The Phase 2 review of the Reserve Bank Act involves a broad review of the Reserve Bank’s governance and accountability framework and its financial regulatory powers. What is proposed is two pieces of legislation, the ‘Reserve Bank Act’ and the ‘Deposit Takers Act’.
The bill for the Reserve Bank Act, which has just been introduced to Parliament, will give effect to decisions on the Reserve Bank’s institutional form, objectives and governance. It is expected that the new governance board will be in place and operational in the second half of 2022.