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 …
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showed last 75 words of 621 total
…bank notes, it is the job of the Royal Australian Mint to distribute coins. The Payments System in Australia is overseen by the Payments System Board, and it aims to ensure a fast transfer of funds from one party to another. Australia is one of the world leaders with a smooth payments system. The Payments System Board supervises high value payments, and also ensures that cheques, ATMs and credit card transactions occur quickly and smoothly.