The Reserve Bank of Australia (RBA) is responsible over Australia's monetary policy, which includes responsibility over inflation, interest rates, employment and the overall stability and growth of the economy. Its other responsibilities include the issuing of bank notes, and the overseeing of the payments system. Established by the Reserve Bank Act of 1959, its main tool for controlling the economy is the changing of short-term interest rates. It operates independently from the government, however it is still accountable to them.
The RBA's major responsibility is monetary policy, espec…
