from cultural y diverse backgrounds, while wel
represented in junior to lower-mid level positions, are severely underrepresented in leadership
positions. To address this, the Bank must take meaningful action including setting and
implementing targets for cultural y diverse staff in leadership positions.
Anonymous

Representing people that the RBA's policy impacts. Raises concerns that the RBA has prioritised
creating wealth, such as through increased house prices, to stimulate growth, but that this is not
productive.
Anonymous

I recommend the objective of maintenance of ful  employment is removed, or updated, to make
it clearer what the RBA is expected to achieve.
The inflation target should al ow for lower levels of inflation, and even al ow for periods of
deflation. The RBA’s objectives should include maintaining a neutral real interest rate for most of
the time.
Consideration should be given to how the RBA's actions lead to transfers of wealth.
Conflict of interest policies ought to be strengthened.
Bryant
Gareth

This submission focuses on how the RBA can better manage climate-related financial risks and
contribute to the decarbonisation of the Australian economy. We make 3 recommendations: 1.
Expand the RBA mandate to include climate change; 2. Differentiate between clean and carbon-
intensive assets; 3. Coordinate between monetary, fiscal, and regulatory authorities in climate
policy.
Carrodus
Toby

The submission for the Review of the RBA covers i) monetary policy frameworks and i ) RBA
performance. I discuss the effectiveness of determining monetary policy via a centralized,
committee-based framework compared to a market-based framework. I highlight the RBA's
narrow interpretation of the Act as equating to 2-3% inflation and the adverse side-effects of
this. I propose an alternative involving Australia’s banking system to mitigate the problems
associated with the RBA’s current arrangement.
8

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Cocker
Andrew

Don't make wildly unfounded predictions about the interest rates. At the end of 2021, Philip
Lowe said there wouldn't be a rate rise until 2024. Just five months later, the RBA began a series
of massive rate rises. The incompetence is mind-boggling.
Connor
Jade

Inflation target, board membership terms, recession response. Board, Governor, staff – should
include a mix of new people and existing people from inside and outside the organisation. They
should be given very short terms. The Governor should have a 1-year maximum term, flexible in
emergency)
Cornish
Selwyn

Submission provides a history of the Board structure of the RBA beginning with the
Commonwealth Bank Act of 1924
In 1981 Campbel Committee reviewed the nature and membership of the Board and saw no
compel ing reasons for change. Endorsed a board that drew its membership from different areas
of the economy and supported retention of Treasury Secretary as voting member. Committee
suggested considering appointing two external members on a ful -time basis by concluded the
Board was already able to seek best advice available from outside its ranks and from outside the
Board.
Given its record since the early 1990s it may be argued that the board of the Reserve Bank has
achieved the standard of governance defined by the Uhrig committee (‘governance is about
ensuring the success of an activity')
Discusses historical issues with having a Governor and a different chairman. A move now to bar
the Governor from chairing the board would almost certainly revive memories of the difficulties
experienced during the depression years when the Bank in effect had two official spokespersons,
the Chairman of the board and the Governor of the Bank.
Danks
David

The submission said 'Interest rates are a very blunt instrument for dealing with inflation. I
propose that the level of compulsory superannuation be legislated to float between 10% and
25%. The RBA would be given the ability to mandate the percentage of wages paid into super
within this band. This would give the RBA a new lever with a very broad impact that would
reduce the spending power of al workers not just those with borrowings.’
9

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
d'Iapico-Bien  Victor

The contention in this submission is that the current intel ectual paradigm the RBA operates
under is inappropriate. One policy outcome of the paradigm is that as soon as there is inflation
the automatic and I would add mindless policy response is to raise interest rates. The RBA should
move to a different paradigm which is embodied in the Minsky economic dynamics model
developed by Prof Steve Keen. Both fiscal & monetary policy would be managed by the RBA in
this new paradigm.
Dowling
Grahame

This submission addresses three issues the economic prosperity and welfare objective of the
Bank; Board decision making, and forward guidance.
I start with the RBA’s statutory purpose to promote the economic welfare of the Australian
people.  The argument advanced is that the hope for a single institution that uses one primary
economic lever (cash rate) and a megaphone (forward guidance) to reliably manipulate
Australia’s economy is a Grand Absurdity.
El iston
Bob

The Reserve Bank of Australia has been failing its Charter because it fol ows only Monetarist
(Friedmanite) policies, which are wrong!
The charter of the RBA requires it to ensure:
a) the stability of the currency of Australia;
b) the maintenance of ful  employment in Australia; and
c) the economic prosperity and welfare of the people of Australia.
The RBA is failing on al  three of these requirements.
I critique both Monetary and Inflation Policies of the RBA, and suggest better alternatives.
Faithful
Fraser

In this submission I am proposing that the Reserve Bank of Australia (RBA) might choose to
fol ow the Reserve Bank of New Zealand (RBNZ) and add the sustainability of house prices and
housing affordability to its overal  remit / mandate.
10

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Grenvil e
Stephen

This submission explores the origins of Australia’s Flexible Inflation Targeting (FIT) framework,
explaining the logic behind specification.
Monetary policy should return to the original concept of FIT focused on a forward-looking
forecast of inflation (preferably a single point rather than a range), with a recognition that it can
do little to offset strong headwinds or secular stagnation.
Gross
Isaac

This submission outlines 38 recommendations for reform covering different aspects of the RBA.
The two most substantive reforms proposed are:
1. Delegating monetary policymaking to a Monetary Policy Committee composed of internal staff
and external experts in monetary policy
2. Remove financial stability as part of the RBA’s mandate for monetary policy.
Halmarick
Stephen

This submission covers the RBA’s objectives, structure, and strategy - with a focus on key
recommendations to help set the RBA up for a more uncertain future. Key recommendations
include no change to the RBA's 2%-3% flexible inflation target and no changes to the objectives
set out in the RBA Act. Changes are recommended to the structure of the RBA Board, the RBA's
communication strategy, the use of non-official data, insights and market feedback and
monetary policy tools.
Harkness
Peter

This submission addressed how to reduce inflation. On performance, it proposed using cash rate
to reduce inflation reduces welfare of many people. It questions whether hardship of higher
interest rates is worse that hardship of higher inflation. Raising rates to reduce supply side
inflation hasn't worked and it seems has made it worse. RBA's diagnosis is wrong. It suggested
direct regulation in markets (e.g. energy) to reduce inflation.
Hawkins
John

The RBA's objectives are appropriate, and it has achieved them. Its monetary policy framework
of flexible inflation target is the model towards which other central banks have moved. There is
no good reason to move from the 2-3 per cent medium-term inflation target. The
unconventional policies used in response to the Covid recession, while fairly successful, should
be independently reviewed. A more diverse board would be desirable with fewer
businesspeople.
11

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Henderson
Dougal

Due to the mandate that monetary policy contribute to ful employment, the RBA has been
forced into implementing policies, often unwil ingly, that have had a direct impact on both
redistribution of wealth in Australia and the size of the budget deficit and the level of future
taxation. These decisions have been made by an unelected and unrepresentative committee,
with little or no public discussion or accountability. This goes against the principle of no taxation
without representation.
Hind
Nevil e

Sharpening a blunt tool.
This submission identifies an overlap between fiscal and monetary policy. It proposes to apply
common fiscal policy tools to monetary policy to al ow monetary policy to be applied at a micro-
economic level.
The tools would al ow risks within the financial system to be targeted and reduced by changing
taxation arrangements. It wil also give policy makers more options to real ocate resources,
which should improve efficiency and/or equity.
Johnson
Mark

Part I argues for formal recognition of Reserve Bank responsibility to facilitate the transfer of
Australian expertise in financial regulation to other Asia Pacific economies.
Part II describes a current initiative to al eviate currency risk in these economies, through
Commonwealth Government sponsorship of a currency indexed bond market, which requires
Reserve Bank support.
Johnson
Ray

The submission provides evidence for the urgent need to engage with the environmental and
ecological dimension of the economy. The Secretary of the lead federal Department with
responsibility for the Environment should be an ex-officio appointment to the Reserve Bank
Board.
The Board should include at least one member with appropriate proven high-level experience in
ecological economics
An Assistant-Governor (Ecology) should be appointed along with sufficient staff with relevant
expertise to meet the RBA’s needs regarding its proposed environmental and ecological
economic objectives
There should be a mandatory independent review of these new arrangements every two years.
The review should be made public at the same time it is passed to government
12

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Jupp
Tony

What if there was another way to take cash out of the economy that was fairer and didn’t punish
mortgage holders so inequitably? What if we could do this without actual y reducing family
incomes? What if instead of varying interest rates the RBA varied the Superannuation Guarantee.
What if instead of raising interest rates & taking money out of people’s pockets in times of rising
inflation the RBA instead varied the SG. The submission explains how this would work in more
detail.
Kijurina
Jon

These are questions that seek justification on the fundamentals of our monetary policy and
targeted inflation, asking 'why do we do what we do' and 'are we doing the moral y right things'?
- wonders why we target positive rather than zero inflation
- wonders if it is fair to supply cheap money to banks in downturns
- wonders if govt policy more broadly doing enough on our demographic headwinds.
Knox-Haly
Martha

The key points cover the need for board members who understand the role of monetary supply
to the private sector, as wel  as economists from an MMT background to hold board level and
senior management roles within the RBA.
Koci
Stephen

The RBA being arrogant and not being accountable for their decisions and the comments of the
Governor being misleading. Supports the removal of al  key executives and the board as they
have failed under any measure and cal s for the RBA to be accountable to the Australian people
and be accountable for their decisions and comments.
Mair
Peter

A review of any central bank has global dimensions and wil  have global relevance. Five, global,
monetary-policy shifts by central banks since 1930 are reviewed. Central bankers understand
'seigniorage': that issuing banknotes, on which interest is not paid, is natural y profitable. Not
understood were the consequences of central banks giving, but not later revoking, commercial-
banks entitlements to the seigniorage on the modern currency of the realm, 'free' deposits in
transaction accounts. The submission makes the case that seignorage occuring throughout the
financial system should lead to a review, and reform.
Maxwel
Anne

That the operation of the RBA be aligned with an accurate view of monetary systems and
monetary policy as informed by Modern Monetary Theory.
Advocates that modern monetary theory be adopted by the Board and prioritise ful
employment over price stability.
13

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
McCook
Alison

This submission advocates for imposition of decarbonisation measures by the RBA, with a focus
on green Term Funding Facilities. It argues the RBA’s legal framework is mal eable, and that that
the RBA is legal y able to implement green central banking even without changes to its mandate.
McDonald
Andrew

A Register of Board Member's Interest.
Live streaming of RBA Board Meetings plus Minutes published.
Transparency of the consideration about the effect on broad categories of the public.
McKibbin
Warwick

Mr McKibbin wrote two submissions relating to his paper on the interaction of climate policy and
monetary policy. Nominal income targeting rules perform wel  in an environment of increasing
supply disruptions and a paper presented to the 2018 RBA conference on Inflation targeting.
Nominal income targeting rules perform wel  in an environment of increasing supply disruptions.
Moule
Daniel

The submission is a PDF copy of "What has the Government done to our Money" by the late
Professor Murray Rothbard of the Austrian school of economics.
The book attached to this submission covers a range of issues including the role of money in
society and the evolution from the Gold Standard to a floating exchange rate system among
advanced economies. While the submitter did not highlight which part of the book they felt was
most relevant for the Review, it may have been the section that raises concerns about moving
from the Gold Standard and concerns that this led to 'ful -scale, government-run inflation'.
Morris
Shireen

This submission argues for a fairer synthesis of the dual objectives of true ful  employment and
stable prices, which should be the headline priority of the Commonwealth government of which
the RBA is a part. The RBA should support the government in achieving a true ful  employment
agenda. It argues that the orthodox approach of fighting inflation by maintaining unemployment
is not only unjust, but also unproductive and often ineffective. There are more productive
alternatives to be explored.
Murphy
Jason

This submission, by economist Jason Murphy, argues the review should engage in and promote
big picture thinking about what monetary policy is for, and how monetary policy could change. It
argues there is an ideas gap that needs to be fil ed with clear thinking in case the current system
col apses, unable to manage upcoming chal enges. The alternative is ceding the space to ad hoc
solutions and/or populism.
14

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Norman
Philip

Money stil  matters. The RBA board should give weight to adverse movements in
monetary aggregates and be prepared to act quickly. Trade credit should be measured by
the ABS and monitored by the RBA board. The culture of the RBA should be to act early,
take risks, make mistakes and be proud to learn from mistakes. There should be an
elected staff representative to the Board, like the Australian Broadcasting Commission.
Smal  business should be represented on the board.
Pagan
Adrian

Overal  assessment: Judged that the RBA has been able to successful y manage actual inflation
outcomes and inflation expectations. On ful  employment, the RBA was slower to react to the
perceived decline in the NAIRU than some would have liked. Difficult to assess performance
against the welfare objective but noted that the pre-eminent welfare issue has been the cost of
shelter and on this ground there have been performance issues. Actions during the early 1990s,
AFC and introduction of the GST helped the RBA establish credibility that was key to successful
inflation targeting.
-COVID period: During COVID, fiscal debt was essential y monetized. This was an understandable
response given that the situation was potential y disastrous. But there may be some constraints
on BS operations in the future. While the RBA did make conditional statements about the future
policies, the media/public treated these as unconditional. This doesn't seem likely to change so
the use of forward guidance should be constrained.
-Communication: The author expressed some reservations about press conferences, noting that
there should be clear explanations about decisions but there is need to get away from the
pressures coming from 24-hour news cycle.
Parsons
Louise

The governance and accountability of the RBA wil  benefit from strengthening, and the legislative
framework of the RBA should be amended to accommodate the key elements of the Statement
on the Conduct of Monetary Policy. In particular, the RBA’s mandate for financial stability, the
role and nature of the inflation-targeting model of monetary policy, and relevant accountability
arrangements included in the Statement on the Conduct of Monetary Policy should be included
in legislation.
15

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Pentland
Alex

Suggestion regarding improving the process for appointments to the Reserve Bank Board under
the Reserve Bank Act 1958, including the Governor, Deputy Governor, and 6 other members of
the board. Proposals include a public and open process to improve public confidence in the
membership of the board, and the requirement that merit forms a key part of any appointments.
Pope
Robin

Three submissions:
1 The evidential case against how the RBA models exchange rate determination
2 Evidence also in my 2012 RBA seminar, that RBA policies bleed Australia, give windfal
gains to multinationals and lack inflation efficacity
3 Robin Pope 1-page of Questions to RBA unanswered a decade later, despite promises.

Porter
James

The scope of the RBA to contribute to economic management has diminished owing to changes
in financing outside of the banking fields 1. The RBA's decisions are limited to domestic financial
trading do not impact on foreign borrowings or investment or in-house in transfers. This is a
large proportion of the cash flowing in economy.
2.The RBA's decisions are limited in their economy wide impact by the increasing control by
oligopolies with market power to expand without borrowing and can control prices avoiding
inflation targets.
3. RBA is not considering offshore tax minimization effects on economy.
Quiggin
John

The primary purpose of this submission is to argue that the currently dominant framework for
monetary policy, based on strong central bank independence and reliance on adjustments to
central bank interest rates to achieve a 2-3 per cent inflation target has performed poorly at a
global level and is no longer sustainable. A new framework, accepting a higher average rate of
inflation and taking explicit account of the objectives of ful  employment and economic
prosperity is needed.
16

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Richards
Graeme

The RBA needs stronger tools to deal with inflation caused by declining productivity. The RBA
should set the GST tax rate to check excess demand for goods and services. The RBA should set
wage rates according to movements in GDP and working hours and relative labour conditions by
industry to deal with the declining productivity. Setting just interest rates with unprecedented
future expenditure from Carbon Emissions reductions, Defence, COVID, with an Aging population
wil  not work.
Rossiter
David

Monetary policy frameworks must consider the deteriorating dynamics of climate change on the
world environment and economy.
Shepherd
Ian

At least in periods of excess reserves, arguably, the RBA should not pay interest on the ful
amount of al  Exchange Settlement Account (ESA) balances. The Government should assume
responsibility for setting the parameters of monetary, (system-wide) macroprudential policy and
fiscal policy as a whole. After the Review, The Treasury should undertake a non-public
examination of excluded review matters, and some others.
Siva
Sathiy

RBA has failed the oral duty and it has created moral hazardous environment in Australia.
New duty statement: RBA’s duty is to contribute to the stability of the currency (more than 20%
swing within 7 days), ful  employment (under 6%), and the economic prosperity (asset
appreciation inline inflation and increase in real income) with and welfare (current and future
generations) of the Australian people.
Smith
Andrew

Thornton, Wicksel , and Hayek al  recognised the benefits of a monetary system in which the
money supply is constant, since in it the natural rate of interest automatical y prevails.  Modern
money - fiat, electronic, abstract - makes such a system feasible.   I explore the implications of
adopting this.  I argue it results in a financial system not prone to crises, and in better economic
outcomes as pricing signals are not distorted by the money-creation process .
Stoneway
Professor

Composition - RBA board and decision makers should have cross societal representation, not just
be ful  of neoliberal economist types, or the few who benefit from very large salaries that drive
inequality. Economic expertise is clearly important, but a variety of perspectives is too. Question
to when the RBA Board had representation from various groups of society.
Better board composition would help the RBA in considering the distributional and sectoral
impacts of rate decisions.
17

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
RBA spends too much time talking about international economy and reacts to factors it cannot
control (e.g., lockdowns during the pandemic)
- RBA lacks a sectoral perspective and focuses too little on inequality and unequal effects of its
policies.
- Interest rates were lowered too far, to little effect.
Vines
David

The submission argues that there is need for a framework of macroeconomic policymaking in
which the Treasury the Reserve Bank, the Productivity Commission and APRA cooperate more
closely than has happened in the recent past. I discuss the central role which the Treasury needs
to play in the implementation of such a framework. And I propose that a Fiscal Policy Council
should be established to make it more likely that the Treasury wil  be able to provide the
necessary leadership. The RBA’s monetary-policy responsibilities must be broadened to go
beyond inflation targeting, and Treasury, the RBA, APRA, and the Productivity Commission (PC)
need to cooperate better. The Treasury should become a Stackelberg leader, assisted by a new
Fiscal Policy Council. The other institutions should become Stackelberg fol owers. The RBA, in
carrying out its broader role, should pay closer attention to the level of the exchange rate. The
roles of APRA and the PC must also be re-examined.
Wales
Richard

The weakness of the using the current blunt tools to manage the money supply and the
assumption that maintaining a 2-3% inflation rate wil  achieve al  three RBA objectives is
highlighted.  It is proposed that a Sovereign Money approach (see Positive Money) wil  provide a
far more effective way of managing the money supply.  It is also proposed that the RBA have a
wel -funded and independent research team and a board that includes people appointed based
on relevant expertise and experience.
Walter
Ryan

This submission clarifies the role of party politics in the origins of Australia’s independent,
inflation-targeting regime and in the continuing politicization of interest-rate movements. It then
proposes two reforms - a bipartisan policy commitment and a 'Reminder Provision' - to mitigate
the harmful effects of politicisation.
Winter
John

Submission states that probably none of the Board members wil  be affected by the RBA
decisions. Suggests a set of supporting committees with real life people representing a cross
section of the community.
18

Summary of submissions (published on 8/12/2022) to the Review into the Reserve Bank of Australia for Treasurer’s Office
Last name
First name
Name of
Short Summary*
organisation
Wood
Graham

This submission is tendered with the hope of:
- improving Australia’s economic prosperity,
significantly reducing the high percentages of unemployed and underemployed,
- moderating normal inflation and deflation cycles,
- changing monetary policy arrangements to reduce the underlying causes of climate change,
- providing sufficient funds for Australia to mitigate climate change without raising taxes, sel ing
Australian Government Securities, or creating intergenerational debts or inequity.

* Summaries were provided by submitters, but in some cases have been adjusted by the Review Secretariat for clarity.
19

FOI 3804
OFFICIAL#
Document 9
Please provide a short summary outlining the key elements of your submission.
Short ID
Last name
First name
For non-confidential submissions this may be published on the RBA Review website.
Position
Detail on Position
This submission clarifies the role of party politics in the origins of Australiaâ€™s
independent, inflation-targeting regime and in the continuing politicization of interest-rate
movements. It then proposes two reforms - a bipartisan policy commitment and a
43 Walter
Ryan
'Reminder Provision' - to mitigate the harmful effects of politicization.
RBA engages effectively with stakeholders to gather information and consult on policy
matters.
RBA acted effectively during the pandemic to support the stability of the financial system.
Strongly support contributions by the RBA to debate about regulatory proportionality and
better regulatory co-ordination.
Recent experience in retail banking should be considered highly relevant for the shortlist of
42 Lawler
Luke
candidates for the RBA Board.
Sharpening a blunt tool
This submission identifies an overlap between fiscal and monetary policy. It proposes to
apply common fiscal policy tools to monetary policy to allow monetary policy to be applied
at a micro-economic level.
The tools would allow risks within the financial system to be targeted and reduced by
changing taxation arrangements. It will also give policy makers more options to reallocate
resources, which should improve efficiency and/or equity.
41 Hind
Neville
The future for central banks is not clear. Monetary policies dictated by a global consensus
raise questions of relevance. Substantial fiscal policy decisions of central banks are not
properly coordinated with government, nor clearly identified and quantified. Central
bankers' short-run mindsets are not attuned and responsive to the longer-run public
interest. Shortcomings remain to be corrected. Coordination of financial regulators'
40 MAIR
PETER
policies would best involve an independent oversight body.
The submission seeks to draw attention to the overlooked question of negative real
returns to depositors, which it is suggested, should be viewed as a constraint on monetary
policy. Communication mandates and decision principles are proposed, cognisant of this
impact on depositors. The question is posed, whether the central banking and monetary
s 45, s
policy setting functions of the RBA.may be separated, for dedicated, more effective
39 47E(d)
monetary policy setting processes.
Part I argues for formal recognition of Reserve Bank responsibility to facilitate the transfer
of Australian expertise in financial regulation to other Asia Pacific economies.
Part II describes a current initiative to alleviate currency risk in these economies, through
Commonwealth Government sponsorship of a currency indexed bond market, which
38 Johnson
Mark
requires Reserve Bank support.
This paper was written in early Jun-22 ahead of the ToR with clients (funds, asset
managers, central banks) asking us about the Review, process and what we thought likely
to emerge. It was done as a forward looking exercise. All key suggestions remain valid
including a regular quarterly press conference post each SoMP, formalisation and
publication of the business liaison, publication of votes, publication of different board
37 Ong
Su-Lin
meeting views, greater board diversity including international.
This submission addresses three issues â€“ the economic prosperity and welfare objective
of the Bank; Board decision making, and forward guidance.
I start with the RBAâ€™s statutory purpose to promote the economic welfare of the
Australian people. The argument advanced is that the hope for a single institution that
uses one primary economic lever (cash rate) and a megaphone (forward guidance) to
36 Dowling
Grahame
reliably manipulate Australiaâ€™s economy is a Grand Absurdity.
The Reserve Bank has served Australia well since the adoption of inflation targeting in the
early 1990s. Australia avoided recession between 1991 and 2020, with inflation outcomes
mostly consistent with the target and the financial system has been stable. This suggests
35 Kirchner
Stephen
that the fundamental statutory framework and mandate for the RBA is sound.
The RBA needs stronger tools to deal with inflation caused by declining productivity. The
RBA should set the GST tax rate to check excess demand for goods and services. The RBA
should set wage rates according to movements in GDP and working hours and relative
labour conditions by industry to deal with the declining productivity. Setting just interest
rates with unprecedented future expenditure from Carbon Emissions reductions, Defence,
34 Richards
Graeme
COVID, with an Aging population will not work.
Submission To Ensure Single Mandate, Financial Stability, Productivity, Price and Monetary
s 45, s 47E(d)
Stability, Inflation Target, Non Human Set Cash Rate Target
That the operation of the RBA be aligned with an accurate view of monetary systems and
32 Maxwell
Anne
monetary policy as informed by Modern Monetary Theory.
He suggests considering whether conditions are temporoary if
31 Cornish
Selwyn
This submission covers frameworks and performance.
the review is considering a framework change.
30 Cornish
Selwyn
This submission covers all topics
A review of any central bank has global dimensions and will have global relevance. Five,
global, monetary-policy shifts by central banks since 1930 are reviewed. Central bankers
understand 'seigniorage': that issuing banknotes, on which interest is not paid, is naturally
profitable. Not understood were the consequences of central banks giving, but not later
revoking, commercial-banks entitlements to the seigniorage on the modern currrency of
29 MAIR
PETER
the realm, 'free' deposits in tranaction accounts.
s 45, s 47E(d)
27 Grenville
Stephen
See previous summary
s 45, s 47E(d)
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The Reserve Bank needs direct control over some of the new money released into the
economy. Interest Rates are an indirect instrument with a delayed effect, while direct
control permits immediate adjustment. Community Capital spent by the Government is a
way to inject new money directly into the economy without causing inflation. It allows the
Reserve Bank to respond quickly to changing economic conditions while leaving the
Government to decide where to inject the funds.
25 Cox
Kevin
There is an over-arching and fundamental need to ensure that our economy remains
resilient to a complex and changing economic environment including global instability,
inflationary pressures and international supply chain shortages. What is clear is that more
checks and balances â€“ and further detailed scrutiny, analysis and transparency of RBA
Focus of submission is on performance and the governance
board decision making is urgently required. The RBA would make fewer and less persistent
arrangments' impact on performance rather than the
24 Blackburn
Ben
mistakes if it was required to explain its decisions in public.
framework.
Climate change poses risks for moentary poicy as does its
response, and nominal income targetin is proposed as an
'attractive approach'. FIT is preferable where employment an
aoutput are kept high in addressing inflationary pressure caused
23 Mckibbin
Warwick
Paper on the interaction of climate policy and monetary policy
by climate related shocks.
22 Mckibbin
Warwick
paper presented to the 2018 RBA conference on Inflation targeting
Reviewed in preparingi inflation target paper
s 45, s 47E(d)
There is a major problem whereby staff from culturally diverse backgrounds, while well
represented in junior to lower-mid level positions, are severely underrepresented in
leadership positions. To address this, the Bank must take meaningful action â€“ including
setting and implementing targets for culturally diverse staff in leadership positions.
s 45, s 47E(d)
The key points cover the need for board members who understand the role of monetary
supply to the private sector, as well as economists from an MMT background to hold board
19 Knox-Haly
Martha
level and senior management roles within the RBA.
advocates that MMT be adopted by the RBA.
cAdvocatees that inflation is driven by supply, NAIRU is not
19 Knox-Haly
Martha
appropriate
19 Knox-Haly
Martha
19 Knox-Haly
Martha
What if there was another way to take cash out of the economy that was fairer and
didnâ€™t punish mortgage holders so inequitably? What if we could do this without
actually reducing family incomes? What if instead of varying interest rates the RBA varied Proposes variable
the Superannuation Guarantee. What if instead of raising interest rates & taking money
superannuation guarantee
out of peopleâ€™s pockets in times of rising inflation the RBA instead varied the SG. My
to be set by the bank to
18 Jupp
Tony
submission explains how this would work in more detail.
curb individual spending
s 45, s 47E(d)
Representing people that the RBA's policy impacts
15 s 45, s
47E(d)
I recommend the objective of â€˜maintenance of full employmentâ€™ is removed, or
updated to make it clearer what the RBA is expected to achieve.
The inflation target should allow for lower levels of inflation, and even allow for periods of
deflation. The RBAâ€™s objectives should include maintaining a neutral real interest rate
for the majority of the time.
Consideration should be given to how the RBA's actions lead to transfers of wealth.
14
Conflict of interest policies ought to be strengthened.
Lower the inflation target
The RBA should target a lower level of inflation, suggests it could be up to 3 per cent, or between 1 and 2 per cent. Also suggests that the RBA objective should be to keep the interest rate at the neutral level the majority of the time to minimise the amount of market dis
I recommend the objective of â€˜maintenance of full employmentâ€™ is removed, or
updated to make it clearer what the RBA is expected to achieve.
The inflation target should allow for lower levels of inflation, and even allow for periods of
deflation. The RBAâ€™s objectives should include maintaining a neutral real interest rate
for the majority of the time.
Consideration should be given to how the RBA's actions lead to transfers of wealth.
14
Conflict of interest policies ought to be strengthened.
Third objective
Should subsume the employment objective
I recommend the objective of â€˜maintenance of full employmentâ€™ is removed, or
updated to make it clearer what the RBA is expected to achieve.
The inflation target should allow for lower levels of inflation, and even allow for periods of
deflation. The RBAâ€™s objectives should include maintaining a neutral real interest rate
for the majority of the time.
The employment objective should be removed, or clarified in
Consideration should be given to how the RBA's actions lead to transfers of wealth.
what it should agheive - there is no clear indicator that full
14
Conflict of interest policies ought to be strengthened.
Employment objective
employment is achieved
s 45, s 47E(d)
Performance, Stability of the Currency, Full Employment, Welfare, Operational Issues,
12 Pagan
Adrian
Communication and Transparency, Governance
Alternative frameworks
No benefit from alternatives frameworks or targets
The objectives are meaningless for judging the performance of
the RBA. On average overtime should specify the period, eg 8
years (based on the Melbourne Institute's work).
Performance, Stability of the Currency, Full Employment, Welfare, Operational Issues,
Clarify monetary policy
The performance could also be judged on inflation expectations.
12 Pagan
Adrian
Communication and Transparency, Governance
objectives
Regards the RBA as a credible inflation targeter.
My submission is a PDF copy of "What has the Government done to our Money" by the
11 Moule
Daniel
late Professor Murray Rothbard of the Austrian school of economics.
The scope of the RBA to contribute to economic management has diminished owing to
9 Porter
James
changes in financing outside of the banking fields
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s 45, s 47E(d)
s 45, s 47E(d)
Suggests following the direction of RBNZ.
"even though the NZ central bank itself might not think they
have achieved a great deal, in the world of financial markets
sometimes a little bit of judicious jawboning from a respected
authority can go a long way. And perhaps the broader public
relations potential shouldn’t be overlooked either.
If a similar initiative could be undertaken in the Australian
In this submission I am proposing that the Reserve Bank of Australia (RBA) might choose to
context – involving the RBA alone or in concert with APRA – and
follow the Reserve Bank of New Zealand (RBNZ) and add the sustainability of house prices Additional objectives -
it provided even modest results, my hope is that this would still
5 Faithfull
Fraser
and housing affordability to its overall remit / mandate.
housing
represent a worthwhile gain for our community"
No agency has responsibility for monitoring the affordability and
sustainability of house prices'
Quoting Mallaby's biography of Greenspan - "After the 2008
meltdown, central bankers resolved to use regulatory policy,
not monetary policy, to head off the next crisis. But regulatory
tools are hard to wield. They involve confronting brutal
lobbies… They involve interpreting vague reports of market
In this submission I am proposing that the Reserve Bank of Australia (RBA) might choose to
abuses… And they involve writing rules that are flexible enough
follow the Reserve Bank of New Zealand (RBNZ) and add the sustainability of house prices Macroprudential
not to be oppressive, yet tough enough to change behaviour.
5 Faithfull
Fraser
and housing affordability to its overall remit / mandate.
coordination
This is a tricky balance to strike"
The submission is a list of questions, broadly focussed on
monetary policy objectives. For example, "why should we
‘target’ inflation, the decline in the purchasing power of our
money, when it seems to me that the great benefit (and aim) of
innovation and development in our modern industrial society is
These are questions that seek justification on the fundamentals of our monetary policy and
to reduce the cost (and increase consumer access) of goods and
targeted inflation, asking 'why do we do what we do' and 'are we doing the morally right
services over time?"
4 Kijurina
Jon
things'?
Nil
Don't make wildly unfounded predictions about the interest rates. At the end of 2021,
Philip Lowe said there wouldn't be a rate rise until 2024. Just five months later, the RBA
3 Andrew
Cocker
began a series of massive rate rises. The incompetence is mind-boggling.
This submission explores the origins of Australiaâ€™s Flexible Inflation Targeting (FIT)
framework, explaining the logic behind specification.
Monetary policy should return to the original concept of FIT â€“ focused on a forward-
looking forecast of inflation (preferably a single point rather than a range), with a
recognition that it can do little to offset strong headwinds or secular stagnation.
Supportive of flexible
"the last decade shows monetary policy's dange of over reach"
2 Grenville
Stephen
inflation target
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if elements in the wider financial sector require RBA support to
avoid macro-consequences, this should be seen as a failure of
2 Grenvil e
Stephen
Financial stability objective the prudential framework
reconciliation of the inflation and output objectives could be
Add a time dimension to
achieved by adding a time dimension to the target, giving the
2 Grenvil e
Stephen
the inflation target
central bank the latitude to plot a path back to the prime target
If policy-makers were disappointed with the pace of the
Fiscal and Monetary policy  recovery, then fiscal policy rather than monetary policy was the
2 Grenvil e
Stephen
interactions
appropriate macro-response.
2 Grenvil e
Stephen
Alternative frameworks
Notsupportive of alternative frameworks
Inflation targeting worked wel  for two decades, but was unable
to stimulate a faster recovery after the GFC, and hence keep
inflation on target. Even though the undershoot was smal , with
no adverse consequences for the real economy as there was
never any danger of deflation (consistently fal ing prices), this
Effectiveness of monetary  caused central banks everywhere to push monetary policy wel
2 Grenvil e
Stephen
policy
beyond its useful powers. "
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