House Standing Committee on Economics
22 September 2025
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House Standing Committee on Economics Australian Parliament
11:20 - 14:05
Speaker 23
You. I declare open, this hearing of the House of Representatives standing committee on economics for the review of the Reserve Bank of Australia annual report 2024. I'd to send a welcome to representatives of the Reserve Bank, my fellow committee members, as well as members of the public and the media that will be watching the telecast. These hearings perform a critical transparency function helping shed light and better understand the shaping of monetary policy with current unlikely economic conditions. Today is also important as it's the first time the committee has the opportunity to meet with the RBA since the reforms to its structure.
Over the last few years, our economy has been confronted with a range of challenges domestic and global from post COVID driven supply side constraints fueling inflation and monetary policy responses through to global energy shocks. As a nation, there's been a focus on easing the burden of cost of living pressures on families and individuals combined with the efforts of the Australian government, the reserve reserve bank's decision to reduce interest rates last month will add to that relief following earlier cuts in both February and May. In the face of all this, it's extremely heartening to see over the course of the last financial year, Australia's been able to achieve something many other major advanced economies haven't been able to, maintain continuous economic growth, keep unemployment, with a four in front of it, see inflation fall from 7.8 in 2022 to now 2.1% on the most reliable measure. It comes at a time where there've been concerns about the impact of global trade instability and the implication of tariff movements on the decisions of advanced economy central banks. In accordance with the committee's resolutions of twenty...
Of thirty one July twenty twenty five, the hearing will rebroadcast in the parliament's website, and the proof and official transcript of the proceedings will be published on the website. With obvious great public interest in the proceedings, it's important to emphasize to everyone present that these are parliamentary proceedings which must be conducted with decorum and respect. Those present here today are advised that filming and recording by the media is permitted during the hearing. However, we ask that members of the media present or listening, report the committee's proceedings fairly and accurately. Media present are also asked to conduct themselves in a way that doesn't interfere with proceedings and should not encroach on the committee's work area or film or photograph documents or devices of committee members, witnesses, or others.
And with all that, I now welcome representatives of the Reserve Bank of Australia, thanking them for appearing at today's hearing. Before we formally begin for the Hansard record, I was just wondering if you could please state your full names and the capacity in which you appear before the committee beginning with the governor.
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