With these changes, all three instruments of monetary policy—including official discount rate policy, which is already stipulated by the current Law as a matter for decision by the Policy Board——will be spelt out explicitly as matters to be decided by the Policy Board. Reserve requirements have been altered less frequently as the means of open market operations developed.
Doherty E, B Jackman and E Perry (forthcoming), ‘Money in the Australian Economy’, RBA  Bulletin, September. Flannigan G and A Staib (2017), ‘The Growing Demand for Cash’, RBA 63–74. Bulletin, September, pp  Flannigan G and S Parsons (2018), ‘High-denomination Banknotes in Circulation: A Crosscountry Analysis’, RBA , March.