The government’s ‘in principle’ decisions to modernise the Reserve Bank and our financial stability framework give us a clearer objective, a simpler perimeter and strengthen resolution options. The new governance framework, with a board responsible for our regulatory and supervisory approaches, will make us more transparent and accountable in how we deliver on our financial stability objective.
These and other changes are being consulted on now and I encourage everyone to read the Phase 2 consultation documents on the Treasury’s website and to have their say.11 We are increasing our capability to deliver our approach and our vision for financial stability within this new architecture.